Value propositions are delivered to customers through communication, distribution, and sales. These are known as your Channels.
Finding the right pathway to your customers could be the biggest challenge. Choosing the wrong channel will not attract customers to your product or service.
In the Channel block, ask yourself:
How can my products reach my target customers?
Do you use a mobile app, a store, sales staff or do you sell to shops directly?
Selecting your channels with the Bullseye Framework.
Your product has been proven successful; now it is time to experiment the best channel for your business using the Bullseye Framework.
In this module, we will discuss options and show how you can pick and track your channels.
How it works:
Which is the most suitable channel? Why?
Viral Marketing, Public Relations, SEO, Social Media etc..
Download the file for more information.
Rank each channel according to its potential, cost, volume and ease of testing.
Move the (what you think) best channels to the centre. Leave the others untouched.
4) START TESTING
These decisions are all based on assumptions. Hence, it is important to start learning fast and ensure cost is as low as possible. Test the top 3 channels and move them away from the centre based on the effectiveness. Remove the least promising result and replace with one of the channels from the outside circle.
Note for testing:
At this stage, it is important to test your assumptions by setting up experiments that will cost you least. Your idea has many assumptions and is likely to change in the future. Spending months on a website, paying to find your customers is a good lesson but a waste of code effort. There may be alternative ways to test without paying for a website. Test smart, save your time and money!
Be disciplined in using it for a longer period by embedding this in your day to day operations
Be disciplined to capture the results
The shorter the experiments the better. Testing the result in a day has more value than creating certainty in 3 months
Be creative in thinking of the experiments, you will get better and more creative in it over time
How to Build a Great Business Model Canvas – The FREE Course
- Lesson 1 – Customers
- Lesson 2 – Value Propositions
- Lesson 3 – Marketing & Distribution Channels
- Lesson 4 – Customer Relationships
- Lesson 5 – Revenues
- Lesson 6 – Key Resources
- Lesson 7 – Key Activities
- Lesson 8 – Key Partners & Suppliers
- Lesson 9 – Costs