As we enter the last quarter of the year, businesses are seeking to refine and adapt their strategies to close the year successfully and start the next one with a clear vision. An invaluable tool in this process is the Model Business Canvas, especially when considering the value proposition and customer segments.
These elements are that spark that connects your business with your customers. However, in a constantly changing world, how do we ensure that this proposition remains relevant? Adapting it, it is also essential to reconsider other elements of the Canvas to maintain total coherence in our business model. Join us on this comprehensive journey of business reinvention, perfectly designed for your strategic planning for this last quarter.
1. The Dualism of Canvas: Customer Segments and Value Proposition.
Customer Segments👥: Determine who your product or service is aimed at. Each segment has unique needs and desires, and if you have more than one segment, you should integrate it into your Business Model Canvas.
Value Proposition❤️: Each Segment should have a different value proposition, determining how we satisfy those needs. The value proposition is the differentiator that makes us stand out in the market.
2. Evolution of the Value Proposition 🔄:
The world has changed radically in recent years, and this change has been deeply affected by the pandemic. We must adapt our value proposition to remain relevant to each of our customer segments.
Adapting our value proposition to these changes will improve the perception and satisfaction of each of our customer segments. If we successfully evolve, we are laying the foundations for dominating our industry.
3. Emotional, Rational, and Social Interactions in the Proposal:
The purchases of our products and services happen in the context of how our brain works. We have an emotional hemisphere and a rational one, and we are constantly making decisions based on these parameters. Now more than ever, we care about other people’s opinions when deciding to make a purchase.
Emotional Interactions 🌈: It’s not just about what you sell, it’s about how you make your customer feel when they are deciding to buy your products or services. Purchases are made through the emotional side of our brain, and they should be more persuasive than any product feature. Make sure your value proposition resonates emotionally with your customer.
Rational Interactions 🧠: As emotions are the entry point, rational elements are the justification for why someone should make a purchase. Numbers and facts are essential, whether it is offering better performance or lower cost, or any other rational element. Your value proposition must have a solid rational backing.
Social Interactions 👥: In a hyper-connected world, social interactions are fundamental in purchase decision-making. Knowing what friends, colleagues, and family members think, and most importantly, what is being said on social media about our products or services, is crucial. We must ensure that the social reputation of our product is impeccable and reflected on our social media platforms.
4. Identifying Unmet Needs🔍: Your best guide are your own customers. Listen to their feedback and discover what they are still waiting for from the market. These gaps are your golden opportunity to stand out and offer something that no one else is offering.
5. Reducing Points of Friction🔥:
Every obstacle, point of friction or pain that a customer faces is a golden opportunity for you. By eliminating these points of friction, you not only gain the loyalty of a customer but also become the reference in your sector.
6. Innovation and personalization 🚀❤️:
Innovation is essential, but it’s equally crucial to ensure that your value proposition caters to each customer segment in a personalized manner.
7. Scalability and Sustainability 🌱🌍:
Growth is the goal, but make sure your value proposition can adapt to that growth. It must be flexible enough to serve many, but solid enough to maintain its essence and also must be sustainable, sustainable businesses are no longer just a trend, but an expectation. Contribute to the planet and your community, and they will return the favor.
8. Adaptation of the Business Model📊:
With a redefined value proposition, it is essential to review and adapt all the other components of the Business Model Canvas, to redefine each of the other 7 components of the tool (Distribution Channels, Interactions, Key Resources, Key Activities, Revenues: what generates money for the business and Expenses: what takes money from the business) to have a differentiated, relevant and difficult to copy model and value proposition.
The Business Model Canvas is a living reflection of your business. The value proposition, as its core, when changing or adapting, affects the entire organism. However, with the correct steps and a holistic vision, this evolution can be the transformation your business needs to thrive in a constantly changing market. It’s a balance between innovation, adaptation, and coherence. And in this dance of adaptability, every step counts and leads to success. 🌟🚀
Do you need help taking firm steps towards a better strategic plan by evolving your value proposition with the Business Model Canvas?
At Leaper 360, we are experts in implementing and adapting the Business Model Canvas. We use proven strategy methodologies and focus on the value proposition and customer segments to enhance your connection with the market. Contact us now for more details and discover how we can elevate your business. Power your evolution with the Business Model Canvas and Leaper360!
You may also be interested in: Strategic Planning: 9 Steps to Align your Team and Achieve your Business Growth.