To-Do List for Developing a Business Model

1. Identify Your Business Model

• Define the core essence of what your business does.
• Understand the importance of having a business model.

1. Learn the Key Concepts

• Focus on the essential aspects of your business.
• Multiply your efforts to market efficiently.
• Ensure your business model is sustainable.

1. Understand the Framework

• Break down your business model into:
  • Customer Value Proposition
  • Go-to-Market Model
  • Technology and Operations Model
  • Cash Flow Formula

1. Consider These Models

• Create: Focus on how to create value for your customers.
• Deliver: Think about how you will deliver this value effectively.
• Make Money: Plan how you will generate revenue (will be covered in follow-up sessions).
• Sustainability: Ensure that your business model is sustainable over time.

1. Explore Disruptive Business Models

• Aim to create a business model that can be as disruptive as your technology.
• Example: Symantec’s transition from selling antivirus software to offering a subscription service for virus protection.

1. Examples of Business Models

• Subscription Services: Netflix, Spotify.
• Data-Driven Services: Collect and utilize data to enhance customer experience and business sustainability.

1. Practical Exercise

• Step 1: Choose a person in your group working on a business.
• Step 2: Brainstorm on what type of business model would best suit that business.
  • Consider if it is a process, product, software, or service.
  • Decide if it involves selling content, data, or a combination.
  • Think about whether it could be an open-source, freemium, subscription, or license model.
• Step 3: Discuss and refine your ideas on a whiteboard.

1. Presentation and Feedback

• Step 4: Present your business model idea.
• Step 5: Gather feedback on whether the idea is just a value proposition or an actual business model.
• Step 6: Consider how to make the business model sustainable, including market sizing and potential revenue streams.

1. Refinement

• Step 7: Refine your business model based on feedback.
• Step 8: Prepare for future workshops to dive deeper into specific aspects like customer value propositions and go-to-market strategies.

Tools to Complete Each Task

• Business Model Canvas: Strategyzer
• Market Research Tools: Statista, SurveyMonkey
• Financial Modeling Tools: Excel Templates, LivePlan
• Subscription and Licensing Software: Chargebee, Recurly
• Whiteboard Collaboration: Miro, Jamboard

To-Do List

1. Identify Core Value:

• Focus on the main reason customers choose your product or service.
• Tool: SurveyMonkey for customer feedback surveys.

1. Understand Market Position:

• Analyze how customers perceive your brand and its core attributes.
• Tool: Google Analytics to track brand engagement.

1. Determine Monetization Strategy:

• Decide what aspect of your product/service you will monetize (e.g., hardware, software, data, or services).
• Tool: Business Model Canvas for planning your strategy.

1. Focus on Minimum Viable Segment (MVS):

• Identify a segment where all customers have the same need, ensuring focused marketing and development efforts.
• Tool: HubSpot’s Market Segmentation Guide for segmenting your market.

1. Create an Ecosystem:

• Develop partnerships that complement your product and enhance its value, such as integrating with other platforms.
• Tool: Zapier for automating integrations between different apps and platforms.

1. Establish Data Management Systems:

• Implement systems for efficient data storage, retrieval, and analysis to support the core needs of your customers.
• Tool: AWS Cloud Storage for scalable and secure data storage solutions.

1. Test and Iterate Business Model:

• Continuously test your business model against customer needs and market changes.
• Tool: Lean Startup Methodology for iterative testing and development.

1. Evaluate Business Model Success:

• Measure the performance of your business model and make adjustments as necessary.
• Tool: KPI Dashboard for tracking key performance indicators.

This structured approach will help streamline your business development efforts and ensure that your strategy aligns with customer needs and market dynamics.

To-Do List: Product Development & Marketing Strategy

1. Identify Key Product Features

• Define the essential product features that provide immediate value and ease of use.
• Tools: Notion, Trello

1. Ensure Ecosystem Compatibility

• Confirm the product plays well with existing systems and requires minimal changes for users.
• Tools: Zapier, IFTTT

1. Optimize for Product-Led Growth

• Research and implement strategies for Product-Led Growth (PLG).
• Tools: Product-Led Growth Hub, PLG Academy

1. Target the Right Audience

• Distinguish between selling to developers (API) or end-users and tailor the product accordingly.
• Tools: SurveyMonkey, Typeform

1. Create a Low-Friction User Experience

• Simplify onboarding and usage, ensuring a “slippery” product experience.
• Tools: Appcues, Userpilot

1. Develop Pricing & Packaging Strategy

• Start with a free version, then gradually introduce paid tiers as value is demonstrated.
• Tools: ProfitWell, Paddle

1. Leverage Open Source & Community Contributions

• Consider integrating open-source elements or engaging with communities for co-creation.
• Tools: GitHub, Drupal

1. Form Strategic Partnerships

• Collaborate with partners who provide complementary products or services.
• Tools: Partnership Cloud, Crossbeam

1. Build a Whole Product Solution

• Ensure your product integrates seamlessly with other necessary tools to solve the customer’s problem.
• Tools: AWS, Google Cloud

1. Test and Iterate
   • Continuously gather feedback and iterate on product features, pricing, and user experience.
   • Tools: Hotjar, Mixpanel

Define End-to-End Solution

• Task: Identify where your product fits within the overall market ecosystem.
• Tool: Business Model Canvas

1. Identify Strategic Partnerships

• Task: Seek out partners who can complement your product by solving related customer needs.
• Tool: LinkedIn or Partnerships Strategy Guide

1. Analyze Competitors’ Ecosystems

• Task: Investigate competitors’ forums and communities to identify unmet customer needs.
• Tool: Competitor Analysis Template

1. Explore Cloud and AI Solutions

• Task: Identify opportunities to convert on-premise solutions to cloud-based or AI-enhanced versions.
• Tool: AWS Cloud Solutions or Google AI Solutions

1. Develop the “Three Ups” Strategy

• Task: Plan for updates (security fixes), upgrades (new features), and upsells (additional functionalities) for your product.
• Tool: Product Roadmap Template or Upsell Strategy Guide

1. Create a Slippery Product Adoption Path

• Task: Design a frictionless onboarding experience for new users.
• Tool: User Onboarding Checklist

1. Implement Customer-Centric Business Models

• Task: Focus on how your business model benefits customers (e.g., cost savings, time efficiency).
• Tool: Customer Journey Mapping Tool

1. Brainstorm Multipliers and Levers

• Task: Identify aspects of your business that can exponentially increase customer lifetime value.
• Tool: Business Multiplier Strategies

1. Design an RSVP Business Model

• Task: Ensure your business model is Repeatable, Scalable, Valuable, and Profitable.
• Tool: RSVP Model Guide

1. Monitor Customer Engagement and Lifetime Value
   • Task: Track metrics to ensure ongoing customer engagement and maximize their lifetime value.
   • Tool: Customer Lifetime Value Calculator

Each step includes a link to a relevant tool that can help you complete the task.