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The Continuous Innovation Framework Part 1. Design - Coggle Diagram
The Continuous Innovation Framework
Part 1. Design
Deconstruct your idea on a Lean Canvas
A Lean Canvas replaces a long and boring business plan with a 1-page business mode that takes 20 minutes to create and that actually gets read.
It can be used to describe a business model. A business model describes how you create, deliver, and capture value (get paid) from customers.–Saul Kaplan
Guidelines
Sketch the canvas in one sitting
Avoid groupthinking
Know that it's okay to leave boxes blank
Embrace a 1-page contraint
Think in the present
Remember there is no right order for sketching a Lean Canvas
Boxes
Customer Segments
A customer is someone who pays for your product. A user does not.
Model multiple perspectives
On the same canvas and using different color or hashtag to identify each actor's perspective
Home in on early adopters
Your objective is to define an early adopter, not a mainstream customer.
Your list of customer segments should represent the total addressable market (TAM) for your idea.
Your early adopters represent a specific subset of your TAM. This is your ideal starting customer segment (also called your ideal customer profile).
Problem
List the specific problem or problems you are going to tackle with your product.
List the top one to three problems.
List existing alternatives.
Document how you think your early adopters currently address these problems.
Unique value proposition
Defining a UVP forces you to answer the question: why is your product different and worth paying attention to?
The UVP's essence should fit in the headline of your landing page.
UVP needs to be different in order to stand out from the competition, and that difference needs to matter to your customers.
Before paying for you product with money, customers pay you with attention.
Connect to your customer's number one problem.
Target early adopters.
Focus on outcomes.
Outcomes over benefits over features.
Feature: professionally designed templates.
Benefit: an eye-catching résumé that stands out.
Desire outcome: landing your dream job.
Keep it short.
Limit the number of characters in the primary headline field to 120.
Answer what, who and why.
Describe what your product is for and who it's for. The why is often hard to fit into the same statement, so a sub-headline is often used for this.
Create a high-concept pitch.
"X" of "Y". e.g., flicker for video.
Solution
Know that is fairly common for your customer problems to get reprioritized or completely replaced with new ones after just a few customer conversations.
Bind a solution to your problem as late as possible.
Channels
Think about your scalable channels from day one so that you can start building and testing them early.
Revenue streams
Price is part of the product
Price defines your customers
Cost structure
What will it cost you to define, build, and launch your MVP?
What will your ongoing burn rate look like (salaries, office rent, etc.)?
Key metrics
List three to five key metrics
Prefer outcome metrics versus output metrics
Instead of measuring how much stuff you're building (outputs), focus on measuring how many people are using your product and how (outcomes).
Examples
Number of new customers
Monthly recurring revenue (MRR)
Customer lifetime value (LTV)
Prefer leading indicator metrics versus trailing indicator metrics
Examples
Number of qualified leads in your pipeline
Number of trials/pilots
Customer attrition rate (churn)
Study analogs
Unfair advantage
A rea unfair advantage is something that cannot be easily copied or bought
Examples
Insider information
The right "expert" endorsements
A dream team
Personal authority
Network effect
Platform effect
Community
Existing customer
SEO ranking