Once a week update the canvas to reflect any pivots or iterations, highlighting in red the changes from the last week.
Then after you and your team agree on the changes to your business model, integrate them into what becomes your new canvas for the week (the accepted changes in red are then shown in black). During the next week any new changes are again shown in red. Then the process repeats each week new changes showing up in red. Then a new canvas used for the week.
This method highlights the changes over time for your and the team’s reference. Figure 3.5 shows how the canvases will look over time.
Figure 3.5 Using the Business Model Canvas as a Weekly Scorecard
Had they read this book, and gotten out of the building, the folks at Iridium might have saved billions by learning just how small the market for their business had become. It would have allowed them to search for alternatives and survival.
To sum up the customer discovery philosophy: see whether there’s product/market fit by finding earlyvangelists, understanding their needs, and verifying that the initial minimum viable product solves a problem they’ll eagerly pay to have solved. And if not, use near-continuous customer feedback to drive agile, frequent changes in product and business model alike.
As you complete the hypothesis development, your business model canvas quickly becomes multi-dimensional. You are really developing three initial canvases:
Core elements of the business model itself (value proposition, channel, etc.)
Hypotheses you have for each element of the business model (such as “people will want these features, “or “customers will buy our product because…”)
And a layer outlining the key pass/fail tests you will use to get face-to-face with customers and use their feedback to convert your hypotheses into facts.
Figure 3.6 Customer Discovery: Overview of the Process
Customer Discovery has Four Phases
Phase 1 deconstructs the founders’ vision into the nine parts of the business model canvas (product, customers, channels, demand creation, revenue models, partners, resources, activities and cost structure). Then your team writes one-page briefs about each of the hypotheses, including the list of experiments or tests you’ll need to conduct to prove or disprove each one.
In Phase 2 you conduct experiments to test your “problem” hypotheses. This helps you understand how important the problem is and how big it can become. You do so by testing most elements of the business model, including the value proposition, pricing, channel strategy, and sales process. Your goal is to turn hypotheses into facts or discard them if they’re wrong, and replace them with new hypotheses. In the process, you’ll gain a deep understanding of customers’ business, workflow, organization, and product needs. When all the facts are in, update your results on the canvas.
In Phase 3, you test your “solution,” presenting your value proposition (product, pricing, features, and other business model components) and the minimum viable product to customers and compare their responses to the “pass/fail” goals you developed earlier.
In Phase 4 you stop and assess the results of the experiments you’ve conducted and verify that you have:
a full understanding of customers’ problems, passions, or needs
confirmed the value proposition solves problems, passions or needs
determined that a sizable volume of customers exists for the product
learned what customers will pay for the product
made certain the resulting revenue should deliver a profitable business
With your product features and business model validated, decide whether you have learned enough to go out and try to sell your product to a few visionary customers, or whether you need to go back to customers to learn some more. If, and only if, you are successful in this step do you proceed to customer validation.
That’s customer discovery in a nutshell. The remainder of this section details each of the phases just described. (The checklists in Appendix A summarize.)
Now let’s get started.
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