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A complete guide to developing a business model canvas (BMC) with example (Part 1)

  Are you an entrepreneur struggling to understand the business model that fits you?   This is the go-to tool for you. BMC is a tool developed by Alexandar Osterwalder and it will guide you to understand how to create, capture, and deliver value with your business to the consumer.   But first, you need to be clear on the value you create.   So before you jump into the BMC, it is important to understand your value proposition. It is getting complicated now? Not really, there is a tool for this too. The value proposition canvas (VPC).   Let's start.   What is   VPC?         Look at the chart, there are two sides to the VPC. Let’s look at the client profile. This side of the VPC discusses your consumer. It is broken down into 3 main parts: pains, gains, and customer jobs. Pains are the problems or unpleasant situations customer experience. Customer job is the solution you offer. Gains are the desired outcomes that are more than expecte...
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Evolution of buyer behaviour - 03 shifts explained (what brands to expect)

 


 

The traditional buyer mindset, which was explained in the brand funnel is changing. Understanding this evolution is critical for brands to win the market.

 


The primitive customer starts the process at brand awareness, now this happened a long time ago.

 

First Moment of Truth

Imagine a customer in the year 2005 going to a grocery store to buy a chocolate. She had the stimulus to buy a chocolate and will be selecting products at the shop itself, this is called the “first moment of truth”. She compares two brands and pick one at the store and eat it, which is the “second moment of truth”. She loves the chocolate and gradually will be loyal to the brand.

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Zero Moment of Truth


Think about 2015, you wanting a chocolate. What would you first do?

You would go online and check for products.

This is “Zero Moment of truth”, it allows a brand to interact with the customer, way in advance.

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Less Than Zero Moment of Truth

 

Now think about today, before you even think about a chocolate you become bored and your smart phone could understand you would soon need a snack (sounds scary, well it is)

Now this is “Less Than Zero Moment of Truth”, where an incident happens in your life making you open for any consumption. The brand identifies you and start interacting with you, if the brand is convincing this will escalate to a purchase decision.

So no more funnel, the buyer behaviour is iterative, a brand can be in certain stages of the funnel in different stages of the customer’s life. 

Bored Girl Checking Mobile Phone At Home Stock Photo - Download Image Now - iStock

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