The business model canvas is a powerful tool to get a quick sense of how a business works. It can also be used to show how businesses can create social good.
Without customers, you don't have a business. Finding the right customers can be the difference between a successful business and one that struggles.
In this episode of Strategy Made Simple, we go through a few tools you can use to describe your ideal customers, from demographics and psychographics and branding matrices to innovation adoption curves and minimum viable audiences.
Matthew also describes how social value can be created by focusing in on certain customer segments, specifically those who are on the bottom of the income pyramid.
00:00 - Intro
00:15 - Demographics and Psychographics
02:30 - Crossing the Chasm - Using the technology adoption curve
03:39 - Minimum Viable Audience
05:34 - Social impact through target markets (Bottom of Pyramid)
07:37 - Case Study: Grayston Bakery
10:43 - Outro
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Sign up for the Social Business Modelling Workshop: https://strategymadesimple.ca/social-business-modelling-workshop
If you're looking for a community of entrepreneurial problem solvers that are trying to address big societal problems with business models, then you should join Twine. Twine is a micro social network specifically for discussing and connecting with social entrepreneurs with the intention of professional development, problem solving, and mutual support. (Formerly Social Economy Connect)
Join us here: twine.community
Resources:
Business Model Generation: https://www.strategyzer.com/books/business-model-generation
HBR article on using branding matrices: https://hbr.org/2015/06/a-better-way-to-map-brand-strategy
Geoffrey Moore's Crossing the Chasm: https://www.amazon.ca/Crossing-Chasm-3rd-Disruptive-Mainstream/dp/0062292986
Seth Godin on Minimum Viable Audience: https://seths.blog/2017/07/in-search-of-the-minimum-viable-audience/
Bottom of Pyramid: https://en.wikipedia.org/wiki/Bottom_of_the_pyramid
Grayston Bakery: https://www.greyston.org/
Get the Strategy Made Simple social business model canvas: https://strategymadesimple.ca/social-business-model-canvas-signup
Transcript available on the Strategy Made Simple blog: https://strategymadesimple.ca/blog/video-social-business-model-canvas-customers
For more information visit strategymadesimple.ca
Contact Matthew:
Twitter: @MatthewRempel
Email:
[email protected]Scripted, recorded and edited by: Matthew Rempel
Music provided by: epidemicsound.com