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Starting business model experiments: How i’m doing it for $2,500.

April 19, 2011 in Business Model, Marketing, My Blog, Product Management, Small Business with 1 Comment

It’s time to get going on looking at some new business ideas. Here’s the process i’m following:

  1. Generate Business Model(s) – Create different business model variations around my concept. There are 9 building blocks to my business (see list below) but I’m going to primarily test around the value proposition (VP) block.
  2. Experiment – I’m setting up real life quick and easy (and cheap) tests to validate the hypothesis behind my biz models. i.e. i’m testing customer responsiveness – aka “customer need”. Online and offline.
  3. Evaluate and iterate – as i gather feedback over the next few weeks i’ll add multiple new tests and tweak the hypotheses i’m running the tests against. Once this is done i’ll make a decision on how to move forward.

I’ve given myself a budget of $2,500 to test this model and it’s needs to be completed by end of May.

Here’s a list of the component parts in the business model process i’m using – there are nine. I created a short YouTube video for each (i’need to upload the videos but i have included one as an example). I’ve done this to help myself get understanding of the process because i’m trying it out for the first time. BTW – the concept of business modeling i’m using is from a book called “Business Model Generation” by Alex Osterwalder.

Here’s the 9 building blocks (you can see my rendition of this canvas at the top of the page):

9 Building Blocks to a Business Model

9 Building Blocks to a Business Model

Here’s one segment (Customer Segment) explained in a video i created.

The business experiment concept i’m following is a mish-mash of ideas developed by Eric Ries (Lean Start-Up) and Steve Blank (4 Steps to the Epiphany).

I’ll post a video later about Business Experiments.

I’m looking for some feedback on my business model as i move forward, so please get involved. If you sign up for my newsletter, you’ll be added to the test group (see top right of this page to sign up).

Think creatively: fly reduces *male toilet spillage* by 80% (marketing tip #9)

March 9, 2011 in Marketing, My Blog, Product Management, Small Business with 0 Comments

This one caught my eye for it’s creativity. Simple question: How do you reduce *male toilet spillage* by 80%? Simple answer: Add a picture of a fly to the toilet bowl.

Forgetting the somewhat unsavory subject matter, this is actually an amazing exercise in product design and knowing your customer. How the product designer for urinals came up with an idea of a fly, I have no idea know but it’s an elegant solution for one of the globes most pressing problems (trust me, spend a summer cleaning toilets at summer camp and you’ll know what i mean). I’m sure his inspiration came from being a user of his own product and involved pieces of chewing gum (a big must for a product manager ).

Next up: how do you enhance this design concept and make it still more efficient. Leave your reply below (a good revenue model is needed). This may get you started

  1. Set up a projector above the urinal and project images onto the bowl instead of etching them in the surface. The projected images would be controlled remotely through the web with people voting up or down the best images to displace. Benefits: spillage is further reduced / user-time at the urinal becomes more *sticky* because users want to hang around for new images
  2. Create an iphone app that lets users change the image in the bowl next to them while they are doing their bit. Benefits: adds a game like quality to the experience / user retention and repeat usage climbs because users want to come back again and again (Limiting variable: maximum visits must be equal to or less than the call of nature / iphone management issues may conflict with goals of increasing aim)

Next stop, a version for Smudgy…