At some point in your life, you’ve likely needed to create and develop a business plan, whether as an entrepreneur or while working on a project for a client or your employer. Crafting a business plan can be an interesting challenge, and you may try to include many aspects that might not be ideal, ending up with lengthy and tedious documents. This is why building your business model with a Business Model Canvas allows you to produce a document that is legible, well-crafted, and competitive, bringing much clarity to your business.
What is the Business Model Canvas?
The Business Model Canvas (BMC) is a strategic business tool that helps you conceptualize, present, and visualize your entire business model quickly and efficiently. It is a framework where you can find all the relevant points of your business innovatively and easily.
The Business Model Canvas consists of the following elements:
• Business model: This is your company’s business model, explaining how you will create value and how you will achieve economic and financial benefits.
• Business plan: This is the economic projection expressed in numbers.
• Canvas or Framework: This is the format used to visually present the elements.
What is the Canvas model used for?
Creating your Business Model Canvas will help you discover growth opportunities in your business model. You can identify key partners, discover new ideas, and even plan future actions for your business. The BMC is organized into a matrix of 9 boxes that cover the basic components of your company’s business plan.
The Business Model Canvas was created by Alexander Osterwalder and Yves Pigneur, authors of the book “Business Model Generation,” which has become essential for entrepreneurs worldwide.
What should a Business Model Canvas include?
The business canvas includes 9 boxes, each with relevant elements:
Key Activities
These are tasks that get your business going, the ones that make your business move. They are not your products or services but are the activities that need to be performed for your business to function and progress. Osterwalder suggests you should have three types of activities in this box, and answering the following questions can help identify them:
• What activities are essential to deliver our value proposition?
• What tasks are key to the proper functioning of our distribution channels?
• What activities are crucial in our customer relationships?
• What activities are key to revenue streams?
Key Partners and Associations
Your key partners aren’t necessarily individuals; they can also be associations, companies, or entities that help complement your efforts. It’s important to consider these partners from the start as they are crucial for achieving your objectives.
• Who are our main partners?
• Who are our key suppliers?
• What key resources do we acquire from our partners?
• What key activities do our partners perform?
Key Resources
These refer to the essential resources needed for your business to operate properly, whether they be tools, personnel, financial resources, or technology.
Which communication channels will you use to inform your target market about the value you will provide? This also dictates how you will communicate.
Customer Relationships
Managing your customer relationships is crucial for business growth. Establishing and defining the type of relationship you want with your customers is important for maintaining a stable business and achieving customer loyalty. Here are some questions to consider:
• What kind of relationship does each of our customer segments expect us to establish and maintain with them?
• What relationships have we established?
• How are they integrated with the rest of our business model?
Understanding your cost structure is fundamental; remember, a business that doesn’t generate money isn’t a business. Consider fixed and variable costs, economies of scale, and outsourcing. Here are some questions to help:
• What are the most substantial costs inherent in our business model?
• Which key resources are most expensive?
• Which key activities are most expensive?
Revenue Streams
A robust revenue stream is crucial. You must clearly understand why and what customers will pay for in your business. Here are some questions to help clarify this section:
• What value are our customers truly willing to pay for?
• Why do they currently pay?
• How do they currently pay?
• How would they prefer to pay?
• How much does each revenue stream contribute to the total revenues?
Having a Business Model Canvas for your business not only allows you to start with a clear and effective structure for what you want to achieve but also enables you to quickly view all relevant aspects of your business and may even propel you to new horizons by providing clarity.
When we start in digital marketing, it can be overwhelming with all the communication channels available, but don’t worry, each channel has a purpose and functionality. If you are wondering, “What is the best social network for my brand?”, here, we’ll tell you what you can use each for. We won’t cover all of them, but we will address the most common and easiest to use.
First, let’s list the channels we’ll discuss today: Facebook, Instagram, TikTok, LinkedIn, WhatsApp, email, and website. There are many more, but these are the most common ones you can start using.
Facebook
Although everyone wants to seem too cool for Facebook, it remains one of the most used platforms today. It can help you maintain informal communication, but more importantly, it’s one of the platforms that best aids conversion or sales for online stores, ideal for generating and distributing videos.
A great tool for diversifying your campaigns and trying new things, not just for B2C but also for B2B. If done right, it can yield excellent prospects and sales. Additionally, What is the best social network for my brand is a common question, and Facebook often ranks high for its versatility.
Instagram
Facebook’s cooler sibling, this platform allows you to be a bit more informal and fun. You can communicate your daily activities and run clear campaigns that attract a more demanding audience. You can afford to relax your communication here, share your day-to-day in reels, keep people informed about your brand with stories and carousels. When wondering, "What is the best social network for my brand?”, Instagram often comes up for its visual appeal and engagement.
TikTok
This social network is coming on strong. It’s common to fear it because of the ages of its users, but 71% of TikTok users are between 18 and 34 years old. If your audience isn’t in this age range, well, they’ll grow into it eventually. TikTok is ideal for gaining new audiences and positioning your brand. Allow yourself to be fun and different; the more casual, the better. When asking What is the best social network for my brand, TikTok might be ideal for reaching younger demographics.
LinkedIn
The corporate buddy, on this social network you should share work events you attend, achievements, and if you can post videos or articles, they are super useful for your organic positioning. It’s a great tool for business positioning and very useful for B2B, though it’s also good for B2C.
WhatsApp
While easy to use and allows for mass messaging, it’s very private for the user. It’s important to be careful with the communication we make through this medium and when we do it, we seek prior user authorization to start anything here. Ideal for informing about new discounts, shipping guides, or any other type of information.
Mail
Email is ideal for more formal or slightly more intrusive communication. From cold prospecting to email marketing with relevant information for users, it’s a very good tool as if they open the email, they are completely captivated and only read your information. Is email the best social network for my brand? While not a social network per se, it serves a complementary role.
Website
A website is essential today. A basic for starting a business, having a website allows you to communicate and sell, especially if it’s an e-commerce. The website is ideal for sharing news, discounts, or writing about topics relevant to your business or users. This is a basic for all types of businesses.
These are some of the communication channels you can use, though there are more in this era like Yelp, YouTube, Eventbrite, and many more channels. We can’t cover everything, but we can tell you that it’s important to have direct communication spaces with your users and customers. So, when considering What is the best social network for my brand, think about what aligns most with your goals. Do you already have some of them or what are you waiting for?
When we think about a value proposition, we sometimes get confused and think about the product or service, but it’s not just that. The value proposition goes beyond; it focuses on giving the brand a heart, a spirit.
A value proposition is not necessarily the product; sometimes it is an intangible concept that represents the brand. For instance, Tesla’s value proposition is “To accelerate the global transition to sustainable energy.” This value proposition is so strong that consumers defend the product despite the brand’s issues.
Having a solid and clear value proposition will not only help you sell products or services but will also allow you to build a community that will not only purchase from you but will also defend you because they share the same values. Where your brand aims to go is where they want to go too.
What is a value proposition?
The value proposition is the spirit or heart of your business, which encompasses all the approaches, desires, and objectives of the company; it clearly explains the product or service and how it solves problems, the specific benefits it provides, and why people should choose you. It is a way to show the unique value you bring.
What is the purpose of a value proposition?
Having a value proposition brings many benefits as a business, among which it allows customers to clearly identify the specific needs you cover, enabling you to be clearer in your messages and products.
How do I create my value proposition?
To create a value proposition, you can use tools like the business model canvas, which will help clarify your value proposition.
Creating a powerful value proposition for your business might seem difficult, but it’s not impossible. It’s important to consider all points.
Process for creating your value proposition:
1. Identify the problem your product solves: Before defining a solution, you must understand the problem. This problem should arise from your customers’ frustrations. If there is no customer frustration, there is no problem to solve. Without a problem, there is no solution, and without a solution, there is no product. It’s that simple.
2. Define your target audience: The target audience refers to the specific group of people who are most likely to need your product. This group can vary based on interests, gender, location, age, and even income.
3. Differentiate from the competition: The value proposition plays a crucial role here. It’s essential to know your competitors thoroughly to understand what makes you unique.
Once you can answer these three questions, you will be ready to create your Value Proposition Canvas following the appropriate outline.
You can use the value proposition canvas.
This canvas will guide you and help you better address your value proposition. Do you already know your value proposition clearly?
For each edition of the Olympics, a new logo is created, retaining the iconic and well-known rings that characterize them. Each host country decides to create its own logo or identifier, and Paris 2024 is no exception.
The Paris 2024 Olympics logo combines the most iconic symbols associated with the Olympic Games, which are the medal and the torch, to create an image of Marianne representing the French Republic.
Marianne is the representative and allegorical figure of the French Republic, born in the revolution of 1799. She embodies the values of freedom and brotherhood and symbolizes the strength of women moving forward, as we refer to the famous painting we have all seen: “Liberty Leading the People” by Eugène Delacroix.
The organizing committee stated in a release that the use of Marianne is a nod to the heritage of sport, meaning that thanks to the revolution, they were allowed to compete for the first time in the 1900 Olympic Games and that it is also a tribute in general to the athletes. The committee also explains that Marianne represents “the revolutionary spirit” of the Games, and the fact that the Games belong to the people.
For the identity, a typography that takes elements characteristic of art deco inspired by the signage of the Paris metro is used. This typography is developed in different weights to be able to adapt to the processes needed and the necessary applications.
With such versatile typography and identity, they support digital media by allowing the identity to also be presented with the ‘dark mode’ that can be enabled when needed. For those unfamiliar with dark mode, it is enabled to save battery on devices by turning the background black.
With the use of an identity which features a woman in its image and the shared use of elements for the Paralympics, the identity promotes a clear movement towards much more inclusive games.
To understand what the mascot of the Paris 2024 Olympics is, we need to know about the French Revolution of 1789, a time when small and very traditional Phrygian caps (bonnet phrygien in French) were worn. The mascot takes its shape from this element, highlighting the soft red texture. During the French Revolution, the cap was worn as a symbol of freedom and to celebrate the new republic.
What is the name of the Paris 2024 mascot?
he mascot for the Paris 2024 Olympics comes from the Phrygian caps (bonnet phrygien in French) worn during the French Revolution. The name of the mascot for the Paris 2024 Olympics is Phrygie, as it was decided that it would be an object rather than an animal because it is a very important element for the French, as Tony Estanguet, president of the organizing committee, commented on November 14, 2022.
“We chose an ideal instead of an animal. We chose the Phrygian cap because it is a very strong symbol of the French Republic. For the French, it is a very well-known object that is a symbol of freedom.”
These are the graphic elements that will be featured in the Paris 2024 Olympics. In our opinion, some are accurate, others like the mascot may not communicate to everyone but do inform about the importance of freedom and symbols for the French.
What do you think? Do you like the new communication and mascot for the Paris 2024 Olympics?
The Golden Circle is a concept presented as a circle, like its name suggests, with layers similar to onions and ogres. The three layers represent the questions: why, how, and what. The theory suggests that by answering these three questions, a company can understand the purpose of its business.
The Golden Circle is mentioned in the book Start with Why by Simon Sinek. In the book, Sinek discusses how crucial it is for brands to know why they were created and how this understanding helps them grow.
The 3 Layers of the Golden Circle
Each layer represents the questions: why, how, and what. Although they seem simple, they are a great exercise to understand a company’s purpose. In Start with Why, Sinek advises companies or their leaders to use the Golden Circle starting by addressing the why.
Golden Circle: Why?
In the first layer of the Golden Circle, Simon Sinek suggests that this is where you need to write down the purpose of your business. We must identify the reason for the existence of this business or venture, what drives and motivates all actions. This is the company’s purpose.
If the company truly identifies its why, everything moves naturally and flows. For this reason, it is the starting point for businesses—if you know why you are doing it, it gives you a direction for your entire business or venture.
Golden Circle: How?
In the middle layer of the Golden Circle, we determine and establish the strategies we will apply to achieve results aligned with the company’s purpose. This is where the company’s action or work plan is located and should always align with the company’s values.
Golden Circle: What?
In the last layer of the Golden Circle, Simon Sinek points out that this is where we must specify what the company sells or does. This layer of the Golden Circle is the easiest to understand because it involves the product or service the company sells.
Why Have the Golden Circle?
Having the Golden Circle is essential for an organization, especially if it is not clear about the reason for its existence. Having this information and understanding it allows you to conduct various marketing and communication campaigns, thus achieving better results.
By leveraging the Golden Circle, we can achieve various objectives and facilitate decision-making and good outcomes. Some of the impacts on your business include:
Inspiring Communication
Starting with the why can make all your communication exciting, impactful, and inspiring, increasing loyalty through a sense of belonging.
Example: Apple doesn’t just sell computers; it promotes challenging the status quo and innovation, resonating with a certain profile of customers.
Brand Strategy
Having a why helps the brand to be strong and coherent, achieving omnichannel presence as previously shared, which allows you to have a brand narrative that communicates clearly and maintains good communication.
Example: Patagonia, the clothing brand, achieves good communication focused on its purpose of sustainability and environmental protection, reflected in all its corporate actions, marketing, and products.
Differentiate from the Market
When you compete only by product (the “What”), you will likely compete on price. However, if you have a “Why” and “How,” you begin to compete on different variables.
Example: Southwest Airlines is distinguished not only by its low-cost flights (the “What”) but also by its commitment to friendly service and the democratization of air travel (the “How” and “Why”).
Customer Loyalty
Customers are more likely to become loyal and advocates for the brand if they can identify with the purpose, the Why of the company. This simplifies customer satisfaction.
Example: Tesla customers feel part of a larger mission towards sustainability and innovation in mobility.
Do you already know your Why, do you know why your company does what it does? If not, we recommend you start today and begin applying it.
El golden circle es un círculo, como lo dice su nombre, con capas como las cebollas y los ogros. Las tres capas representan las preguntas ¿por qué?, ¿cómo? y ¿para qué?. La teoría dice que resolviendo estas tres preguntas, una empresa puede entender el propósito de su negocio.
Cada capa representa las preguntas ¿por qué?, ¿cómo? y ¿qué? Y aunque parecen preguntas sencillas, es un gran ejercicio para entender el propósito de la empresa. En el libro Start with Why (empieza con el porqué) Sinek recomienda que las empresas o líderes de las mismas utilicen el golden circle empezando por resolver el porqué.
Golden circle ¿Por qué?
En la primera capa del círculo dorado, Simon Sinek indica que aquí es necesario escribir el propósito de tu negocio. Debemos identificar el motivo de la existencia de este negocio o este emprendimiento, lo que empuja y motiva todas las acciones. Este es el propósito de la empresa.
Si la empresa realmente identifica el porqué todo se mueve naturalmente y fluye, por este motivo es el punto de partida de los negocios, si sabes por qué lo haces te da un norte para todo tu negocio o emprendimiento.
Golden circle ¿Cómo?
En la capa intermedia del círculo dorado es donde debemos de determinar y bajar las estrategias que vamos a aplicar para lograr los resultados y que estén alineados con el propósito de la empresa, ese es el por qué. Aquí es donde está el plan de trabajo o acción de la empresa, debe de estar siempre alineado a los valores de la empresa
Golden circle ¿Qué?
En la última capa de círculo dorado Simon Sinek nos comenta que en este punto debemos poner lo que vende la empresa o lo que hace, esta capa del círculo dorado es la más fácil de entender de todas ya que es el producto o servicio que vende la empresa
Por qué tener el circulo dorado
Contar con el círculo dorado para una organización es esencial, especialmente si no tiene claro el motivo de su existencia. Contar con esta información y entenderla te va a permitir hacer diversas campañas de mercadotecnia y comunicación teniendo así mejores resultados
Cuando aprovechamos el círculo dorado podemos lograr varios objetivos y facilitarnos la toma de decisiones y buenos resultados alguno de los puntos que impactan en tu negocio son:
Comunicación inspiradora
Si comienzas con el Why (por qué) podrás lograr que toda tu comunicación sea emocionante, impactante e inspirador, logrando mayor lealtad a través de un sentimiento de pertenencia
Ejemplo : Apple no vende computadores, promueve desafiar el status quo y la innovación, esto resuena con cierto perfil de clientes
Estrategia de marca
Contar con un Why (por qué) ayuda a la marca a ser fuerte y coherente, lograr la omnicanalidad como ya te hemos compartido con anterioridad, lo que te dejará tener una narrativa de marca que comunique claramente y logres tener una buena comunicación
Ejemplo: Patagonia la marca de ropa logra tener una buena comunicación la cual se enfoca en su propósito de sostenibilidad y la protección del medio ambiente y esto se refleja en todas sus comunicaciones en todas sus acciones corporativas, mercadotecnia y sus productos
Diferenciate del mercado
Cuando compites solamente por producto (el “What”), muy seguramente vas a pelear por precio, pero si cuentas con un “Why” y “How” comienzan a competir con otras variables
Ejemplo: la aerolínea Southwest Airlines se distingue no solo por sus vuelos baratos (el “What”), sino por su compromiso con el servicio amigable y la democratización de los viajes aéreos (el “How” y “Why”).
Lealtad de clientes
Es más posible que los clientes se vuelvan leales y defensores de la marca si logran identificarse con el propósito, el Why de la empresa, esto vuelve más simple la satisfacción del cliente.
Ejemplo: Clientes de Tesla se sienten parte de una misión más grande hacia la sostenibilidad y la innovación en la movilidad.
