Product Owner, The Team
This practice is part of: Product Ownership.
What is it?
The Lean Canvas template is a one-pager, which captures key information about your future product.
It will help structure your idea in terms of:
- What problem your product or service will solve
- Who your potential customers are
- How your product will be distributed and
- How you will make money from it.
The Lean Canvas is frequently used by Entrepreneurs and Lean Startups.
Why use it?
Ash Maurya modified the Business Model Canvas (by Alexander Osterwalder) with the aim to shorten the product development lifecycle and rapidly discover if your product idea is viable.
When filling out the canvas it is best to fill the sections out in a certain way.
When filling out the problem section think with your future customer in mind. WHY is this a problem for him?
- Target Customer:
Who are your early adopters of your product, specify them in terms of demographics, situation and interest.
- Unique Value Preposition (UVP):
Your UVP is directed to your customer, what makes your product or service so special to them? What is the benefit to them?
- Solutions section:
It focuses on the key features of your product or service. Ideally, each aspect of the solution comes in line with one of the previously mentioned problems.
How are you planning to promote your product? An example can be via ‘word of mouth’, colleagues, Instagram or Facebook.
- Revenue Streams:
This section is about how you will make money of your product. For example: Freemium - 1st month free then you would charge $2.99 per month.
- Cost Structure:
What are the costs you occur? An example here would be fees for Apple store or Google Pay.
- Key Metrics How do you measure your success? For example: Number of paid subscribers like 300 downloads in the first month.
- Unfair Advantage:
What makes your product unique. Something that cannot be easily copied or bought.
When filling out the canvas, ensure to use bullet points. Don’t use long sentences. A good canvas should be understood in a few minutes.
Make sure you are filling out every box, there might be a lot of uncertainty but the canvas is there to help you and to structure your idea.
The Lean Canvas Template including detailed instructions on how to use it by Ash Maurya