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Canny is a user feedback tool that lets you keep track of all of your user feedback in one organized place.Canny Integrations
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Triggers when there is a new training event.
Triggers when you get a new registrant for a particular event.
Triggers when a new comment is created.
Triggers when a new post is created.
Triggers when a new vote is created.
Triggers when a post's status is changed.
Creates a registrant for a particular training.
Creates a training
Changes a post's status.
The next step is to create a table of contents to make sure you have all the sections outlined. Figure 2-4 shows how your outline could look after writing your table of contents.
Figure 2-4. Outline with table of contents
Now that you have an outline and a table of contents, create a document that is one or two pages long. This will be your first draft. Your first draft should be messy. You don’t have to worry about grammar or spelling; just get your thoughts down on paper. The first thing you want to do is create a title and put your name at the top. Then fill in your outline, starting with the introduction, each body section, and finally the conclusion. Be sure to add your details and examples from your product analysis. You should spend no more than five minutes on this first draft because you have a lot of work to do before it is ready to present.
Presenting Your Data-Driven Plan
Your first draft of your business plan will not be perfect. The reason why we are doing a data-driven business plan is so that you can test out the validity of the idea with real data. If your team is like most people, you will only think of things you want to add or subtract once you see the document. You might find that the numbers look different when you read through the document again. That’s okay! We want you to be confident enough in your idea that you are willing to change it based on the feedback you receive. So before presenting your business plan, go back and make changes as needed. If you decide to add a new section, be sure to create an outline and table of contents if they don’t already exist. If you need to change an existing section, edit it, and then create a new table of contents entry for it. Remember, your goal is not for your business plan to be finished but rather to be as complete as possible so that you can get the feedback necessary to make your startup successful.
When you are ready to present your data-driven business plan to someone, I recommend that you go straight to the person who will be responsible for generating interest in your business idea. This could be a friend or family member who has shown an interest in what you’re doing or it could be a professional at a local startup incubator. The point is not to prove that your idea will succeed; it is to show that you know how to start a company, that you understand what it takes to build a successful company, and that you are willing to put in the hard work required to make it happen.
If you are presenting your business plan at a conference, I recommend choosing two or three people who have experience working with startups to present it to them. You will not likely get much feedback from them because their main goal is to keep the audience engaged, but it will help get the word out about what you’re doing. The best thing about presenting your data-driven plan at a conference is that people at other booths and tables will see it and may ask what you are doing or have questions about it, which will give you opportunities for networking that would not otherwise exist.
You might be wondering why we are showing our work before asking for funding and support from investors or partners. Why not start by getting money and then doing the hard work of creating a data-driven business plan? The reason why we are doing things this way is because it allows us to start small and gain momentum as we learn more about our startup’s potential. In other words, we want to test our assumptions and iterate our product before asking for support from investors or partners. By showing our work in the form of an initial business plan, we will be able to see if anyone else wants to join us on our journey toward success. This will give us validation that our idea has value in the marketplace independent of whether or not we got any money from investors or partners in exchange for equity in our startup. Of course, there is some risk here because if no one asks for more information or even appears interested, then either our startup idea isn’t interesting or our way of explaining it isn’t all that great. But this kind of risk is much better than taking on the risk inherent in asking people for money up front without knowing anything about them except for what they tell us in their pitch.
As I discussed in Chapter 1, startups are risky affairs where most fail outright and even fewer grow into billion-dplar companies like Facebook or Google. So if you are building something that doesn’t fit into those categories, it makes sense that most investors would pass on investing in your startup because they don’t see how they can make enough money from it to justify risking their own capital in exchange for yours. So what we want to do is create a data-driven business plan that shows investors how they can make money from investing in your startup without giving up equity in the company. That way, they will be more willing to provide funds because they won’t have as much risk associated with investing in your startup compared with investing in startups run by founders without any experience building a company before.
Now that we have learned how to build a data-driven business plan using Lean Canvas, we are ready to learn about how pricing affects our bottom line using another simple top called Value Proposition Design Worksheet (VPD. To learn about how pricing affects our bottom line using VPD, turn the page!
Chapter 3 - Value Proposition Design Worksheet (VPD)
In Chapter 1, I discussed how pricing affects our bottom line as well as how there is uncertainty associated with the revenue we can generate from each customer we acquire through our marketing efforts. When we combine these two ideas together, we discover a problem. It costs more money than we can make back from each customer we acquire through marketing efforts alone! Worse yet, marketing costs can be quite high depending on how we choose to market our product or service—so high that they could eat up all of our profits if no one buys at all! This means that if no one buys our product or service when we launch it into the marketplace, then the money spent on marketing will end up being wasted because we won’t be able to recoup those costs from sales revenue alone.
It seems like there must be a better way! After all, we don’t actually have to give away our products or services for free if no one buys them when we launch them into the marketplace. Instead, we could charge for them at a price low enough to entice people into buying them while still providing us with enough revenue to cover our costs and generate profit so that we can reinvest into growing our business further! But what would be an appropriate price? And how do we figure out what price customers would be willing to pay? The answers to these questions are where value proposition design comes into play.
Value proposition design (VPD. is a simple top used during product development where the goal is to optimize each aspect of a product or service in order to maximize revenue generation while minimizing development cost so that we can increase profit margins—all without giving anything away for free! In other words, if no one will buy our product or service when we launch it into the marketplace, then we want to increase our chances of making sales by lowering price until people start buying it again and increase our chances of gaining revenue by tweaking other aspects of our product or service until customers stop buying it again; then repeat this process over and over again until sales go up!
While VPD is not meant as a replacement for traditional business planning techniques such as lean canvas and financial modeling, it does provide a very good framework for thinking about pricing strategies while also providing some key metrics—namely ROI (Return On Investment. and ARPU (Average Revenue Per User)—that help us understand what kind of revenue can potentially be generated by implementing different pricing strategies throughout development phases instead of trying everything at once when launching into the marketplace! Let’s take a look at VPD now!
Value Proposition Design Worksheet (VPD. Basics
Like lean canvas and financial modeling, VPD uses a worksheet format similar to what is shown in Figure 3-1 below:
Figure 3-1. Example value proposition design worksheet
The first cpumn describes key business metrics such as total users acquired (in this
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