In our lastpost we began creating a business model canvas for a soccer team. We
created the Value Proposition. In this post we will continue to fill out the
business model canvas.
Ok, so we know that we provide entertainment and an
emotional connection for fans, and that makes us unique to them, we give them a
special relationship while we entertain them. We can say that we provide an
experience of entertainment. Knowing our value proposition is great, but we
still need to find out exactly who our customers are; we can’t produce value
without knowing who they are, this is called customer segment in the canvas, and we have to ask
ourselves several questions.
The first one is tied to the value proposition; for whom are
we creating value? For our soccer team we need to think of these questions by
asking ourselves who do we wish to attract and engage as a fan of our team? It
could be men, women, a family crowd, young adults, children and so on. Thankfully soccer has a broad market due to the attractiveness
of the game so we are able to attract all of the different markets mentioned
before. Soccer is appealing to both male and female, raging from ages 12
through 50+, this gives our canvas more information in order to make our
business and value proposition successful.
With this information we can move on to another question; who
are our most important customers? To answer the question we have to do two
things, first create a hypothesis, creating a hypothesis is very simple, we
just have to ask ourselves where do we want to focus our efforts and who would
we like to see using our products. This means, do we want to focus on kids,
young adults, females or older crowds? For example we could say: we want to
segment our market into young male adults, ages 18-35 with a income of 30k-50k
and also family crowds, where there are children between ages 12-15 with an
income of 50k-70k. This is where you
need to stop and understand this is just theory we need to see if this is true, how do we do this?
with customer development. What we basically have to do
is try to interact with as many potential customers and see if they are the
right market for our product (soccer entertainment), this requires
experimenting with our valueproposition. Once we do this we can truly find out who are our customers
and how we can segment the market.
So our after following this process we can see how our
canvas looks:
In step 1, we created a hypothesis of our market, as you see
this is very general, we understand that soccer is very appealing to diverse
markets, then following the customer development and value proposition
experimentation, we came up with step 2, by interacting with potential
customers we actually discovered who our customers really were and even got
more detailed information about them, this allowed us to segment our market and
be prepared to serve those two market segments in a unique way as they are
aligned with our value proposition.
So now we understand what we will give to our customers
(value proposition) and who are our most important customers (customer segment).
Following the lean start up methodology we can say that we have something to
offer that is actually attractive in the sports entertainment field! This
validation positions our soccer team for success in the industry!
Our aim at Passionis is to align fans expectations with any
kind of sports team (or organization) who can cater to their needs; this will
create a win-win situation and actually enhance profitability for sports teams
without letting down fans, which in reality are
customers for sports
entertainment and related products.
On our next post we will continue to build
up our business model canvas!
