- Better Version

Business PlanSnapshot

&Business Model

Strategies

For Better Version's

Learners

www.betterverion.net

What is the Business? စးပားေရးဆတာ လသားေတရ� ချမးသာ�ကယဝေရးက က ေဖာေဆာငေပးရတာြဖစပါတယ။

လသားေတရ� လအပချကေတ၊ လအငေတက ြဖညဆညးေပးဖ� �က�းစား ရငးကယအကျ�းက ြပန�ာတာပါဘ။


ProblemWhat problems are peoplefacing? List their top 3frustrations.

ExistingAlternativesHow are these problemssolved today? This can be adirect competitor to what youare offering or the existingways people are employing toaddress their problems.

Unique ValuePropositionHow will you turn an unawarevisitor into an interestedcustomer? Create a clear andcompelling one-liner messageyou want to send across.

High LevelConceptHow does your product orservice fit into the grandscheme of things?

CustomerSegmentsCreate 3 to 4 personas of thepeople you can help. Visualizethese people who will turn toyou for solutions.

Early AdoptersWhat are the specificcharacteristics of your earlyadopters?

SolutionHow will you solve theseproblems? Write down asolution for each problem.

Key MetricsHow will you measure thesuccess of your product orservice? List the key metrics.

UnfairAdvantageWhat separates you fromcompetitors? What makes youahead of the pack?

ChannelsHow will you reach your targetconsumers? Direct marketing,social media, ads, partnerships— identify the effective waysto reach them.

Cost StructureWhat are the fixed and variable costs to launch your product or service? Consider thecost at each stage from setting up a website, hiring employees, production, marketing,and bringing them to consumers.

Revenue StreamsWhat money sources will grow your money? How will you generate income?Show a pricing model of your product or service and include other revenue sources,such as sales and subscription fees.


MISSION, VISION, AND VALUES

MissionMission is the reason why

your company exists. It is

the visible and tangible

effect you want your

company to create for your

customers and the world.

VisionVision is what success looks

like for your company. It is

what your company aspires

to be in the future. It is how

the world will look like

once you've accomplished

your mission.

ValuesThese are the guiding

principles that will

influence your actions

o fulfill your company's

mission and vision.


A SWOT analysis maps out your company’s path

towards your goals by identifying strengths and

weaknesses (internal attributes) and opportunities

and threats (external conditions). Uncover your

company's competitive position with these guiding

questions. Use the blank framework on the next

page to start filling out your own SWOT analysis.

SWOT AnalysisFind Your Competitive Position

with a SWOT Analysis


StrengthsWhat advantages does your company

have? What do you do better than anyone

else? What are your unique selling points?

WeaknessesWhat areas can you improve on? What

does your company lack? What things do

your competitors do better than you?

OpportunitiesWhat changes in technology, policies, and

social pattern scan be a growth

opportunity for the company?

ThreatsWhat are the obstacles to your company’s

growth? Who are your competitors?

What changing factors can threaten your

company's position?


Visualize YourCompany'sWeak Points witha Pirate Funnel

The Pirate Funnel is a customer-lifecycleframework by Dave McClure that showswhat you need to focus on to optimizeyour marketing funnel. It is called aPirate Funnel because the first lettersspell out AAARRR for Awareness,Acquisition, Activation, Retention,Referral, and Revenue. Use the blankframework on the next page to startfilling out your own pirate metrics.


AwarenessHow will you introduce yourcompany to your potentialcustomers? Examples:impressions, click-through rate,visits, and social media metrics.

AcquisitionWhere are your potentialcustomers coming from? Whatchannel is driving the mostvaluable traffic for your company?Examples: new leads, emailsubscribers, resource downloads,support and sales chats.

ActivationHow will you introduce yourcompany to your potentialcustomers? Examples:impressions, click-through rate,visits, and social media metrics.


RetentionHow many of your customers areyou retaining? Why are you losingothers? Examples: customeracquisition rate and customerchurn rate.

RevenueHow can you increase revenue?What’s your monetization plan?Examples: customer acquisitioncost and customer lifetime value.

ReferralHow can you turn your customersinto advocates? What’s yoursystematic process to generatereferrals consistently? Examples:Net Promoter Score, referrals, andsocial shares.


Establish Your Product's

Appeal with a Product-

Market Fit PyramidProduct-Market fit is a concept coined Marc Andreessen and refers to your start-up being in a good

market with a product that can satisfy that market. Finding Product-Market fit is the difference

between struggling to find customers and having them knocking down your door for your product.

Use the blank framework on the next page to start filling out your own Product-Market Fit Pyramid.

PRODUCT-MARKET


UX

Feature Set

Value Proposition

Product-Market Fit

Underserved Needs

Target Customer

1. Identify your target customer.Use market segmentation and create personas to get a picture of the people you

are targeting. No need to be precise. A high-level hypothesis is enough to start

testing, and revise as you go.

2. Know “undeserved” needs.What needs do they have that are adequately met?

3. Define your value proposition.How you will meet your customers needs better than your competitors? Of all the

needs you can address with your product, which ones will you focus on?

4. State your MVP feature set.Build only what is needed to create enough value for your target customers to

validate the direction of your product.

5. Make your MVP prototype.Create a version of your product to test your MVP hypotheses with your

customers. Apply user experience principles to receive feedback and to bring

your feature set to life for your customers.

6. Test it out to your customers.Ensure you are testing with your target market so feedback received will help

iterate your product in the right direction. Making your test group answer a survey

is a great way to ensure they possess the attributes of your target customer.


Position YourProduct or

Service with the4Ps of Marketing

The 4Ps of Marketing illustrates howproduct, price, place, and promotionwork together when a product orservice is launched to customers. It iscreated by Neil Borden in the 1950s todemonstrate the ways companies useadvertising and marketing techniquesto convert potential buyers into actualcustomers. Use the blank frameworkon the next page to start filling outyour own 4Ps of Marketing.

4Ps of Marketing


4Ps ofMarketing

Product refers to the good or serviceyou are offering to customers. Whatneeds does this product fulfil? Whatfrustrations does it address? Whatmakes it compelling to customerssuchthat they will believe they needto have it?

ProductBrandFeaturesPackaging

Price is what customers pay for aproduct or service and it takes intoaccount the cost of production.What is the value of the product orservice to customers? Are thereestablished price points for this productor service in the market? How will thisprice compare with competitors?

PricePriceDiscountsBundling dealsCredit terms


4Ps ofMarketing

Promotion is how you will get theword out about your product or serviceto your target customers. It includesadvertising, public relations, andpromotional strategies.

PromotionAdsPRSocial MediaEmailSearch EngineVideo

Place refers to how and where yourcustomers will look to see yourproduct or service. It also considershow you will deliver the product orservice to them. Will it be in a physicalstore or online? What will be thedistribution channels?

PlaceStoresWebsiteOnlineMarketplace


Know theStages of theCustomerJourney witha MarketingFunnel

A Marketing Funnel maps your company’smarketing activities at each stage of thecustomer journey. The goal is to create asystem, which is measurable at every levelof the journey. Use the blank frameworkon the next page to start filling out yourown marketing funnel.

Marketing Funnel


TOFU (Top of the Funnel)Activities that facilitate awareness. Make your targetaudience aware of the problem you’re addressingand how you’re solving it

Social media post and adsEmail marketingPromotional videoPressRelease

MOFU (Middle of the Funnel)Activities that facilitate evaluationConvert those who are aware into leads

DiscountsExclusive offersFree trialEvent

BOFU (Bottom of the Funnel)Activities that facilitate conversionGuide the leads in making an informed purchase decision

DemoFeedbackSuccess storiesComparison sheets


A Marketing Funnel maps your company’smarketing activities at each stage of thecustomer journey. The goal is to create asystem, which is measurable at every levelof the journey. Use the blank frameworkon the next page to start filling out yourown marketing funnel.

Marketing FunnelIllustrate YourCompany'sStrategy,Tactics, andExecution

A strategy, a list of tactics, and knowinghow to execute them are integral in theattainmentof your company goals. Usethe blank framework on the next pageto start filling out yourown strategy,tactics, and execution

Strategy, Tactics,and Execution


Strategy,Tactics,

and Execution

StrategyStrategy is how your methods, time, and resources comeinto play to fulfill your company mission and vision.

TacticsTactics are the specific methods, resources, andtechniques you will need to accomplish your strategy.

ExecutionExecution is how you will employ the tactics you’vechosen. It includes measurable outcomes, such astimelines and deliverables.


Develop DeepInsights AboutYour CustomersUsing BuyerPersonas

Buyer personas are semi-fictionalrepresentations of your targetcustomers. These personas are basedon market research and real dataabout the people you are targeting.Two to three buyer personas are ideal.The more detailed the buyer persona,the better. Use the blank frameworkon the next page to start filling outyour buyer personas.

Buyer Personas


Demographics

(Gender, age, marital

status, employer)

Buying Roles

(Decision makers,

influencers)

Goals and

Responsibilities

Needs

Objections

Frustrations

Buyer's

Journey

(Awareness,

consideration, purchase,

advocacy)

Channels

(Social media, other

digital activities,non-

digital activities)

Sources of

information

(Content that influences

purchasedecisions)


Least SatisfiedInstead of focusing on customers who aresatisfied with the status quo regarding yoursolution, focus on the ones who are veryunhappy.

Customer Segments


Niche MarketSuccessful companies typically start out inniches before going for mass markets. To besuccessful in a niche, companies typically offervery specific products. However, focusing on aniche could make it difficult to transfer yoursolution to other markets later on.

Customer Segments


Non-customers

Try to identify which group of people is currentlynot buying or consuming your product or service.Sometimes, there could be a chance to win themover as customers with a slightly different valueproposition/product offering.

Customer Segments


CollaborativeConsumptionCollaborative consumption is about sharing theconsumption of certain goods among a group ofpeople. Typically, the asset is capital-intensive,but only required on an occasional basis. Whilethe customer benefits from the rights as anowner, the entire capital does not have to beprovided by one person

Value Proposition


Convenience/Job-to-be-doneThis is all about finding new ways to increaseconvenience for customers. Sometimes, this mayinvolve extension of the value chain or getting thejob done in more holistic ways. What can youoffer to help your customer get more of the jobdone?

Value Proposition


Positive FeelingCan you help to create positive emotionsfor your customers? Stimulating pleasantfeelings typically resonates with consumersPositive feeling?

Value Proposition


Rent instead ofbuySometimes, it could make sense to rent out yoursolution to customers, rather than selling it tothem. This is particularly true if your products areexpensive, such that owning them does notprovide substantial additional value or is costly,e.g. due to high mainte- nance costs.

Value Proposition


Risk ReductionHow can you reduce risk for your customers?Risk can include physical risk (risk of using theproduct), financial risk (cost and value of the offering),selection risk (finding the right product), delay risk (delivery in timely manner), functional risk (product does not perform aspredicted or expected) and psychological risk (e.g. status, peer pres- sure).

Value Proposition


Aikido Aikido is a Japanese martial art, which uses thestrength of an attacker against them. As abusiness model, Aikido allows a company to offersomething completely opposed to the image andmindset of the competition. This new valueproposition attracts customers who prefer ideasor concepts, opposed to the mainstream.

Value Proposition


GamificationGamifying your service means employing gamedesign elements, which are used in non-gamecontexts. This can improve, e.g., userengagement, organizational productivity, flow,learning, crowd-sourcing, and ease of use. It canalso create a lock-in for your customers, e.g., byintroducing rank lists or allowing them to connectwith like-minded people.

Customer Relationship


Lock-in effect

Customers are locked into a vendor’s world ofproducts and services. Switching to an- othervendor is not possible without expos- ing yourselfto substantial additional costs. Hence, thisstrategy protects the company from losingcustomers to competitors.



Long-tailInstead of concentrating on blockbusters, themain revenues are generated through sellingmany different niche products (so called long tailproducts). Adding up small sales from suchproducts generates signifi- cant revenue withoutthe necessity of high volumes or high profitmargins of single products. Long tails typicallyreduce the risk of failure by spreading their offersacross a portfolio of many different products.



Peer-to-peerMulti-sided platforms have become a verypopular approach, whereby platforms act asintermediaries to connect offers and demand.Platforms typically support the match throughcustomer ratings or matching algorithms. Ifcommunity functionalities are being offered, theyare often referred to as peer-to-peer approaches.



Shop-in-shopInstead of opening new branches, a partner ischosen whose branches can profit fromintegrating the company’s offerings in a way thatimitates a small shop within another shop (a win-win situation). The hosting store can benefit fromattracting more customers, while being able togain constant revenue through the rent from thehosted shop. On the other hand, the hostedcompany gains access to cheaper resources,such as space, location, workforce, and existingcustomer flows.



User InnovationCustomers become manufacturers andconsumers at the same time. The companytypically offers an (online) platform facilitat- ingthe customer in creating new/individualsolutions. These solutions are available to othercustomers, generating additional sales. Thecompany benefits from the creation of a largecommunity, while the customer benefits frominteracting with peers, receiving feedback and/orbringing an idea to life



Digitization

Digitization is about shifting existing prod- uctsor services into the digital world. Advan- tagesover tangible products could include higheraccessibility or faster distribution, as well asreduced costs. The challenge often lies withinfinding a working revenue stream

Customer Channel


E-commerceOnline sales of products or services have al-lowed firms to establish a market presence, orenhance an existing market position, by providinga cheaper and more efficient distribution chainfor their products or services. Almost any productor service can be offered via e-commerce, frombooks and music, to financial services and airlinetickets.

Customer Channel


CollaborativeProduction

Collaborative production is about creating aproduct or service in cooperation with part- nercompanies or your customers. Typically, thisreduces costs and/or adds value.

Key activities & Key Partners


Open sourceThis strategy is about making the source code ofa software product freely accessible to anyone.Generally, this could be applied to any technologydetails of any product. Others can contribute tothe product, but also use it free of charge as asole user. Money is typically earned via servicesthat are complementary to the product, such asconsulting and support.

Key activities


Unique resource

This strategy is about creating key resources orgaining access to critical resources that nobodyelse has on the market.

Key resources


IngredientBrandingIngredient branding describes the specificselection of an ingredient, component and brandoriginating from a specific supplier, which will beincluded in another product. This product is thenadditionally branded and advertised with theingredient product, collectively adding value forthe customer’s benefit. In turn, positive brandassociations and properties about the product arepro- jected, which can increase the attractivenessof the end product.

Key resources


Crow-fundingCrow-investingCrowd-funding and crowd-investing have prov-en to be interesting forms of financing for manybusinesses. Instead of relying on a bank tofinance your business, you can try to attractmoney from a crowd of people (typically 100+people). The funders/investors then act as yourpromoters, resulting in positive marketingeffects.

Cost Structure


Donation

If you give your products or services away forfree, asking for donations could be a viableapproach to generate revenues.

Revenue stream


FreeGiving away products or services, which are ofhigh value to the customer, for free can help toincrease the popularity of your offer. There arevarious ways in which you can still make moneythough: someone else pays, e.g., Google servicesare free, but people pay for AdWords, cross-subsidization (another product covers the cost ofthe free offer), freemium (see freemium), buy oneget one free, pay what you want (see pay whatyou want), and donations.

Revenue stream


FreemiumThe basic version of an offering is given away forfree in the hope that customers will even- tuallybe persuaded to pay for the premium version.The free offering is able to attract the highestvolume of customers possible to the company.The generally smaller volume of paying ‘premiumcustomers’ generate the revenue, which alsocross-finances the free offerings. The challengelies in understand- ing what to offer for free andwhat to offer in the premium version.

Revenue stream


SubscriptionMembership

Selling subscriptions has become a very popularrevenue stream. Customers pay a regular fee,typically on a monthly or an annual basis, in orderto gain access to a product or service. Whilecustomers mostly benefit from lower usage costsand general service availability, the companygenerates a more steady and upfront incomestream. Subscriptions are valuable if the goodsand services provide ongoing value.

Revenue stream


Barter

Goods are given away to customers withoutactual money changing hands. In return, theyprovide something of value to the sponsoringorganization. The exchange does not have toshow any direct connection and can be valueddifferently by each party

Revenue stream


Robin Hood

The same product or service is provided to ‘therich’ at a much higher price than to ‘the poor’.Thus, the main bulk of profits is generated fromthe wealthy customer base. Serving ‘the poor’ isnot profitable per se, but creates economies ofscale, which other providers cannot achieve.Additionally, it has a positive effect on thecompany’s image.

Revenue stream


Better Negotiator

ရလာ ဒ ေကာ ငး တ ည� �� ငး ေရး

သ မား ြဖ စ လာ ဖ�

Bet te r Ve rs ion

WISE WORDS

Negotiation is letting the otherside have your ways

ည�န� ငးေရးဆတာ တဖကလက ကယ လချငတ ရလာဒကအသာတ�ကည လကခလာေအာငလပရတာမျ�း ြဖစတယ။


Body language

Neuro-sciences

Speech pattern

Persuasion

Power


ContentsDecision Making andNegotiation Introduction

Negotiation Process - Part 1

Effective Negotiation Practices

Negotiation Process - Part 2

Negotiation Styles

Power & Personality

Manipulations and Ploys

Planning Negotations


- Better Version

Documents

Transcript of - Better Version