5 Mistakes to Avoid When Opening a Business

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  Opening a business can be an frightening journey filled with opportunities and challenges. However, numerous pitfalls can hinder your progress. Here are five critical mistakes to avoid when embarking on your entrepreneurial endeavor: Neglecting Market Research: One of the most common mistakes new entrepreneurs make is pitching into a business idea without thoroughly understanding the market. Failing to conduct comprehensive market research can lead to a disparity between your product or service and customer needs. Analyze the demand, competition, target audience, and current trends. Understand your customers' pain points, preferences, and purchasing behavior to tailor your offering accordingly. Ignoring a Solid Business Plan: A well-crafted business plan is a roadmap for success. Skipping or hastily drafting this crucial document can impede your business's growth. A solid plan outlines your objectives, target market, financial projections, marketing strategies, and op...

Canvas Marketing: what it is and how to apply it to your business strategy

Canvas Marketing is a tool that allows you to define a strategic plan in a structured way with all the ingredients that make it up. Applying the method that many call Business Model Canvas to your business strategy has the purpose of creating a new project profitably and successfully adding value to the client.

If you want to reinvent your marketing agency, this article will help you define your business idea. We explain how to create the Canvas model so that you can develop and apply it in your digital marketing project .

What is Canvas Marketing and why use it in your business

To explain what Canvas Marketing is and why you should use it when starting to create your marketing agency, reorient your business model or to propose a new digital project, you must know what is meant by the so-called Canvas Model.

Model Canvas is also called "canvas business model" or, in English, " Business Model Canvas" (BMC) . It is a strategic management tool designed to guide you in the creation and analysis of a business model with an innovative approach. This model is based on the use of a template that consists of a scheme of 9 boxes that are related to each other and form the ecosystem of your business.

With the Canvas model we can see in a simplified way what the business infrastructure is like, which customers we are targeting, through which channels, what is our point of value, what is the viability of the project, etc.

Specifically, the digital marketing canvas (CMD) will help you define your digital strategy .

Origin

You should know that the Business Model Canvas is not something that has been created now, but it began to become popular in 2011, when Alexander Osterwalder and  Yves Pigneur published the book Generating Business Models . In it, the authors analyzed the different types of business models and established the 9 categories by which the main components of a company must be represented.

What is the business model canvas for?

Why use the Canvas Model?

             To establish a starting point. With the Canvas Model you will have the skeleton of your business, the basic and essential. This will help you define your business or brainstorm and develop a new strategy.

             Define the strategic structure of the business model thanks to its 9 quadrants, as we will see later.

             It will help you to have the entire company aligned , since in the template you will be able to visualize all the parties involved in the performance of the business activity.

             To visualize and understand your activity and value proposition , as well as the way it is executed. A basic point when it comes to designing effective and customer-focused strategies.

             Have a clear and structured vision of the business : in this way, it will be much easier for you to explain the main lines of action and their benefits when dealing with partners, developing sales pitches or, for example, seeking financing.

             It will help you optimize resources , know your costs and focus on the objective of your value proposition.

             It will not only help you to know your business better, but also to understand the business model of your competitors .

Thus, once you have developed it, you will be able to implement new projects, create ideas, innovate and shape your strategies in the way you consider appropriate, orienting yourself in this model.

Main benefits of the Canvas Model

From the previous section we can deduce the following benefits:

             Greater understanding. It is a very visual tool, which gives greater creativity.

             Different points of view. It allows you to have a broader vision of the business model and from different perspectives: commercial, market, distribution channels ...

             Complete vision of the business in a simple and summarized way. This benefit has an eminently practical sense, since, being a visual and intuitive tool, it allows easy analysis.

             It allows to identify the possible risks that could jeopardize the viability of the business.

             It allows you to innovate , identify possible changes that you should apply to your business.

From InboundCycle we have verified the veracity of these benefits with the application of Canvas Marketing to the business model of our agency and that of our clients.

Canvas Marketing: know its different sections

Do you know how Canvas Marketing is structured and what are its main segments?

For you to understand the BMC (Business Model Canva) in a much more graphic way, it is important to note that the model has 9 clearly differentiated squares or quadrants. Each space is a strategic aspect of your business that you must develop in greater or less depth to properly focus your business model.

These 9 quadrants can be divided mainly into two large areas:

1.            Market and customers

2.            Company and operations

On the other hand, if you look at the Canvas see that on the right side describes the q ho and on the left side the how , while in the center, the what, and at the bottom, the how .

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