The Business Model Canvas (BMC) is a strategic management tool consisting of nine sections that helps us truly understand our customer’s needs.

A customer persona represents a group of people with their specific desires, frustrations, pains, and behaviours. When this is a big enough group, it becomes your customer segment.

After understanding our customers, we need to review how your business brings value to customers and how you can better serve them by integrating complementary products and innovating current offerings.

Channels describe how your business communicates with and reaches your Customer Segments to deliver your Value Proposition. Channels are customer touch points that play an important role in the customer experience.

Customer relationships refer to the kinds of connections a business makes with particular client segments. A business should always be clear about the kind of relationship it wishes to have with its clients.

The money that the organisation makes from each previously identified Customer Segment is included in the component known as Revenue Streams. Yet, that refers to the money flow, not the “profit” that was made.

The key resources building block of the business model canvas describes the main assets needed to create and deliver your value propositions to your customer segments.

Examines the activities that businesses are engaged in and encourage businesses to re-evaluate the benefits and costs of these activities and consider the application of technology to improve efficiency.

The key partnerships building block describes the network of suppliers and partners that make the business model work.

The cost structure building block describes the most important costs incurred while operating under a particular business model.