Pivot or Proceed: Reviewing our Business Model

After three weeks of work and having meetings with stakeholders, we paused to review what we've learned and to decide how we will continue with our model and determine what our next steps.

Based on the book stages outlined in “The Startup Owner's Manual: The Step by Step Guide For Building” we know that we are somewhere between the “Customer Discovery” and “Customer Validation” stages.

We continue to test our hypotheses through interviews and web searches, and have had a few new insights.

As per the Customer Discoveries section, we reviewed our Business Model Hypothesis and made the following updates: 

1. Updated Value Proposition Canvas

The first update was pivot our VP Canvas and make some changes which is below:

2. Update the Business Model

We reviewed our four models and decided to go with only one that we believe is the more accurate and close our MVP.

Based on our initial hypothesis, we can say the following:

Our first Business Model Canvas was:

However, after reviewing what we have learned, we updated it as follows:

3. Market size Hypothesis:

Total Addressable Market: Every person who dies in Netherlands and requires a coffin. Within our finding was that almost everyone in the Netherlands orders their coffins through an undertaker, except for the gypsies.

Served Available Market: Every person who pre-planned his/her death which corresponds approximately to an estimated 30% TAM

Target Market: Every person who pre-planned and also like customized coffins

Moreover it is important to know who will be our earlyvangelist, for the moment we think that they are people who like to buy different things like a customized coffin, but we need to continue reviewing through  interviewing final clients. 

4. Customer Segments:

1. The Customer Problem

According to our hypotheses and our research we think this is a problem because the number and types of coffins is limited. Therefore we believe that our customers are people with a Passive problem (They know of the problem but aren't motivated) and an Active Problem.

2. Customer Types

Even though we will go through the undertaker, our customers are the end users: people who pre-plan their own funerals (ie: they are old or are suffering from a terminal illness). It is also important to note that there may be influencers and recommenders that correspond to their family or closest relatives.

At this point we need to continue interviewing to know about who makes the final buy decision.

3. Customer Archetypes

Someone who: 

• wishes to plan his/her own funeral
• is elderly or has a terminal disease
• wants a non-conventional coffin and is willing to pay more for it

4. A day in the life of customer

5. Channels

For the moment we know we have to get our product to the undertaker office and the office must deliver the final product to the final client within 24hrs in some cases.