This is the key activity in this stage. Once you’re able to fill all the areas of the canvas, you should be able to pass the stage one gate and move to the research stage.

“Lean” comes from the concept of a lean startup – meaning you’re doing just enough to be able to market and sell the product. No bells and whistles, only the absolute core of your product’s offering. Lean canvas is here to document your assumptions and iterate through them if needed.

Canvas consists of 11 areas, you need to fill all of them with data:

• Problem: Clearly define the problem or pain point that your product aims to solve. Be specific and focus on a single core problem. Don’t make stuff up, do the research on the problem.
• Solution: Describe your product or solution that addresses the identified problem. Keep it simple and explain how your solution uniquely solves the problem. Remember, at this stage, the solution may still be a hypothesis or early concept.
• Key Metrics: Identify the key metrics that will help you measure the success of your product. These metrics should align with client’s business goals and provide insights into AARRR (acquisition-activation-retention-referral-revenue) metrics.
• Unique Value Proposition: Clearly articulate the unique value the product offers to customers. What sets us apart from competitors? Why would customers choose your product over alternatives?
• Channels: Define the channels through which you will reach and engage with your target customers. Consider both digital and offline channels, such as websites, social media, partnerships, or direct sales.
• Customer Segments: Identify your target customer segments or specific market niches. State their needs, demographics, and behaviors. It's crucial to have a deep understanding of your customers to tailor your product and messaging accordingly.
• Cost Structure: Outline the key costs associated with developing, marketing, and delivering the product. Consider both fixed and variable costs to ensure a realistic view of your business's financial aspects.
• Revenue Streams: Define your revenue model and how you plan to monetize your product. Explore different pricing strategies, such as one-time purchases, subscriptions, or freemium models. Consider how you will generate sustainable revenue in the long term.