Use These 4 Tools for Better Business Models

Baran Korkut
Dec 3, 2024
3 min read

Updated: Mar 5

The Business Model Canvas (BMC) is a great tool for sketching out your business idea. It gives you a clear, one-page view of how everything fits together—from who your customers are to how you make money. But here’s the thing: sometimes, you need a bit more detail than what the canvas provides.

That’s where outside tools come in. By pairing the canvas with tools like empathy maps, customer journey maps, value proposition canvases, and even good old Excel, you can dig deeper and build a stronger business model. Let’s break it down.

Custom Empathy Maps: Get to Know Your Customers Better

Sure, the canvas asks, “Who are your customers?” But knowing their age or job title isn’t enough. A custom empathy map helps you really understand what makes them tick:

What are they thinking and feeling?
What problems are they facing?
What do they want, and why?

By answering these questions, you can move beyond generic customer profiles and design products or services that truly resonate.

Imagine you’re building a productivity app. You might assume your audience just wants more features. But an empathy map could reveal that what they really need is a simple, no-frills tool that saves time. That’s a game-changer for your product strategy.

Value Proposition Design Canvas: Link What You Offer to What They Need

Once you understand your customers, you need to figure out how to serve them. That’s where the Value Proposition Design Canvas comes in. It helps you connect the dots between:

What your customers are trying to do (their jobs).
What’s getting in their way (their pains).
What would make their lives easier or better (their gains).

With this tool, you can fine-tune your value proposition so it speaks directly to what your customers need—not just what you think they want.

If you run a meal kit service, you might realize your customers don’t just want healthy food. They want something healthy and quick because they’re busy. Now your value proposition becomes: “Healthy meals ready in 15 minutes.”

Customer Journey Mapping: Improve How You Reach and Keep Customers

The canvas asks how you’ll reach your customers (Channels) and how you’ll build relationships with them. But it doesn’t help answer why or show you the full picture. A customer journey map helps you see every step your customers take—from first hearing about you to becoming loyal fans. It shows you:

Which channels work best at each stage of their journey.
Where they’re getting stuck or frustrated.
Opportunities to improve their experience.

Say you run an online store. A journey map might reveal that customers often abandon their carts at checkout. Maybe the process is too complicated. Fixing that could lead to more sales and happier customers.

Excel Spreadsheets: Get a Clearer View of Your Finances

The canvas covers your Revenue Streams and Cost Structure, but it’s pretty high-level. To really understand your numbers, you need something more details—like an Excel spreadsheet. Spreadsheets let you:

Forecast revenue based on different pricing models.
Track fixed and variable costs to see where you can save.
Run “what if” scenarios to prepare for best- and worst-case situations.

A SaaS company might use Excel to compare how different subscription models affect revenue and profitability. It’s a simple way to make smarter financial decisions.

Make Your Business Model Stronger

The Business Model Canvas is a great starting point, but adding a few extra tools can take it from good to great:

Custom Empathy Maps help you understand your customers on a deeper level.
Value Proposition Design Canvas ensures your offering fits their needs.
Customer Journey Maps show you how to reach and retain them effectively.
Excel Spreadsheets give you the financial clarity to keep things sustainable.

By combining these tools, you’ll build a business model that’s not just well-structured, but also laser-focused on your customers and your bottom line.