Business Models for Social Enterprise: Creating Value (Module 2)
14 members and volunteers of WISE have taken up the challenge of joining PlusAcumen’s online course on business models for social enterprise, either to apply it in WISE or simply to learn. Each week, we will be taking turns to share our reflections from the respective modules. WISE volunteer Sophia Pan writes about the second module.
Reflections from Week 2: Creating Value
The second module of Business Models for Social Enterprise is about creating value by identifying who will be your customers and coming up with a value proposition that distinguishes your enterprise from other enterprises competing in the same market.
One of the tools introduced in this module was the business model canvas which can be used to organise some of your ideas for your business model. For example, in terms of creating value, you can jot down ideas for value propositions, customer relations and customer segments. In relation to customer segments, we were asked to complete a segmentation chart for this week’s assignment. Here is the one I filled out for WISE relating to its potential market for WASH consulting services:
One of the main value propositions for WISE that Yoke Pean Thye and I discussed was the ability to couple professional expertise in a broad variety of fields — civil engineering, social science research, and community development to name a few — with in-depth local knowledge, which is unusual for most NGOs in the region.
I found this module both interesting and challenging since I have never performed a market segment analysis before, but it was a very useful exercise to try and think through whom are all of the people or organisations you can potentially serve (Total Available Market) versus whom you can actually serve (Target Market) even if it is just a rough estimate. This is turning out to be a very stimulating course so I look forward to the next module.