Creator Economy - Creator Lean Canvas
Dear subscribers, The creator lean canvas is a framework that gives you one place to answer the most important questions about your creator business. If you’re a creator or web3 builder, filling out this canvas upfront can save you a lot of pain later. Let’s walk through each step in detail. Today’s post is brought to you by…Acast If you have something to say, then consider starting a podcast. Acast helps creators of all sizes launch, grow, and make money from their podcast across Apple, Spotify, Amazon, and other platforms. Acast already supports 40,000 podcasts across every genre. Check them out below! Now let’s cover the canvas using Substack as an example: 1. CreatorsDo you have founder-market fit?Good signs include founders who are:
For example, Hamish (Substack co-founder) used to be a journalist and understood how difficult it was for professional writers to monetize their audiences. What’s your creator niche?You should target a creator niche that:
For example, Substack targeted writers and journalists who had large audiences but struggled to make money. Their first customer was Bill Bishop who writes a popular newsletter about China. 2. ProblemAre you solving for love, fame, or money?If you’re building a product for creators, then you need to solve for:
For example, Substack started by solving for love (publishing tools) and money (subscriptions). They’re now expanding to fame through writer recommendations and a new app. What’s the frequency and intensity of the problem?You want to solve for painkillers (must-haves) instead of vitamins (nice to have). Talk to creators to identify problems that they face urgently and frequently. For example, both Substack and Whale (a video Q&A app) wanted to help creators make a living. But Substack targeted journalists and writers while Whale targeted VCs and tech executives. You can guess which niche had the real money problem. 3. CompetitionWho are your competitors?Your direct competitors are those who are targeting the same customer, same problem, and same solution. But secondary competitors could also enter your space. Substack’s direct competitors are major publishers (e.g., New York Times) and self-publishing platforms (e.g., Medium). Their secondary competitors include community platforms that have a newsletter component. What gaps do competitors have (where do they not want to compete)?Identify gaps that your competitors have in solving the love, fame, or money in your creator niche. Make an effort to understand where they don’t want to compete. For example, Substack grew on the back of Medium’s unwillingness to let creators own their audience (e.g., email addresses). 4. Value propWhat is your unique one-line pitch?Craft a succinct one-line pitch only after you understand your customers, problems, and competitors. For Substack, the one-line pitch was “Make it simple to start a publication that makes money from subscriptions.” Since they expanded to solve for fame as well, the pitch has evolved to “The home for great writers and readers.” 5. First 1,000 creatorsHow will you get your first 1,000 customers?Here are a few tactics that you can use:
I cover each tactic in detail in my online course. When Substack was getting started, they used direct outreach to onboard top writers like Kelly Dwyer (former NBA writer), Anthony Pompliano (crypto), and Azeem Azhar (industry analysis). 6. Growth loopsWhat’s your growth loop?The creator growth loop works as follows:
The creator growth loop is actually three different loops depending on whether you’re solving for love, fame, or money. Substack, for example, uses the money loop:
7. MonetizationWhat’s your business model?Here are a few questions to answer when thinking about your business model:
For example, Substack charges a 10% take rate for paid subscriptions. 8. DefensibilityWhat’s your unfair advantage?How do you defend your business from new entrants? Broadly, there are three moats:
Here’s how the canvas might look for Substack when filled out: Try using this Google slide template to fill out the canvas for your own company or product. It shouldn’t take more than an hour and is worth it to get a holistic view of your business. You can also keep this canvas updated as things change. For more details and creator company examples, check out my Build for Creators course. Let me know if you find this framework useful! If you liked this post from Creator Economy by Peter Yang, why not share it? |
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