The Business Canvas Model was applied to map out how the cost structure, the revenue streams, the value proposition for the forum including their resultant changes while they were held online.
The cost associated to the event were significantly reduced with the online shift. Traditionally, the most important costs include the venue for the conference and some related to the facilities. The staff costs, although the MyWP secretariat benefits from GWP partners and host members who volunteer their time, efforts and knowledge in planning and executing the forum, which helps with keeping the costs to a minimum. One change while hosting the event online was associated with the logistics of the event.
There were no longer going to be income through exhibitor booths and advertisement, which was a significant change to the revenue stream. Revenue depended solely on participant registration fees which was reduced reflecting the reduction in event hosting costs. The reduction in registration fees and online nature opened the event to a wider audience and a larger number of participants attended the event. Two international speakers were also able to present. Two types of registration packages are available which includes one for MyWP non-members and another one with reduced cost for MyWP members. The difference between the cost of the two different packages is the registration fee to join MyWP. This provides participants a financial incentive to sign up as a MyWP member and continually engage with them in the future.
MyWP maintained some of their value propositions such as being a unique forum for knowledge exchange and a networking event. However, not having exhibitor booths affected some of the customer segments such as the private sector. Commonly MyWP would invite a minister or other high-level government official to officiate the opening before visiting exhibits from the private sector allowing them an opportunity to easily connect with the public sector. Furthermore, the exhibits provide visibility and networking opportunities. Although this was not possible in a virtual setting, the forum managed to facilitate interactions between different stakeholders allowing them to share knowledge and experience and advocate for water resources management. The high-level government official who opened the event sets the tone for the forum discussions. This itself attracts the participation of many stakeholders. In order to accommodate the online environment, the forum was transformed as half-day sessions rather than a full day of events.
The business canvas allowed MyWP to identify the value proposition, key activities, resources, cost structures, revenue streams, impacts, partnerships and customer segments. Using the tool, MyWP understood how to maintain their main value propositions and partnerships while readjusting their customer segments, revenue streams and cost structures in order to adapt to the online environment.