Product Vision and Strategy - Value Propositions
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Discussion at the Alpha Loft's Accelerate NH startup accelerator mentoring session in Portsmouth NH on 3/14/2015. Discussed Product Value Proposition, Business Model Canvas, Value Map, Customer Segments, Customer Research, Lean Startup Methodology. http://alphaloft.org/accelerate-nh/
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Product Vision and Strategy - Value Propositions
- 1. Product Vision & Strategy Lessons Learned PREPARED BY Doug Henderson FrostHub www.frosthub.com @dougehenderson March 14, 2015
- 2. DEFINITION BUSINESS MODEL A business model describes the rationale of how and organization creates, delivers and captures value !
- 3. BUSINESS MODEL CANVAS The Business Model Canvas Revenue Streams Channels Customer SegmentsValue PropositionsKey ActivitiesKey Partners Key Resources Cost Structure Customer Relationships Designed by: Date: Version:Designed for: What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? is your business more Cost Driven (leanest cost structure, low price value proposition, maximum automation, extensive outsourcing) Value Driven (focused on value creation, premium value proposition) sample characteristics Fixed Costs (salaries, rents, utilities) Variable costs Economies of scale Economies of scope Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? channel phases 1. Awareness How do we raise awareness about our company’s products and services? 2. Evaluation How do we help customers evaluate our organization’s Value Proposition? 3. Purchase How do we allow customers to purchase specific products and services? 4. Delivery How do we deliver a Value Proposition to customers? 5. After sales How do we provide post-purchase customer support? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? For whom are we creating value? Who are our most important customers? Mass Market Niche Market Segmented Diversified Multi-sided Platform What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? examples Personal assistance Dedicated Personal Assistance Self-Service Automated Services Communities Co-creation What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? catergories Production Problem Solving Platform/Network What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? types of resources Physical Intellectual (brand patents, copyrights, data) Human Financial Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquairing from partners? Which Key Activities do partners perform? motivations for partnerships Optimization and economy Reduction of risk and uncertainty Acquisition of particular resources and activities What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? characteristics Newness Performance Customization “Getting the Job Done” Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/Usability types Asset sale Usage fee Subscription Fees Lending/Renting/Leasing Licensing Brokerage fees Advertising fixed pricing List Price Product feature dependent Customer segment dependent Volume dependent dynamic pricing Negotiation (bargaining) Yield Management Real-time-Market
- 4. CUSTOMER SEGMENTS FOR WHOM ARE WE CREATING VALUE? WHO ARE THE MOST IMPORTANT CUSTOMERS? WHO HAS PROBLEMS WORTH SOLVING?
- 5. CUSTOMER SEGMENT TYPES MASS MARKET NICHE MARKET SEGMENTED MULTI-SIDED PLATFORMS DIVERSIFIED
- 6. TARGET CUSTOMERS ♀ YOU ARE NOT THE TARGET AUDIENCE DON’T MAKE ASSUMPTIONS BECAUSE YOU WOULD USE IT ♂
- 7. CUSTOMER UNDERSTANDING RESEARCH $ OBSERVATIONS WHERE THEY WOULD USE YOUR PRODUCT OR SERVICE TALK TO A LOT OF PEOPLE TO GAIN INSIGHT FORMULATE YOUR IDEAL CUSTOMER
- 8. TEST YOUR HYPOTHESES SKETCH A SIMPLE EXPERIENCE POSTER $ OBSERVATION WHERE THEY WOULD USE YOUR PRODUCT OR SERVICE TALK TO A LOT OF PEOPLE TO GAIN INSIGHT DON’T GET HUNG UP ON THE DESIGN
- 9. VALUE PROPOSITION SINGLE, CLEAR, COMPELLING MESSAGE THAT STATES WHY YOU ARE DIFFERENT AND WORTH PAYING ATTENTION TO % DESCRIBES THE BENEFITS CUSTOMERS CAN EXPECT FROM YOUR PRODUCTS AND SERVICES Uber Lyft
- 10. CHALLENGES BEING ABLE TO ARTICULATE THE VALUE TO A POTENTIAL CUSTOMER GETTING YOUR TEAM ON THE SAME PAGE CREATING THE VISION BENEFITS SIMPLE IS HARD
- 11. CUSTOMER PROFILE NEED TO VALIDATE %
- 12. VALUE MAP NEED TO VALIDATE %
- 13. USER STORIES AS A {role}, I WANT TO {goal/desire} SO THAT {benefit} % DESCRIBES THE FUNCTIONALITY OF THE SYSTEM As a driver, I want to set the truck’s cabin temperature so that the firefighters are comfortable. ANYONE SHOULD BE ABLE TO UNDERSTAND THEM
- 15. “It is a long way to the top if you want to rock and roll” AC / DC
- 16. SCENARIO RECENTLY FORMED BAND & MUSICIANS WITH PASSION STARTING TO JAM AND GEL PLAYING COVERS IN THE GARAGE OPTIMISM HIGH AND SUCCESS IS UNKNOWN
- 17. START TO FOCUS START FORMULATING A PLAN ' WHAT ARE WE GOING TO PLAY? WHO IS OUR AUDIENCE? WHERE DO WE START PLAYING? HOW DO WE WANT PEOPLE TO PERCEIVE US? HOW DO WE DESCRIBE OURSELVES?
- 18. PROTOTYPING CUT A DEMO ( LOW COST & FIDELITY FEW SONGS GET FEEDBACK SHOWCASE CAPABILITIES WRITE MORE SONGS
- 19. TESTING THE MARKET LOW COST MARKETING ) TOUR IN A VAN ON THE ROAD BUILD A FOLLOWING NOT GLAMOUROUS GRINDING IT OUT
- 20. FUNDING RECORD DEAL * GIVE UP OWNERSHIP RIGHTS INVEST IN ALBUM AND TOURING COMPROMISE YOUR VALUES? THINKING SUCCESS IS LIKELY
- 21. CHANGES REPLACE A BAND MEMBER * GET NEW MANAGEMENT CHANGE THE SOUND
- 22. DISRUPTION GREAT BAND CHANGES THE MUSIC SCENE + COMPETITION COPY CATS OTHER BANDS OBSOLETE MAJOR SHIFT IN EXPECTATIONS