This is the second part of our Illustrated Guide to Product Development series.
In the previous article, we made an amazing elevator pitch example storyboard describing our product and making sure the core of our vision was a product people would really want to use.
Although we are still very early on in our product strategy, taking a moment to “jump ahead” to review a few business strategies now will allow us to have deeper conversations throughout the product development process.
At the highest level, typical business and Go-To-Market strategies start with the question, Is the business model
B2B – Business to Business?
B2C – Business to Consumer?
C2C – Consumer to Consumer?
In our experience at Storyboard That, we do a very quick version of this storyboard at this stage of the game, and then come back again and again to improve that storyboard as we have more information.
In the case of SoLoMoFoo – a product to help people easily share and locate free food in the office – we overwhelming heard from our mythical and all-seeing potential investors that they saw two radically different ways we could approach the business: either B2B or B2C. They informed us, without really thinking through these two scenarios, it would be hard to move forward. Depending on the business model chosen, the required technical feature sets and marketing scales would be radically different.
Since we are advocating for customer-centric thinking, it is pretty critical to understand what type of customers we are going to go after… otherwise, how can we think like a customer?
|Business to Business via Enterprise Sales|
Companies with more than 50 employees would like to offer SoLoMoFoo as a nice benefit to encourage community and camaraderie. These businesses would be willing to pay a fee to purchase the product and allocate resources to deploy the application.
|Business to Consumer via Viral Customer Acquisition|
Due to the sharing nature of the product, there is a natural viral spread of this type of product.
Focusing on one dimension and segment of the business at a time using Parallel Thinking allows us to methodically break down our business into bite-sized comparisons.
In this storyboard, we opted to look at four different areas of the business that would change fairly dramatically depending on the revenue model that we choose to approach. Depending on your business needs, the set of questions could be very different.