Due to high demand we are not currently accepting new clients for Product Research and Strategy services in 2015. Please visit quickreach.io for Sales Growth and Acceleration services.
To build a successful product, you must begin with the end in mind. How will your product solve your customers’ problems?
We work with you to define customer needs, refine your business model, and tailor a strategy for success.
Our product strategy services consist of three primary phases: reviewing the market, defining the product vision, and assessing the viability of the concept.
- Lean Canvas
- MVP Definition
- Pricing & Monetization
- Lean Startup Methodologies
Assess the Market Opportunity
You can’t choose the optimal selling strategy for your target customers until you know what the market looks like. We undertake a deep dive into the problem that your product solves, exploring and researching how your product can make consumers’ lives better.
Develop the Product Vision
After we identify the potential market, our focus turns to developing a sustainable business model. To do so, we document and analyze key business assumptions using Lean Canvas methodology. This one-page tool focuses on the review of key components such as the problem, potential solutions, customer archetypes, sales channels, and profitability/cost assumptions. We then develop a financial model and monetization strategy designed to maximize revenue growth.
Plan and Execute
Finally, we turn our hypotheses into reality. We develop a minimum viable product (MVP) and study how well it performs in the market. We focus on its successes, identify any problems, and refine the product strategy based on what we learn. Through continuous performance monitoring, we develop and implement a comprehensive analytics framework that tracks key product performance areas, such as acquisition, activation, retention, revenue, and referrals.
Methods & Techniques
Our analysis pinpoints the product’s best qualities and features, isolates weaknesses to correct before marketing the product, and identifies a viable, scalable customer acquisition process. We speed the time to market by developing a MVP to rapidly test consumer reaction to your product without requiring an extensive investment of time or expenditure of resources.
Business Model Canvas
We map out the nine fundamental building blocks of a successful business strategy on one page, including customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, partners, and cost structure.
Total Market(TAM) Sizing
We determine the potential revenue opportunity for your product by estimating how much of the market you could capture if your product had no competition. We then modify this theoretical customer demand by adding constraints, including competition, to determine the serviceable available market (SAM)—or the customers you should target with your existing business model.
We take an integrated approach to help you reach your market and achieve a competitive advantage. Our unified marketing, sales, brand, pricing, and consumer strategy has one goal in mind: driving your bottom line. We measure success and sharpen the process by developing custom metrics and ratios that support the unique needs of your business and investors.
Our challenge is always one of having too many choices for feature releases. Parantap Strategy produced a Lean Canvas for us that pinpointed the exact next steps that we need to take and mapped the effort to value so that we know we’re working on the most important items first.