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Customer-Product Feasiblity Study - Coggle Diagram
Customer-Product Feasiblity Study
Customer Segment
Understanding Customer Pains
Understand the pains that the customer currently face
eg: very slow software for an accounting company
Understanding Customer Gains
Studying the gains of the customers.
eg: cost saving,better reputation,less manpower etc . anything that your company provides in a good way.
Creating Customer Profiles
Demographics . ie ; age,nationality,income,gender etc of potention customers.
Data Study
Using Various Methods to Study the Customer market
Data Detective - Use existing research and secondary data to understand the situation of how the customers are in the market
Anthropologist - observing customer behavior in real settings
Journalist - Conduct interviews to gain insights into customer needs. Conduct online/Offline interviews to understand the customer needs and requirements so the segmentation can be done
Conducting a Buying Intentions Sruvey
Measure buying intentions , ie : "Defenitely would buy " to "Defenitely would not buy"
Gather demographic details
Value Proposition
Pain Relievers
how this product can remove the pain of customers
eg: Solving the issue of slow systems in an IT company using super fast cloud
Gain Creators
How will this product be used to enhance the customers needs
eg: Using your software or tool will let the company stay out of the box as in be different from others because of the complex tools they use.
what is the unique service or the problem that you are going to solve fro m a customers perspective
Convince the customers why your product is different from others
Doing a period research to enhance the usability of the users .
Cost Structure
Understand working costs and fixed costs
implement a reasonable pricing strategy
Cost Analysis - study the current situation of the cost and how the current margin of the product is for the standing market
doing a thorough revenue analysis so that it can be understood when the break even point can be reached and how to capital can be gained back
Market Research
Sruveys - Conduct surveys in public and private setting to understand the potentional openings for the product and to undertsand the overall situation of the market
Co-create with other customers to gain knowledgable inputs which can be used to enhance the current product
Use multiple Data study methods to effectievely study the market
Understand the demand of supply of the current market
Risk Assessment
analyze the risks and put a threshold value to it
use the analysis to accept or not accept the risk for an asset
Understand the risks associated with the current company profile
Identify market , operational and supply risks related to the relevant product
Customer Relationships
Customer Surveys/AB testings
After implementation, conduct follow-up surveys or A/B tests to
evaluate the worth of customer support
service queries info
Examine frequently asked questions and areas of concern to
enhance the training and support process.
Conducting customer happiness programs to enhance the brand identity
Loyalty programs
Conduct loyalty credit programs for loyal customers to create brand identify and trust
Financial Feasibility
Funding requirements
Understand where the funds will be coming from and how . eg: if we have to take loan or sell an asset etc.
Revenue projections
Study the and understand the amount of sales and the margin that can be generated from the business
Channels
MVP Creation
Creating a minimum Viable product firs to understand the market sitation and how the customers percieve it
Prototyping
Creating a mini version and sending it across customers for testing
Advertising
Doing apt advetising using relevant mediums to reach customer
Pilot programs
Trying out potential partnerships with other consultants Using pilot programs
Interviews
Conducting interviews with potential customers to undderstand their needs
Unique Link Tracking
Tracking the interests of potential customers by using non traditional methods in a very effective way to understand what the customers require beyond what they share
Technical feasibility
technical resources
Understand Computers,laptops,or related products that are required fir the company
Supply chain management
Analyzing the supply management of running technical supply
Create an empathy map
Create an empathy map to understand the issues and Challenges faced by customers to understand the emotional context of customers.