What are the; vision, mission, strategy and milestones?
The concept stage usually involves an idea, but not a functioning product which has been market tested. Therefore, the concept stage is based mostly on insights from conversations with potential customers.
In the concept stage, the startup is also focusing-in on building the first version or prototype of the product or service. At this stage everyone needs to contribute to the envisioned product/service. This stage is also ideal for understanding co-founder working styles (can we really work together?).
During the concept stage the startup needs to begin building product, and building it fast (Minimum Viable Product).
The concept plan should contain the following:
- Product Description: What problem does the product solve?
- Market Description: The size of the market, the number of potential customers, etc.
- Profitability Assessment: Analysis of potential profits and revenue.
- Resource Plan: What resources are required to produce this product?
- Risk Assessment: Identify risks and methods to minimize those risks.
The customer Decision Journey refers to ‘the sequence of interactions customers have before they achieve a certain aim’. More sophisticated companies redesign their operations and organizations to support integrated customer journeys (improving efficiency and identify/fixing pain points). Designing and rationalizing effective journeys requires founders to look at the bigger picture, in order to be effective at designing-in value and stickiness.
Decision Journey analysis can lead to shifts in product investments, priorities, and how performance is measured.
Source: D. Edelman, McKinsey
Decision Journey (1:00)
How can startups shape the customer decision journey?
NOTE: video starts & stops at pre-assigned times
Digital Journey (3:30)
The way marketing engages and interacts with prospective and existing customers is being disrupted.