Revstreamz product

Joe: Hello REV stream. It's great to see you again. So we've been doing a bit of early stage research to figure out what would be the best discovery structure for you. This is based on where you are in your start up journey. But it's important to note that we run flexible discoveries. So as we gather more data, we may adjust to ensure we answer all your questions and validate as many assumptions as possible. So to start, we've broken down your discovery into three goals. Number one, refine the target audience. Number two, understand what our audience needs. And number three, define the MVP and its goals. We've used this structure to outline our discovery plan to make sure it's as relevant as possible to you.

Joe: Refining your target audience is the first crucial step for your discovery. It is better to completely solve one problem for a small audience than try to be everything to everyone and end up solving no one's problem. What's clear from our discussion so far is that there's a few possible audiences for the app. The football clubs vary in size from Manchester City at the top, West Ham in the middle and Newton town at the bottom. Much like the premier league table. These target audiences will have very different problems and different ideas with the application. For example, we shouldn't make all our decisions for the MVP based on Man City's large budgets and high amount of resource. But instead find that sweet spot in the target audience that will give us the best opportunity to test and learn now to explain quickly a minimum viable product or MBP is a minimum set of features needed to start learning from users and gathering essential feedback to narrow down our NDP target audience. We conduct user interviews as well as surveys to explore the biggest page of each user type. The first user type to explore is the football clubs and what they need to be able to create premium content and start to monetize their fan base. We need to understand what they currently have in place to create content for fans in terms of equipment, personnel and software and how they manage it. This will help us understand what tools they may need and how to how red streams that needs to behave. The other side of things is the fan base. So we conducted some research in August 2021 that showed that fans willingness to pay for premium content was higher in 18 to 29 year olds. Whereas those in the 45 to 60 age were less likely to pay. Although it's worth noting that some of the research did show that the demographic felt that they didn't have enough authentic content to consume and that would really interest them. Once we've refined who we're targeting, we can start to work on what's needed to be able to solve the problem.

Joe: When beginning your start up journey, it's natural to make a lot of assumptions as to what customers want and how the product should work and look and how it will be successful. Before starting to build anything. We want to ensure that what we're developing is based on data about what customers actually want. Not gut feeling. If an important one is wrong, such as the type of customer who'd want our solution, what we think would solve their problem or if the solution is big or painful enough to actually require a solution, we risk our product failing. We therefore want to test our riskiest assumptions as early as possible. We do this by first brain dumping every assumption we're making about the products onto a board before ranking them against how much evidence we have versus how important it is that this assumption is correct. So this will be the first thing we work on in the discovery and the output of this will inform the structure for the remaining time. Depending on the assumptions that we're looking to test. We'll create experiments, mini research features and text bikes, which is our code word for investigations or with the aim to try and prove or disprove the assumptions. Now, I recognize it might sound a little vague, not giving you a line by line of what the discovery will look like, but we do this specifically so we can pivot as our learning develops, we'd first start by running an assumption mapping session. We'd work with you to make sure that we tease out all the assumptions that we'd be a risk to all your business. If they are correct, ranking them on their importance versus their current evidence, we have to give you an idea of what it could look like. Let's take a look at some of the assumptions we've pulled out from the workshop and how we'd look to validate them.

Joe: Let's take a look at the assumptions for the football club persona. We believe football clubs are looking for a way to monetize their content. We believe football clubs will use a content manager to record and upload content or we believe football clubs will allow players to produce content which is synced by, by the platform and moderated. We believe football clubs don't currently have the capacity to create premium content. We believe if a football club has a subscription player, they will be happy for this app to run in parallel. We believe football club's priority is to have an international reach to explore these. We'd look to conduct user interviews and surveys to better understand the pains of this user when it comes to creating and managing premium content. Once we've tested the assumptions of the core user, the football club, we then focus on the end user, the fan exploring their demand for exclusive behind the scenes and fan influencer content and the price they might consider paying for this. After we've tested the assumptions, this will help us create a potential user flow and then wireframe and create a clickable prototype of the key journey to test with the users and gather feedback.

Joe: Once we've established the target audience and we've tested the priority assumptions about our users, we need to establish the goals of the MP P and the hypothesis we seek to validate. We'll start by focusing on the core user persona, probably the football club and the smallest possible thing we could build to satisfy their most pressing need. This allows us to test our solution and pivot if necessary if they love it and we can demonstrate traction and product market fit, then we'll continue to build on this to do this. We'd create a step by step journey map for the key flow incorporating all user types. We'd then do a Moscow analysis to make sure we conclude all the must haves this process really helps us make sure that we are challenging ourselves to build only the things that are truly important and allow us to test our goal. For example, one goal of the MVP could be show an increase in fan engagement for the use of content. We then refine the KPIS together and define what metrics would be a success to ensure we are tracking the correct things. These could be number of users both daily and monthly amount of engagement with the content demographics and the types of user that is engaging with the app.

This MVP insight together with the data from the discovery will allow you to truly understand the problem you're trying to solve and who for providing you with a great narrative of potential investors and future buyers.