EmilBystrup
commented
1 year ago LOFA:
Value Assumptions:
We assume that users want to make more informed decisions when buying a new car.
This assumption is of paramount importance. In the digital age, consumers value information and seek ways to make well-informed decisions, especially for significant purchases like cars.
We assume that we have access to adequate data about new cars.
Data accessibility is essential for providing accurate recommendations. Without access to reliable data, the product's value proposition diminishes significantly.
We assume that users trust our digital car recommendations.
Trust is a critical factor, and users are more likely to use and return to a service they trust. Building trust in digital recommendations is crucial for our success.
We assume that users are willing to input personal preferences.
User engagement and willingness to provide data directly influence the quality of recommendations. Without user input, it's challenging to offer personalized guidance.
Growth Assumptions:
We assume that users will act on recommendations.
This assumption is vital for the growth of our product. If users don't act on the recommendations, the product's value diminishes, and it becomes challenging to demonstrate its utility.
We assume that monetization through partnerships with car dealerships/brands is viable.
Without successful partnerships and lead generation, we may struggle to sustain our operations and provide a valuable service to users. Our ability to thrive depends on establishing and maintaining these partnerships, ensuring a steady flow of customers to the dealerships we work with, and sustaining the growth of our platform.
We assume that ongoing maintenance and updates are feasible.
The ability to adapt and improve the product over time is critical for long-term success, as it ensures that the recommendations remain accurate and relevant.
We assume that word-of-mouth referrals will play a significant role in driving growth.
While word-of-mouth referrals can be powerful, they often depend on the initial user base finding substantial value in the product. User trust and action on recommendations are prerequisites for word-of-mouth growth.
We assume that there is potential for international expansion.
International expansion is important for scaling, but it might be less crucial in the initial stages. We are focusing on serving our primary market effectively before expanding globally.
Were our assumptions correct? Does anything need to change, do we have the data to support our assumptions.
I had also hoped to find, just an oversight of what I might expect from next week? Do you have any core assumptions about the value the product brings (does it solve a need or a problem? and maybe even a plan to how to get in front of the audience, without having to rely on vanity numbers?
I hope to see e report like this next week, together with the next invoice, but I do hope that you'll get a chance to actually measure on how the intended customer segments react to your value offerings.