been very problematic because the campaigns wouldn’t have reached out to the user segment actually interested in the value proposition. This leads us to how the Business Model Canvas also calls out the importance of collaboration among stakeholders and team members in the discovery phase. Categories such as key resources and partnerships aren’t something that a digital product manager or UX designer should think up in a vacuum. Rather, these categories are where the stakeholders can offer a wealth of information and leads. Other categories, such as key activities, customer segments, and value propositions, will more likely rely on the guidance of the digital team to lead the stakeholders to the best product. But the digital product team must also recognize that these same categories need input from actual users before a hypothesis can be changed to a fact, which is what our UX strategy research demonstrated to the software engineer. We need to recognize that building a business strategy isn’t about formulating and executing a perfect plan. Instead, it’s about being able to research what’s out there, analyze the opportunities, run structured experiments, fail, learn, and iterate until we devise something of value that people truly want. Also, as the product scales and the market evolves, the business strategy must be nimble. For a new product, a strategy probably revolves around just getting enough product/market fit to raise financing, or grabbing enough market share so that its customer base is the competitive advantage. But, for a more mature company, the strategy is about building out the company’s core value proposition while trying to keep the company’s infrastructure and internal processes in place. It is in this way that what might have been the business model or competitive advantage in the early life cycle of the product might not be the same in later phases. Nevertheless, in chasing this moving target, companies must continue to experiment with varied offerings so that they can scale, remain competitive, and continue to offer value to users in an ever-changing marketplace.
UX Strategy: How to Devise Innovative Digital Products that People Want Page 35 Page 37