How does Qi3 Rapid Market Prototyping™ work?
Qi3 Rapid Market Prototyping™ follows a logical sequence of tasks, which incorporate marketing, sales and technology/product development inputs to provide ever-increasing probability of success.
Qi3 Rapid Market Prototyping™ interleaves technical, market and strategy elements into each stage of development
How is Qi3 Rapid Market Prototyping™ delivered?
Qi3 Rapid Market Prototyping™ delivers skills direct into your business through a methodological process. It has 4 cycles, each comprising 6 toolkits which are customised to your needs (see example below). Each activity is repeated in a series of iterative steps to improve the proposition and engage all parts of the business. Qi3 Rapid Market Prototyping™ is particularly effective at helping to create a stronger value proposition for business at an earlier stage, and for providing the foundations for scaling businesses profitably.
Cycle 1 – Strategy
Develop your strategy
The success of any business depends on knowing your market. The Strategy cycle focuses on building overall business ambitions, identifying opportunities and goals. Business concept: Gain greater clarity on corporate ideas and goals to develop product concepts
- Business strategy: Construct a solid strategy. Identify constraints, objectives, strengthen corporate vision and goals
- Financing strategy: Assess proposition forecast base, forms of finance and expected returns
- Technology & Innovation strategy: Establish sources of innovation, select partners and measure business performance
- Transforming Competitive Advantage: Embed your organisational strengths into the business model
- Performance Evaluation: Undertake benchmarking activities and evaluate the outcomes of business, product or programme performance
Cycle 2 – Market Traction
Build your foundations
This cycle is vital to prove to yourself and investors that the product/service is in demand. The purpose of this cycle is to generate and test the value proposition.
- Concept Generation: Develop corporate goals and identify customer needs
- Value Proposition: Identify the benefits of your product/ service, formulating a set of competitive advantages versus key competitor value propositions
- Market Research: Unfold the market size and key dynamics through primary research
- Minimum Viable Product (MVP) Formulation: Develop minimum saleable product to gain market feedback and early traction
- Test Market: Gain rapid market feedback on product concepts and establish ‘go to market’ partners
- First Strategic Sales: Achieve early sales, and beta or R&D partnerships
Cycle 3 – Business Development
Strengthen your capability
The Business Development cycle accelerates the product/business forward towards scaled execution. Total Product Formulation:
- Reinforce business model by combining product roadmap and pivot propositions
- Sales Roadmap: Develop scalable processes to achieve repeated sales
- Marcoms Strategy: Implement marketing campaigns to underpin market share gain
- Establish Distribution: Create a scalable distribution channel for volume sales
- Create End-user demand: Develop effective marcoms and positioning to grow user demand
- Drive Market Share: Integrate all the elements together to achieve revenue and market share
Cycle 4 – Scale-up
Realise your value
The Scale-up cycle helps organisations to achieve the strongest possible market position and profit generation.
- Revised Market Positioning: Evaluate the market to define clear segment, target and position
- Scale-up Business Model: Create a process led business model to establish sustainable profit
- Competitive Strategy: Develop competitive strategy, integrated with market positioning and business model
- Profit Dynamics: Conduct financial analysis and measure the values of technology and product innovation
- Processes and Structures: Select and manage organisational structures and people to ensure business goals can be delivered
- Continuous Innovation: Create processes to embed innovation strategy and sustainable competitive advantage