Websites using Decide

Okay, let s break down how to approach the decide overview, revenue, alternatives, pricing, and customer care details for a product or service. This framework is helpful for analyzing existing offerings or planning new ones.

I. Decide Overview (Product/Service Overview)

This section defines the core of what you re analyzing. You need to clearly articulate:

• What is the product/service? Describe it in simple, concise terms. What does it do? What problem does it solve?
• Target Audience: Who is this for? Be specific (e.g., small business owners, software developers, teenagers interested in fashion). Include demographics, psychographics, and needs.
• Key Features/Benefits: What are the most important aspects of the product/service? Focus on what value it delivers to the target audience (not just the technical aspects).
• Unique Selling Proposition (USP): What makes this offering different and better than the competition? Why would a customer choose this over alternatives?
• Mission Statement/Purpose: What is the underlying reason for the existence of the product or service? What is its ultimate goal?
• Lifecycle Stage: Is it a new product/service, or is it mature? This will influence the strategies you need to consider.

Example: Imagine we re analyzing a fictional Online Language Learning App

• What is it? A mobile app and website offering interactive language lessons for various languages, focusing on conversational skills.
• Target Audience: Adults aged 25-55, interested in travel, cultural immersion, or career advancement, with varying levels of language learning experience.
• Key Features: AI-powered personalized learning paths, interactive dialogues with native speakers, gamified lessons, offline access to content.
• Benefits: Learn languages effectively at your own pace, improve conversational fluency, access high-quality learning materials, engage with a supportive community.
• USP: Personalized AI adaptation to each learner s individual level, focus on conversational skills through real-life scenarios.
• Mission: To make language learning accessible, enjoyable, and effective for everyone, fostering global connection and understanding.
• Lifecycle: Growth phase.

II. Revenue

This section focuses on how the product/service generates income. Consider these aspects:

• Revenue Model: How does the product/service make money?
  • Subscription: Recurring fees for access (monthly, yearly).
  • Transaction/Sales: One-time purchase of a product.
  • Freemium: Basic version is free, paid for premium features.
  • Advertising: Generating revenue through ads displayed on the platform.
  • Licensing: Granting others the rights to use the product/service.
  • Affiliate Marketing: Earning commissions on referrals of other products.
• Average Revenue Per User (ARPU): How much revenue does an average user generate over a specific period?
• Customer Lifetime Value (CLTV): The projected revenue a customer will generate during their relationship with the company.
• Cost of Goods Sold (COGS): The direct costs of producing the product/service.
• Revenue Streams: If there are multiple ways of generating revenue, outline them all.
• Sales Channels: Where are the product/services sold?
• Financial Performance: Historic performance, or projections for the future.

Example (Online Language App):

• Revenue Model: Freemium. Free basic access and limited lessons; premium subscription unlocks all courses and features.
• ARPU: Varies based on subscription tier; average user in the first year is expected to generate around $70 in revenue.
• CLTV: Over 3 years estimated to be $210-$350 based on subscription renewal rates.
• COGS: Costs of hosting, content creation, software development and maintenance, and customer support.
• Revenue Streams: Subscription income is the primary stream.

III. Alternatives (Competitive Analysis)

Identifying alternatives helps to understand the market landscape. Consider:

• Direct Competitors: Companies offering similar products/services to the same target audience.
• Indirect Competitors: Companies offering different solutions to the same problem or serving a similar customer need.
• Substitute Products/Services: Offerings that could replace the current product/service in the customer s eyes.
• Strengths and Weaknesses of Competitors: Analyze their offerings, pricing, marketing strategies, etc.
• Market Share: If available, identify which competitors hold the biggest market share
• Competitive Advantages and Disadvantages: Assess how your product/service stacks up against the competition.

Example (Online Language App):

• Direct Competitors: Duolingo, Babbel, Rosetta Stone, Busuu
• Indirect Competitors: In-person language classes, textbooks, language exchange partners.
• Substitute Products/Services: Language learning podcasts, YouTube channels, translation apps.
• Strengths & Weaknesses (Competitors): Analyze the free version capabilities, costs, depth of language options, interactive features, etc. of each.
• Competitive Advantages: Emphasis on AI-driven personalization, conversation-focused learning; high-quality native speaking dialogues.
• Disadvantages: Might not have the same brand recognition as more established platforms

IV. Pricing

This section examines how the product/service is priced and its value perception:

• Pricing Strategy: How is the price determined? (e.g., cost-plus, value-based, competitive)
• Price Point: The exact amount customers pay for the product/service. Consider variations and tiers.
• Pricing Tiers/Packages: Are there different price options based on features, usage, or level of service?
• Promotional Pricing: Are there introductory offers, discounts, or bundles?
• Price Perception: How do customers perceive the price in relation to the value provided?
• Value Proposition: How does the pricing demonstrate the value delivered?
• Trial period: If offered, how long is the free trial?

Example (Online Language App):

• Pricing Strategy: Freemium + Tiered Subscription (value-based)
• Price Point: Basic is free. Premium tier is priced monthly or yearly. Pricing levels for the premium tier may vary, with more advanced options, such as intensive coaching, being priced higher.
• Pricing Tiers: Basic (free), Standard (access to all courses), Premium (standard plus 1-on-1 tutoring sessions).
• Promotional Pricing: 20% off yearly subscriptions for first-time sign-ups; free trial.

V. Customer Care Details

This section examines the service and support provided to customers:

• Customer Service Channels: How can customers reach support (e.g., email, phone, chat, help center)?
• Response Time: How quickly are customer queries addressed?
• Support Hours: When is customer service available?
• Self-Service Options: Are there resources like FAQs, knowledge bases, or tutorials?
• Customer Feedback Mechanisms: How is customer feedback collected and used for improvement?
• Customer Satisfaction Measurement: How is customer satisfaction tracked (e.g., surveys, reviews)?
• Onboarding: How is the product initially introduced to the customer?
• Issue Resolution Process: How are problems handled?
• Community Forum: Is there a community forum for the users to communicate with each other?

Example (Online Language App):

• Customer Service Channels: Email, in-app chat, online help center
• Response Time: 24 hours for email queries; within 15 minutes for chat during support hours.
• Support Hours: 9 AM to 6 PM (local time), Monday through Friday.
• Self-Service Options: Extensive FAQ and tutorial library.
• Customer Feedback: In-app feedback forms, NPS surveys, and review monitoring on app stores.
• Onboarding: Interactive tutorials upon registration that teach the user how to use the app.
• Issue Resolution: Users can submit tickets within the app to address problems or concerns.
• Community Forum: Platform to communicate with each other, discuss various language topics and to improve their language skills.

Putting It All Together

By going through each of these sections, you ll have a robust understanding of the product/service. Remember that the level of detail will vary depending on the context and what you are trying to achieve. This framework is applicable in various scenarios:

• Product/Service Analysis: Understand the strengths and weaknesses of existing offerings.
• New Product/Service Planning: Develop a clear roadmap for a new venture.
• Competitive Benchmarking: Compare your offering with competitors in the market.
• Strategic Decision Making: Use data-driven insights to inform strategic choices.

Let me know if you d like to dive deeper into any specific area or have another product/service you d like to analyze!