When developing, marketing & selling a product it is crucial to understand who is my targeted user. Dive deeper into the business outcomes to derive where can you extract growth from. There are more elements to think of in multi-sided business models. There are also differences in B2B vs. B2B2C businesses. Think hard and align the org around this.
For context: Favrit delivers a SaaS solution to the hospitality industry. Our purpose is to Create Magic Moments, and our vision is to deliver the Best and most personable guest experience. Guests can order & pay for their food and drinks at their own pace. We remove the friction of wait for the staff at the restaurant or the bar.
On the one hand, this helps with clear prioritisation on where to put the focus on the user experience of the Favrit platform. On the other hand, in order to drive revenues, we need customers (i.e. restaurants, bars, nightclubs, …). The key personas in this buying group includes the owners, the managers of the restaurants and bars, the staff behind the counter, the accountant behind the desk and others.
Question to ask and challenge ourselves: Will prioritising the “Guest Experience” alone be sufficient to drive the growth of the company?
The plain simple answer is “No – it is not”.
How do we drive that into product development process? Well that another thing. But to acknowledge that this needs a change, is the STEP 1 in the direction.
So what’s next – Time for a change!