I started reading this post by Rod Edwards over at TechFold and immediate thought of my upcoming Seattle Startup Weekend date in January. Summarizing both the original post and helpful additions by commenter “Joel”, this is a list of what you might call “metastrategies” — in other words, they are not strategies per se, but rather descriptions of how to think up new product strategies. Interesting stuff!
- Better Mousetrap: Modified product or proposition, same market (i.e.: price or feature competition)
Ex: Google: simpler search, better results in an already crowded market
- Re-purpose: Existing product, sold to new market segment
Ex: Camelback hydration packs sold to the military for solidiers
- Niche: New product aimed at a previously untargeted market segment
Ex: Pugspot identifies pug owners as a monetizeable segment
- Need: Identify an un-addressed, or unrecognized consumer need
Ex: The banana guard (transporting a common, fragile food), or Overstock.com (liquidating old inventory)
- Aggregation and filtering: Taking lots of data and summarizing it or filtering it based on user preferences
Ex: TechMeme, FeedHub
- New Interface: Take something that currently exists and give people a new way to interact with it
Ex: Twitter took something that had been around forever (blogging) and made it “fun” by letting people interact via IM or SMS
- Value Add: Add a plugin or widget to an existing product that’s already popular
Ex: a Facebook app, a WordPress plugin, or MyBlogLog
Very good ideas here, and the examples make it easy to visualize. Sort of reminds me of the GoF design patterns.