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Transcript of Costar
A method to help you structuring your business idea
Give your idea a name ...
Consider if this name is ...
used for the project ... a "working title" ... or ...
used for the PRODUCT ... because then
You need to check
- Domain names
Summarize your idea in simple words
Use Maximum 3-4 sentences
- Do not use techncial terms
- Use a very easy understandable language
- Do not spend too much time and keep it simple
- Review this description at the end of your costar exercise
Focus on your customer ... he needs to pay our salaries :)
Who is the customer?
Is it Lotteries, Bookmakers, Media Companies?
Try to put yourself in the customer shoes and think of ...
- his needs
- how can you help him
- how can you solve his problems
And focus on the most important customers first!
This is the main target group ...
The more you understand the market,
the easier it will be to evaluate the
M A R K E T P O T E N T I A L
Analyse trends in the market
Try to look into the future!
And don't forget about legal and licensing issues ...
Espcially in the Sportradar business areas these can be a show stopper ...
Make sure your solution is something
your customer REALLY WANTS !
Or even better REALLY NEEDS !!!
Describe your solution in a way,
that is easily understandable!
Your idea will be best understandable
if the SC really understands
and not only claim to understand :)
Whenever possible use Balsamiq, Fluidui or
other graphical tools
The team is essential for the SUCCESS of your product
Try to define all roles that are needed to run your project
This could be ...
you cannot do everything by yourself
"Something even I have realized in the meanwhile!"
IT - Technology
An experienced team will generate
Customers already have many choices
What is the advantage of your solution
compared to what is already available in the market?
Think of products that are similar to your solution
Name the competitors that are already in this market segment
Describe and focus on USPs your solution can offer
Focus on USPs that are hard to copy and create a
long term competitive advantage of your product
refer to concrete figures
- Market share %
- Turnover $$$$
- Profit $
describe other benefits
- Customer Binding
- Public Image
Show the Amount of Earnings you are
going to generate with your solution
If you need investment
consider the ROI
- Complete your COSTAR by defining the next steps.
- Consider what must be done in the next phase to advance your idea.
- Define milestones.
REVIEW YOUR INITIAL DESCRIPTION
THANKS - for your attention and now let's do some exercise!
... Before your eyes get wucky from all this yellow moving up and down :)