To build a new line of business for Echo Show, I would take the following steps: 1. Research and Define the Market Opportunity: Start by conducting market research to determine the market size and potential demand for a new line of business for Echo Show. Identify the target audience and their problems and needs that could be solved by the Echo Show. This information can be gathered through surveys, focus groups, and customer interviews. 2. Define the Product Strategy: Based on the market research, define the product strategy for the new line of business. This includes determining the features and capabilities that the product should have, as well as the pricing, distribution, and promotion strategies. 3. Develop a Prototype: Develop a prototype of the product to test and validate the product strategy. This includes building a minimum viable product (MVP) that can be used to gather feedback from potential customers. 4. Test and Iterate: Conduct user testing and gather feedback on the MVP. Use this feedback to iterate and improve the product until it meets the needs and expectations of the target audience. 5. Launch and Scale: Once the product has been tested and validated, launch it in the market and begin scaling the business. This includes developing a marketing and sales strategy and building partnerships to drive adoption of the product. Overall, the key to success in building a new line of business for Echo Show is to focus on the needs of the target audience and continuously iterate and improve the product based on feedback from customers.
Product Strategy