PRFAQ
The PRFAQ is a strategic document that helps you to clarify your product vision and define the customer problem you are trying to solve. It is a tool that helps you to think through the customer experience and the product features you need to build. The PRFAQ is a living document that evolves as you learn more about your customers and their needs. It is a tool that helps you to communicate your product vision to your team and stakeholders. The PRFAQ is a tool that helps you to align your team around a common goal and to ensure that everyone is working towards the same vision. The PRFAQ is a tool that helps you to prioritize your product features and to ensure that you are building the right product for the right customers.
Press Release
Heading: Name the product in a way the reader (i.e. your target customers) will
understand. One sentence under the title.
Subheading: Describe the customer for the product and what benefits they will
gain from using it. One sentence only underneath the Heading.
Summary Paragraph: Start with the city, media outlet, and your proposed launch
date. Give a summary of the product and the benefit.
Problem Paragraph: This is where you describe the problem that your product is
designed to solve. Make sure that you write this paragraph from the customer’s
point of view.
Solution Paragraph(s): Describe your product in some detail and how it simply
and easily solves the customer’s problem. For more complex products, you may
need more than one paragraph.
Quotes & Getting Started: Add one quote from you or your company’s spokesperson
and a second quote from a hypothetical customer in which they describe the
benefit they are getting from using your new product. Describe how easy it is to
get started, and provide a link to your website where customers can get more
information and get started.
FAQ - Customer
Segments
FAQ - Internal
Who is the customer?
Have a specific customer segment in mind. This is the most important part of the growth engine. The segment should be large enough to be worth your time, but small enough to be able to reach them. The segment should also be specific enough that you can tailor your message to them. The more specific the segment, the better.
What is the customer problem?
Is the most important customer benifit clear?
Hod do you know what the customers need or want?
What does the customer experience look like?
Other
Q: What happens if a customer encounters x? How does the product deal with use
case x? (there are likely to be several such questions).
Q: What are the challenging product engineering problems we will need to solve?
Q: What are the challenging customer UI problems we will need to solve?
Q: How will we manage the risk of the upfront investment required?
Q: Do we have any third-party dependencies to build this product? If so, what
are they and why will they be willing to partner with us (what is in it for
them)?
Q: What third-party technologies are we dependent on to function properly for x
to work as promised?
Q: Are there any potential regulatory or legal issues to consider?
Q: What are the per-unit economics of the product? That is, what is our expected
Gross Profit and Contribution profit per unit?
Q: What is the rationale for the price point you have chosen for the product?
Q: How much will we have to invest up front to build this product in terms of
people, technology, inventory, warehouse space, etc.?
Q: What/who are the current competitors for this product?