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Bart De Pelsmaeker (Unlicensed)

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titlereadme

Be concise and precise.

The purpose of this doc Business Justification - Background is to give the team and stakeholders a succinct view on the problem space:

image-20240216-170019.pngImage Added

Problem

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titlereadme for Problem section

When writing about the problem, you will also write about the customer segment. They are heavily associated with each other.

In this section:

  • unmet needs:

  • solution outline

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titleUnmet needs

...

Comprehensive Compliance Coverage

State agencies must adhere to a wide array of regulations across different domains. A common unmet need is a centralized solution that can map and manage all the diverse compliance requirements a state agency needs to adhere to efficiently.

Up-to-date Regulatory Information

Regulations frequently change. State agencies need a tool that provides real-time updates on regulatory changes to ensure continuous compliance, pains & gains that our solution could alleviate.

Why do they have to solve these now? Reason-to-act?

...

:

What problem do we solve? See if we have answers for these topics / questions:

  • Unmet needs - succinct description

    • When there is no problem, it is highly unlikely that there is a business

    • Try to describe the needs un terms of jobs the customer needs to do (Job-To-Be-Done) format.

    • Pains / Gains (try to use bullet points)

  • Existing alternatives - if applicable, and why they fail to deliver a solution

  • Why does the customer have to solve the problem now? Is there an urgent reason-to-act?

  • Is this problem at scale or local/trivial?

TBD

Pains:

  • Resource Intensiveness: Manual compliance processes are often time-consuming and require substantial manpower, diverting resources from other critical tasks.

  • Risk of Non-compliance: The complexity and evolving nature of regulations pose a constant risk of non-compliance, which can result in significant penalties and reputational damage.

  • Information Overload: Sifting through vast amounts of regulatory information to identify relevant requirements is overwhelming and prone to errors.

  • Lack of Expertise: Limited access to compliance expertise can make navigating regulatory landscapes challenging, especially for less common or new regulations.

Gains:

...

Efficiency and Cost Savings: Automating compliance processes can significantly reduce the time and resources required for compliance management, leading to cost savings.

...

Risk Mitigation: Real-time updates and proactive compliance management help mitigate the risk of non-compliance and associated penalties.

...

Enhanced Compliance Oversight: A centralized dashboard for tracking compliance status across various regulations enhances oversight and decision-making capabilities.

Start writing here:
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titleWhy UCF is better or worse positioned

...

to solve

...

Reputation in the industry for part of the unmet needs

We are known in the compliance industry for compliance mapping

Proven expertise in mapping

Existing references across industry

Leverage of partners / GTM with strong existing presence in target market

Our solution will be encapsulated in a larger offering from ServiceNow, which has strong presence in the market:

  • about 40 of 50 states are a ServiceNow customer

    • Do we know how many agencies?

  • 20-30% of states are TemplarShield customers

the need

Why would we not be well positioned?

We do not have an existing footprint

We do not have direct access to the end-customers

...

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title

...

Key capabilities to best address the unmet need

(high-level bullets, this is not PRD phase)

  • Regulatory updates (real- or near-time)

  • Requirement Identification (Documents and mandates within documents)

  • Requirement comparison, consolidation, and differentiation

    • Common controls mapping (customizable) specific to state agencies

      • Customization and scalability: allow for unique compliance requirement needs

  • Integration capabilities: GRCs,… (maybe one ?)

  • More:

    • Audit questions

@sonny - How do we envision delivery? Are there online marketplaces or so that we have to get the content pack on? Or customers comes to our site and signs up?

What is defensibly unique about the need <> capability set?

*Requirement comparison, consolidation, and differentiation via common controls mapping

Concrete examples:

eg Atlanta agencies or others. We need some real lists and real systems that they integrate with:

Validation and proof points:

Do we have validation of the needs?

Beyond internal conversations, discussions with partners and friends.

Industry stats

e.g. research reports, general industry numbers,…

Customer discovery interviews

...

Real customers, face-to-face

Solution outline

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titlePreliminary solution outline: (@product)

Use high-level descriptions of capabilities, use bullets, this is not PRD phase

  • Outline of key capabilities to address the unmet need (not technical)

Start writing here:
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titleWhat is defensibly unique?

What is defensibly unique about our capability <> unmet needs set?

Go-To-Market Checklist

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titleSize of market

...

(TAM, SAM, SOM) (@sonny)

Total Addressable Market (TAM)

The whole universe of state agencies who experience this need.

The average number of agencies per state is 150. Which more or less would bring us to 7,500 potential customers in this initiative.

Serviceable Available Market (SAM)

The part of this market that we can realistically reach and convert in a medium- to long-term.

If we assume that we can close 2% of that business that is 3 deals per state. Not accounting for a price increase that is 3 agencies x 50 states = 150 CCH Accounts. 150 accounts x $10,000 = $1.5M annually

Serviceable Obtainable Market (SOM)

What can we realistically capture of this market in 18-24 months after solution launch? What are our beach-heads? Taking into account our

  • Competitive advantage

  • Current market penetration of competitors

  • Our marketing and sales' need for time to reach the customers in (pre-)buying mode

These bits of info might help us to get clarity

  • when are states renewing the contracts - EOY or throughout the year

    • no set date - dates are unique to customer

  • are these multi-year contracts

    • mix - ServiceNow leaning to 3-yr contracts

  • which ServiceNow contracts are how many are up for renewal this year

  • ramp-up: when we have the mapping ready, what are our next steps in sales

    • proposal decision cycle: how long

      • 30 -60 days on average

    • is there a testing period from partner side

      • no

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titleGTM Channels with greatest growth and traction (@matt)

Marketing channels

Which ones and why are they the best to reach this SOM?

Strategic partnerships

This initiative is intended to leverage the TemplarShield - ServiceNow partnership relations.

GSA listing?

Getting listed on the General Services Administration (GSA) Schedule

Content marketing / though leadership

Develop and share insightful content that addresses the specific compliance challenges faced by state agencies. This could include white papers, case studies, blog posts, and webinars

Industry shows

Are there specific shows where our customers could be reached

Budget

Do we have funds to spend on marketing?

Estimate for CAC in this market

Sales execution

How would we follow-up on deals/get informed?

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titleBusiness model and monetization (@sonny)

Value & pricing

Do we offer identical pricing as for other customers (eg enterprises)? Or do we tailor the pricing: limited capability, lower price (likely higher quantity) or higher pricing? And if so, why?

Our solution is part of larger compliance deals that ServiceNow delivers to the state agencies.

We currently decided to move forward with our standard pricing.

Model

What model best fits state agencies? Any specific requirements?

Unfair advantages or blockers

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titleBlockers & inhibitors (@all)

Do we need clearance to sell to some agencies, etc

  • No clearance needed at State level, clearance would be at federal level