"The Next Phase of Social? Listen Closely: Best Practices for Developing a Product Strategy"

"The Next Phase of Social? Listen Closely: Best Practices for Developing a Product Strategy"

In today's digital age, audio apps have gained immense popularity, captivating the attention of podcast and music enthusiasts. The appeal of these apps lies in their simplicity and ease of use. Unlike other traditional formats, audio startups operate in a less crowded and less competitive landscape. Listening to someone's voice creates a personal connection, and unedited audio content often delves deeper into ideas, providing a more intellectually stimulating experience.

Over the years, podcasts have become increasingly mainstream, with more than half of the US population tuning in to approximately a million shows. The emotional impact that audio can evoke, such as the exhilaration of a concert or the laughter of a baby, inherently brings people together. This inherent social nature of audio experiences has paved the way for the next phase in social media innovation.

One prominent example of this innovation is Clubhouse, a platform that combines the elements of a conference call, a podcast, and a live talk show. Although the content on Clubhouse is ephemeral, resembling a phone call, it also functions as a public platform for live podcasting. By mixing and matching various attributes, countless configurations can lead to the development of new and cohesive products in the social audio realm.

Looking ahead, three key themes are expected to emerge in the evolution of social audio experiences. Firstly, there will be a focus on innovation in the content format. Future products might introduce long-form audio with a unique twist, such as high-quality educational content or short stories from renowned authors. This shift will enable creators to better monetize their audiences, transcending sponsored promotions and embracing native social audio monetization.

Secondly, the business model of social audio will undergo significant evolution. The success of audio apps has highlighted the fact that creators often under-monetize their audiences in an ad-driven world. Fans are willing to pay more for quality content, presenting an opportunity for the next generation of social companies to explore alternative revenue streams. This shift will require innovative approaches to monetization that cater to the unique nature of social audio experiences.

Lastly, the growing ubiquity of audio will contribute to the advancement of social audio. Just as previous inventions like the telephone, printing press, and typewriters led to waves of innovation, audio is poised to play a pivotal role in shaping the next decade of technological progress. As audio becomes more integrated into our daily lives, it will drive demand for faster, voice-enabled, and portable devices, fueling further innovation in the audio industry.

To develop a successful product strategy for social audio, it is crucial to follow best practices. The first step is to clearly understand the problem you aim to solve and identify the target audience. Define the unique problem your product addresses in ten words or less, and determine who will benefit from its solution. Additionally, analyze the competitive landscape and assess the market size to identify potential opportunities and challenges.

Next, identify the unique value proposition of your product. What sets it apart from competitors? Whether it's computation capabilities at scale, human-centric design, or a specialized marketplace, understanding your product's unique selling points will help you position it effectively in the market.

Finally, outline how you will execute your product strategy. Set clear goals for where you want to be in two years and break them down into manageable phases. Continuously monitor your progress and adjust your strategy based on what you learn along the way. Define success metrics and identify potential risks and pitfalls to ensure smooth execution.

In conclusion, the next phase of social media is all about listening closely. The rise of audio apps and the unique experiences they offer have opened up a new realm of possibilities. By leveraging innovation in content format, evolving the business model, and embracing the growing ubiquity of audio, social audio experiences are set to transform the way we connect and engage with others. To navigate this exciting landscape, following best practices for developing a product strategy is essential. Define the problem, identify your unique value proposition, and outline a clear execution plan. By doing so, you can position yourself for success in the dynamic world of social audio.