Session 1 - Introduction to lean and problem interviews
•
5 likes•696 views
Ignitor Bootcamp slides from session 1
Recommended
Recommended
More Related Content
What's hot
What's hot (20)
Similar to Session 1 - Introduction to lean and problem interviews
Similar to Session 1 - Introduction to lean and problem interviews (20)
More from Co-founder Ignitor
More from Co-founder Ignitor (18)
Recently uploaded
Recently uploaded (20)
Session 1 - Introduction to lean and problem interviews
- 1. Standard Bank Lean Bootcamp
- 2. Who we are? Standard Bank Incubator Justin Coetsee Paul Smith Andrew Roy Teboho Khauoe
- 3. Bootcamp Goals 1 Apply lean startup to your business 2 Select entrepreneurs
- 4. 1. Entrepreneurs count off into team of 5 2. Audience selects 30 random words to use for a name 3. Each team selects 2 words to use for a name (example. Blank- blank.com) 4. Each team has 5 minutes to create a business plan 5. The business plan should consist of: • A tagline • A product or service (your solution) • A business model (How do you make money) • A go-to-market strategy (How do you get customers) 6. Each team has 60 secs to pitch their plan Networking game: half baked.com
- 5. How we used to launch startups Business Plan Launch Product Development Learn if idea will work!Months / Years
- 7. Steve Blank Eric Ries
- 10. A lean startup Run Experiments Launch Product Development Learn if idea will work! Months / Years
- 11. Quickly learn if a business idea will work!
- 12. Quickly learn if a business idea will work… by running experiments
- 13. Move from Plan A to a plan that works!
- 14. A search for a repeatable and scalable business model!
- 15. Search Execution
- 16. The story of anyperk: 3 months 1 Dating site Mieple (Through friends) 2 Introductions to investors (Through friends) 3 Introductions to jobs (Through friends) 4 A translation company 5 Movie advice company 6 Teaching through Skype 7 AnyPerk (Offer discounts and perks to employees)
- 18. Lean Startup: Blue River
- 20. Key assumptions
- 21. What assumption do startups most often get wrong?
- 22. 1 Build a product no one wants 2 Don’t know how to attract customers to buy
- 23. The only thing that matters is product/market fit - Marc Andreessen
- 24. You can always feel product-market fit when it’s happening. - Marc Andreessen • The customers are buying the product just as fast as you can make it – • or usage is growing just as fast as you can add more servers. • Money from customers is piling up in your company checking account.
- 27. Social network Facebook Don’t know who is going to be in my class. Harvard Students Personal invite Don’t know who is single. Visit the website Sign up on website Return to website Invite friends Friend invites Landing page Messaging Profiles View classes Search friends Features Message friends Create profile Register courses Find out who are in your classes Look up friends of friends Search for people at your university Don’t know who that person is Friend invite feature
- 29. Black like me Black like me Burns and Smelt terrible Black Female Consumers Formulas developed for real ethnic hair Not designed For black hair Meet with sales person Order product Reorder product Face-to-face selling Sales pitch Samples Product to help with perms and curls Maximum hair Car protection Uses natural oils Repeat visits Phone calls
- 31. Retail shop Jenny Button Look great at work Career women Clothes for international and local career women No high quality Fashionable Executive wear Visit store Purchase products Tell their friends Retail outlet Sales pitch Samples Fashionable Female Executive clothes Manufactured In Cape Town Every collection is sewn in house Repeat visits Retail outlet
- 32. A repeatable and predictable way to get customers
- 33. You can always feel when product- market isn’t happening. - Marc Andreessen • The customers aren't quite getting value out of the product, • word of mouth isn't spreading, • usage isn't growing that fast, • press reviews are kind of "blah", • the sales cycle takes too long, • and lots of deals never close..
- 34. Choose your early adopter customer
- 35. What is the one thing every successful business has?
- 36. Customers
- 37. How do new businesses get customers?
- 38. 1 Have a problem 2 Trying to solve it 3 Spent time or money 1 Have a problem 2 Want it solved 1 Have a problem
- 39. Overweight people spending money on trainers, diets, exercise programmes, etc. Overweight people trying to lose weight on their own with no help. Overweight people that have no interest in losing weight. Exercise App
- 41. EveryoneH Start with an early adopter market Elite Universities US Universities All Universities
- 42. Step 1: Guess who you think your early adopter customer will be. Easy to reach - Big pain - Ability to pay
- 44. Corporate employees looking to start a business. IGNITOR Task (5 MINS) 1 Brainstorm potential customer segments. 2 Choose the customer segment you believe is your early adopter. 3 Place it on your canvas. 4 Return to your seats asap. Hint: Choose a market with the biggest pain, is easy to reach and will pay.
- 45. Customer problem What problems are you solving for customers?
- 46. SUCCESSFUL BUSINESSES SIMPLE SOLUTIONBIG PROBLEMCUSTOMER GOAL
- 47. SUCCESSFUL BUSINESSES SIMPLE SOLUTIONBIG PROBLEM CD PLAYER JUMPS & MISSION TO CARRY CDS! CUSTOMER GOAL LISTEN TO MUSIC WHILE RUNNING AND IN THE PARK
- 48. SUCCESSFUL BUSINESSES SIMPLE SOLUTIONBIG PROBLEM OVERSEAS CALLS ARE EXPENSIVE! CUSTOMER GOAL TALK TO MY GIRLFRIEND
- 49. SUCCESSFUL BUSINESSES SIMPLE SOLUTIONBIG PROBLEM IT IS A HEADACHE GETTING A TAXI! CUSTOMER GOAL GET TO THE PARTY
- 50. SUCCESSFUL BUSINESSES SIMPLE SOLUTIONBIG PROBLEM PIZZA TOOK FOREVER TO ARRIVE! CUSTOMER GOAL EAT A PIZZA
- 51. Every successful business helps customers achieve a goal and solve a problem
- 52. Rich Environmentalist that buy sports cars TESLA Pollute the environment. Support the oil companies. Electric cars are slow, look terrible and have a problem with distance.
- 53. Corporate employees looking to start a business. IGNITOR Scared of failing. Don’t find corporate work meaningful. Need help ensuring the business will succeed. Task (5 MINS) 1 Brainstorm different customer goals and problems 2 Write the biggest customer problems and goals on a sticky note 3 Place the biggest customer problems and goals on the canvas 4 Return to your seats asap.
- 54. Pivots, problems and guesses
- 55. Guess Business Name Guess. Guess Guess Guess Guess Guess Guess Guess Guess Guess Guess Guess Guess Guess Guess Guess Friend invite feature
- 56. Most businesses get their initial guesses wrong
- 57. How do you ensure you are solving a problem the customer cares about?
- 58. Problem interview Talk to your customers and deeply understand their goals and problems
- 61. vs. Ensure you are building something people want!
- 62. Save time
- 63. “I wish I had known about this earlier”
- 64. “I can’t believe I have wasted a year building something that will never make money. F@#k!”
- 65. How to conduct a problem interview INTRODUCE INDICATORS INTERVIEW INVITE Reminder: 4Is
- 66. How to conduct a problem interview INTRODUCE yourself i.e. My name is [name] I am doing market research for a startup and I was wondering if I could take 5 minutes of your time. Check customer INDICATORS i.e. Ask questions to test if they are in your target market. Conduct INTERVIEW i.e. Story, Challenge, Solution. INVITE them to meet with you again. i.e. Ask if they would be interested in seeing the product and giving feedback when it is done.
- 67. What questions to ask? STORY CHALLENGE SOLUTION
- 68. What questions to ask? SOLUTION: 3. What if anything have you done to solve the problem? 3.2 What was not ideal about the solution? CHALLENGE: 2. What was most challenging about that? What frustrations or problems did you encounter? STORY: 1. Tell me a story about the last time you (describe the goal they are trying to achieve)?
- 69. What questions to ask? SOLUTION: 3.1 What if anything have you done to solve the problem? 3.2 What is not ideal about that solution? CHALLENGE: 2. What was most challenging about that? What frustrations or problems did you encounter? STORY: 1. Tell me a story about the last time you tried to get advice or help with starting your business?
- 70. How do you conduct a problem interview 1 RAPPORT 2 CUSTOMER INDICATOR 3 GIVE CONTEXT 4 PROBLEM QUESTIONS X3 5 WRAP UP 6 REFERRALS 7 THANKS
- 71. Write your problem interview script (10 mins) INTRODUCTION: Introduce yourself and set the context. Customer INDICATOR: What questions / observations will tell you if they are a potential customers? INTERVIEW: STORY: Tell me a story about the last time you (describe task they are trying to achieve)? CHALLENGE: What was most challenging about that? Why was that challenging? SOLUTION: What if anything have you done to solve the problem? Why did you dislike that solution? INVITE: We are actually developing a solution [mention their biggest problem]. Can I contact you if we develop a solution?
- 72. Planning your problem interviews
- 73. Problem interviews Corporate employees looking to start a business Startup Events 10 Interviews Sought advice or help with starting the business 7 / 53 Sought advice or help Most people don’t spend a lot of money on seeking help Look for sponsors and offer the programme for free
- 74. Process overview
- 76. Problem & Solution interviews Nurses Hospital Visit Interview 58 Nurses Said they would want to use it 92% Said they wanted it Nurses want this product Keep going. Talk to decision makers at the hospital Problem & Solution interviews Hospital Administrations Hospital visits Interview 10 Administrators Interested In purchasing 0 / 10 Were interested in buying User is not the customer Pivot Problem & Solution Interview Moms Baby shops Interview 105 moms Would they purchase 96% Interested in purchasing Mom’s are excited about the product Develop Prototype
- 77. Video & Landing page Mom’s Media 1000 Online ads Leave email on landing page 477 emails Big demand for the product Keep going Interviews Mom’s Visit baby Stores Interview 139 customers Most they would pay Average pricing $182 They would Pay more Raise prices Landing Page Price test Website Visitors Website + Online ads 1130 Click on Buy button Max Profit $299 It is more Profitable to raise prices Select price
- 79. Before you leave 1 Filled in Customer, Problem 2 You have a plan to talk to customers tomorrow 3 You have written up your interview script
- 81. Be super nice 1 Small talk 2 Smile and laugh 3 Fun 4 Gifts or props
- 82. Have empathy 1 Reward 2 Emphatic stories 3 Keep it conversational
- 83. Note taking 1 Look for emotion 2 Keywords / phrases 3 Word document / Note pad
- 84. The Mum Test
- 85. Do interviews in teams of 2 (If possible) • One ask questions • The other writes down answers
- 86. Use quick emotion symbols • Happy : ) • Frustrated : ( • Embarrassed : | • Problem ! • Obstacle []
- 87. Interview tips • Get psyched to hear thing you don’t want to hear • Disarm “politeness” training • Use the mom test (Behaviour not opinions) • Listen, don’t talk • Encourage but don’t influence • Parrot back to confirm • Say thank you
- 88. Mindset
- 89. This can save me months and years!
- 90. This is what the world’s best entrepreneurs do!
- 91. I am open to being wrong!
- 92. Customer insight is the key to startup success!
- 93. Customer insight is the key to startup success!
- 94. I will find a way or make one!
- 96. Be like when finding customers. Talk to them like Keep looking until you find one behaving like
- 98. Paul Smith X X A bigger problem was having no time! XX X X X X X X Mark Briggs Sipho Ndlovu Michael Mandy Greg Linda Julian Richard Siya X X Older customers Lived in a rural area!
- 99. Problem interviews Corporate employees looking to start a business Startup Events 10 Interviews Sort advice or help with starting the business 3 / 10 Sort advice or help Most people don’t spend a lot of money on seeking help Look for sponsors and offer the programme for free
- 100. CAN YOU… find early adopters? 1 Do 1 round of interviewing 2 Write up actual results 3 Analyze what you have learned - New customer definition - New customer problem - New channel 2 / 10 Spent money trying to solve the problem
- 101. 2 / 10 Spent money, time or effort 10 / 10 Spent money, time or effort 1 What was different about customers that had the problem? 2 Is there a bigger problem worth solving? 3 Should you try targeting a different customer segment? 4 Should you try a different idea?
- 103. Interview customers • Get out of the building • Conduct customer interviews (Phone or face-to-face) • Aim to do at least 10 interviews (Ideally 20 interviews) • Aim to run and analyse 2 experiments • Next presentation at 16:00 • Feel free to ask for help from Justin or Paul after each round of interviews
- 104. Customer behaviours What do customers need to do to purchase?
- 105. What actions do customer need to take to purchase?
- 108. Create customer interview plan: Put together a plan to speak to at least 10 customers tomorrow morning: 1. Friends and family (Facebook, Linkedin, Email, Cell phone) 2. Social media (Twitter, Facebook, Google, LinkedIn) 3. Online ads (Twitter, Facebook, Google, LinkedIn, OLX, Gumtree) 4. Similar services (Competitor products, Products / services you use before/after) 5. Events (Conferences, Sporting events, Seminars, Meetups) 6. Bored people (Waiting in lines, Gautrain, Bus stops, Taxi ranks) 7. Cold calling (LinkedIn, Facebook, Google) 8. Public spaces (Events, Parks, conferences, Airports)
- 109. Corporate refugees Software engineers Online retailers Business with R1M+ turnover Corporates Software Engineers Don’t know how to grow Need accountability Not using best practice Can’t get customers Need to raise funding Don’t know how to grow Startup events LinkedIn Profiles Friends on Facebook Friends on Linked in Cell phone address book Startup Events
- 110. Task (5 MINS) 1 Brainstorm 5 different channels (Ways to find your customer) 2 Select the best channel. 3 Place your Channel / Experiment 1 column. 4 Return to your seats asap. Customer problem Customer problem Customer problem Customer problem Customer problem Customer problem Channel Channel Channel Channel Channel Channel
Editor's Notes
- The founders believed it would revolutionize transport and get the wealthy to trade in their BMWs. Instead security guards and tour guides were about the only market besides R380 million in startup capital.