Customer Development - Founder Institute
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Presentation overview of Customer Development for the 14-week accelerator program for startup entrepreneurs -- offered by the Founder Institute.
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Customer Development - Founder Institute
- 1. Customer Development Alex Gault Small World Ventures alex@smallworldventures.com March 29, 2022
- 2. Customer Development > Product Development Prioritize customer development over product development According Steve Blank, founder of the “lean startup” movement: More than 90% of the startups in Silicon Valley fail not because they don’t have sound technology but because they don’t have enough interested customers.
- 6. Business Model Canvas Customer Segments: Who are your customers? Value Propositions: What’s compelling about your proposition? Channels: How is your proposition to be promoted, sold and delivered? Customer Relationships: How do you plan to interact with customer through their ‘journey’? Revenue Streams: How will your company earn revenue from the value proposition? Key Activities: What uniquely strategic things will your company do to deliver its proposition? Key Resources: What unique strategic assets must your company have to compete? Key Partnerships: What might your company not do so it can focus on its Key Activities? Cost Structure: What are your company’s major cost drivers? 20 Minute Business Plan: Business Model Canvas Made Easy https://www.alexandercowan.com/business-model-canvas-templates/#Step_4_of_10_Customer_Relationships Be customer-focused
- 8. Test Your Problem Hypotheses Define Customer Problems & Needs ❑ Focus on understanding your customers, their problems, their preferences and their buying behavior ❑ Set actionable metrics which will provide insights into your target customers’ needs and purchasing behavior Find quality interviewees Criteria for vetting potential prospects ❑ They have a problem ❑ They understand that they have a problem ❑ They are actively searching for a solution ❑ They have or can acquire a suitable budget for your product
- 9. Online Customer Discovery Tools The Customer Discovery process isn’t just a one time process. Continuously question your assumptions, even if you already have an operating business making profit. Virtual Interviews: Connecting with people via webcam provides you with deeper insights and feedback ❑ Zoom ❑ Google Meet ❑ Microsoft Teams ❑ FaceTime Surveys: Organized, data-driven, low cost, easy to distribute ❑ Google Forms ❑ SurveyMonkey ❑ Typeform ❑ Formstack Analytics: User Testing A platform with a panel of over a million testers that will provide you with invaluable feedback on your product Mixpanel A self-serve product analytics platform that enables the conversion, engagement and retention of users
- 13. Customer Validation of MVP
- 14. Delay Marketing & Sales (costs) ❑ Focus first on building a customer development team, followed by a product development team. ❑ Preserve your cash by not hiring anyone in sales and marketing until you’ve formalized a product/market fit, and a repeatable and scalable sales model.
- 15. Steve Blank ❑ The Four Steps to the Epiphany ❑ The Startup Owner's Manual: The Step-By-Step Guide for Building a Great Company ❑ Customer Discover Checklist ❑ The Tactics of Conducting Customer Discovery Eric Ries ❑ http://www.startuplessonslearned.com/ ❑ The Lean Startup Alex Cowan ❑ The Customer Discovery Handbook Brant Cooper ❑ What is Customer Development? ❑ Startup Bluebook: The Entrepreneur’s Guide to Customer Development Thought Leaders & Resources