Founders Institute - Mentor Presentation on Research, Customer Development and Lean Startup
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This presentation give an overview of the history of Lean Startup including Steven Blank with Customer Discovery, Eric Ries with Lean Startup and Ash Maurya with Lean Canvas. I then give some example for finding early adopters and how to measure and track customer interviews.
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Founders Institute - Mentor Presentation on Research, Customer Development and Lean Startup
- 1. Founder Institute 2015 Research and Customer Development Humphrey Laubscher 23rd March 2015
- 2. About Me • GM of Innovation @ Loud&Clear – Corporate Innovation and Startup Incubator • Product Strategy Manager and Lean Startup Innovation Consultant • Newcastle Slingshot Accelerator / Lean Startup Sydney • Ex Corporate IT Architect (BHP, Coles, NAB, CBA) Humphrey Laubscher @HumphreyPL
- 3. Overview • What research can you do to validate or to kill an idea? • How do you determine the key assumptions of your business? • Can key assumptions be tested? • What are tactics to test key assumptions when you just have an idea? • How do you identify and interview potential customers? • What are some tactics for effective surveying? • Does the market that you choose matter? • What are good markets, and what are bad markets? • Do competitors matter and why? • How do you define your competitive landscape?
- 4. What is Lean Startup? Steven Blank steveblank.com Eric Reis StartupLessonsLearned.com Ash Maurya ashmaurya.com
- 7. New Product Lifecycle Problem / Solution Fit Product / Market Fit Scale Do I have Problem worth Solving? Have a built something people want? Can I repeat the processes profitably? Validated Learning Growth Pivots Optimizations
- 11. Market Size from Marc • Which is more important? – The caliber of a startup team? – The quality of a startup's product? – The size of a startup's market? • I'll assert that market is the most important factor in a startup's success or failure. – In a great market — a market with lots of real potential customers — the market pulls product out of the startup. https://www.linkedin.com/pulse/marc-andreessen-product-market-fit-startups-marc-andreessen
- 12. Andy Rachleff ex-Benchmark Capital • When a great team meets a lousy market, market wins. • When a lousy team meets a great market, market wins. • When a great team meets a great market, something special happens.
- 13. Competitors • Competitors validate market • Direct and Adjacent meet Petals Diagram http://steveblank.com/2013/11/08/a-new-way-to-look-at-competitors/
- 16. Searching for a Business Model
- 19. Hypothesis
- 22. Listening
- 23. Early Adopters / Earlyvangelists The Revised Technology Adoption Life Cycle
- 24. Early Adopters
- 25. Persona’s
- 26. Fictitious
- 28. User Motivation
- 29. User Expectation
- 33. User Empathy
- 34. Channels
- 35. “Customers don’t care about your solution. They care about their problems.” - Dave McClure, 500Startups
- 36. Startup Metrics for Pirates • Acquisition: users come to site from various channels • Activation: users enjoy 1st visit: "happy” experience • Retention: users come back, visit site multiple times • Referral: users like product enough to refer others • Revenue: users conduct some monetization behavior Dave McClure @DaveMcClure http://500.co http://500hats.typepad.com http://slideshare.net/dmc500hat s
- 37. AARRR!: Startup Metrics Model Website.com Biz DevAds, Lead Gen, Subscriptions, ECommerce Homepage / Landing Page Product Features ACQUISITION SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Emails & Alerts System Events & Time-based Features Blogs, RSS, News Feeds Emails & widgets Affiliates, Contests Viral Loops
- 38. Role: Marketing / Sales Q: What channels? Which users? Why? A: High Volume (#), Low Cost ($), High Conv (%) • Design & Test Multiple Marketing Channels + Campaigns • Select & Focus on Best-Performing Channels & Themes • Optimize for conversion to target CTAs, not just site/landing page • Match/Drive channel cost to/below revenue potential • Low-Hanging Fruit: – Blogs – SEO/SEM – Landing Pages – Automated Emails
- 39. Where from?
- 40. Create Content
- 41. Cold Call
- 42. Friends!
- 43. @WebbJS © John Webb 2013 WHY HOW WHAT Simon Sinek: Start With Why Traditional, product-led marketing OUTSIDE - IN
- 44. @WebbJS © John Webb 2013 Innovators / Early Adopters engage with beliefs first WHY HOW WHAT INSIDE - OUT Simon Sinek: Start With Why
- 45. @WebbJS © John Webb 2013 What Compaq 1996 IBM 1997 Why Apple 1997 Simon Sinek: Start With Why
- 46. @WebbJS © John Webb 2013 Rockstar)Games) When your WHY is seen as a “Noble Cause” people will follow Simon Sinek: Start With Why
- 47. Workout • 3 Top Problems • 3 Top Solutions • Target Market • Customer Empathy Map • Early Adopter Persona • Facebook/Goog le Ad
- 48. Test Hypothesis through Interviews • Customer Segments: Who has the pain? – How to identify early-adopters? • Problem: What are you solving? – How do customers rank the top 3 problems? – What is their pain level: must- have, nice-to-have, don’t-need? – How do customers solve these problems today?
- 49. Example Problem and Exercise: • Write out a list of interview questions using your Lean Canvas that allows you to: – Confirm your Target Market – Helps you confirm and rate your problems in order of importance by the customers from #1 to #3 – Rate your solutions in order of important by asking if they are “Nice to Haves” or “Must Haves” – Also ask the magic wand question.
- 50. Interview Script
- 52. Time to Get out of the Building!
- 54. Overview • What research can you do to validate or to kill an idea? • How do you determine the key assumptions of your business? • Can key assumptions be tested? • What are tactics to test key assumptions when you just have an idea? • How do you identify and interview potential customers? • What are some tactics for effective surveying? • Does the market that you choose matter? • What are good markets, and what are bad markets? • Do competitors matter and why? • How do you define your competitive landscape?