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Lean entrepreneur workshop

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  • The biggest risk you face is building something no one wants. \n
  • The biggest risk you face is building something no one wants. \n
  • The biggest risk you face is building something no one wants. \n
  • The biggest risk you face is building something no one wants. \n
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Lean entrepreneur workshop Lean entrepreneur workshop Presentation Transcript

  • lean entrepreneur getting started segmentation & value stream Brant Cooper Dublin, Ireland May 1, 2012
  • Doctor as EntrepreneurPatient comes in complaining of chest pains.Dr. says “I’ve got a great idea...”
  • Real DoctorDeep understanding of symptoms(Customer Development)Lab tests based on (Validity Testing)Diagnose based on knowledge, experience,intuition (Data)Treatments based on iterative learning(scientific method) View slide
  • Innovation SpectrumSustaining DisruptiveInnovation re-segmented low cost re-segmented niche rippling innovation Innovation View slide
  • Innovation SpectrumSustaining DisruptiveInnovation re-segmented low cost re-segmented niche rippling innovation Innovation Problem is well understood Existing market Innovation improves performance, lowers cost, incremental changes
  • Innovation SpectrumSustaining DisruptiveInnovation re-segmented low cost re-segmented niche rippling innovation Innovation Problem is well understood Existing market Innovation improves performance, lowers cost, incremental changes Customer is believable Market is predictableTraditional business methods sufficient
  • Innovation SpectrumSustaining DisruptiveInnovation re-segmented low cost re-segmented niche rippling innovation Innovation Problem is well understood Problem not well understood Existing market New market Innovation improves performance, Innovation is dramatic, game lowers cost, incremental changes changing Customer is believable Market is predictableTraditional business methods sufficient
  • Innovation SpectrumSustaining DisruptiveInnovation re-segmented low cost re-segmented niche rippling innovation Innovation Problem is well understood Problem not well understood Existing market New market Innovation improves performance, Innovation is dramatic, game lowers cost, incremental changes changing Customer is believable Customer doesn’t know Market is predictable Market is unpredictableTraditional business methods sufficient Traditional business methods fail
  • Optimize inside out Reach Acquisition Funnel Activation Passion Engagement
  • documenting assumptions • Many tools • Business Model Canvas • Lean Canvas • Startup toolkit • Unassumer • But how?
  • market segmentation• People who share the same pain and speak the same language.• Obsessively sub segment• Product-Market fit is driven by nailing core value proposition for hyper segmented markets
  • market size• Growth is determined by multiple hyper segmented markets.• Tackling multiple segments• “Bowling Pin” strategy
  • segment clues• Different level pain or passion• Seek to solve problem differently• Require different marketing• Require different distribution• Require different sales• Not necessarily demographic-based• Not “verticals”
  • exercise #1• Create a persona for your most valuable segment• Create the persona of an anti-segment• Add influencers and hang outs to your segment• Add any other demographic or firmographic data that describes your segment
  • Customer StatesPassionate Satisfied Eager Convinced Trusting Intrigued Curious
  • Customer Motivation PassionateQuick, Easy, Accurate Satisfied Dashboard, survey, assumption creation solved problem Eager Need to know market signal Convinced Trial demonstrated value Trusting Respected testimonials are positive Intrigued Messaging showed promise Curious Read about product on 3rd party blog
  • Customer Action Refer product to others; keep subscription PassionateQuick, Easy, Accurate One survey/week, check signal daily Satisfied Dashboard, survey, assumption creation Create survey and share solved problem Eager Need to know market signal Buy Convinced Trial demonstrated value Sign up for trial Trusting Respected testimonials Read web site are positive Intrigued Messaging showed Visit landing page promise Curious Read about product on 3rd party blog
  • exercise #2• create your value stream: • why are you users passionate? • what specifically did your customers do with your product that satisfied them? • why are your customers eager to try your product for real? what is their goal? what job did they hire your product for? • what convinced your customer to buy? • what specific steps occurred that led your customer from unaware to trusting?
  • what do business care about? Business:  People:  Increasing revenue  Want promotion  Increasing market  Job Security  Protect budget share  Personal risk  Decreasing costs  Business risk
  • what do you need to figure out? Who is the buyer?  Pilot Required? Different than user?  Length of sales cycle Where does budget come  Channel requirements? from?  Who will obstruct? What is purchase process?  Who is your champion?
  • what do consumers care about? People (rational):  People (irrational)  Cost  Emotions  Elimination of pain  Social status  Fulfillment of passion  Sunken cost  Self-perception  Risk avoidance
  • what you need to figure out Who has pain / passion?  What do they dream / Who are influencers? worry about? Who do they influence?  What characteristics What are hidden drivers? are shared with like What are adjacent buyers? passions / pains?  Where do they live? What makes them secure?3  What do they require to buy? Demo? Trial?
  • LeanEntrepreneur.co