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Pivot to Find
Product / Market Fit
Frank V. Taylor
@frankvtaylor#leandc
Ideation
Iteration - I
Problem: Need cheap / safe / legal stress relief
@frankvtaylor#leandc
Customer: Students with $ on campus ID...
MVP - I
@frankvtaylor#leandc
Validated Learning 1
Assumption Tested: Students will use
massage chairs to relieve stress.
@frankvtaylor#leandc
Experimen...
Validated Learning 2
Assumption: Students will pay for the service.
@frankvtaylor#leandc
Experiment: Surveyed 170 users.
R...
Important!
“People are terrible
predictors of their own
future behavior.”
@frankvtaylor#leandc
Working* Product
@frankvtaylor#leandc
Iteration - II.a
Problem: Stressed out students & negative
perception on campus
@frankvtaylor#leandc
Customer: Student Ass...
Validated Learning 1
Assumption: Student Assembly will pay to
help students relax & improve image on
campus.
@frankvtaylor...
Iteration - II.b
Problem: Money to spend?
@frankvtaylor#leandc
Customer: Student Center facility managers
Solution: Provid...
Validated Learning 2
Assumption: This is a repeatable business
model.
@frankvtaylor#leandc
Experiment: Pitched to 50 other...
Important!
“Test assumptions about
customer behaviors that
drive growth.”
@frankvtaylor#leandc
Iteration - II.a
Problem: Stressed out students & negative
perception on campus
@frankvtaylor#leandc
Customer: Student Ass...
Iteration - III
Problem: Need to attract a captive audience
@frankvtaylor#leandc
Customer: Trade show exhibitors
Solution:...
Validated Learning 1
Assumption: Event marketers will rent our
massage chairs.
@frankvtaylor#leandc
Experiment: Pitched at...
Golden Nugget of Info
@frankvtaylor#leandc
Do you rent regular
massage chairs...like the
ones at Brookstone?
Validated Learning 2
Assumption: Event marketers will rent regular
massage chairs.
@frankvtaylor#leandc
Experiment: Pitche...
Success!
@frankvtaylor#leandc
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Pivoting to Find Product / Market Fit - Frank V. Taylor, Lean Startup Circle DC

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In this presentation Frank shares:

1) How Restin went from operating pay-per-use robotic massage chairs on college campuses to helping PricewaterhouseCoopers engage attendees at SXSW.

2) How the lean startup method helped decrease time between pivots and the cost of acquiring validated learning.

3) What metrics are most important when deciding to pivot or persevere.

Published in: Business
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Transcript of "Pivoting to Find Product / Market Fit - Frank V. Taylor, Lean Startup Circle DC"

  1. 1. Pivot to Find Product / Market Fit Frank V. Taylor
  2. 2. @frankvtaylor#leandc Ideation
  3. 3. Iteration - I Problem: Need cheap / safe / legal stress relief @frankvtaylor#leandc Customer: Students with $ on campus ID card Solution: Pay-per-use massage chairs with ID card reader payment system
  4. 4. MVP - I @frankvtaylor#leandc
  5. 5. Validated Learning 1 Assumption Tested: Students will use massage chairs to relieve stress. @frankvtaylor#leandc Experiment: 1 chair in library for 9 days (free) Result: 550 uses. Assumption Validated
  6. 6. Validated Learning 2 Assumption: Students will pay for the service. @frankvtaylor#leandc Experiment: Surveyed 170 users. Result: 50% reported willingness to pay. Assumption Validated (but suspect)
  7. 7. Important! “People are terrible predictors of their own future behavior.” @frankvtaylor#leandc
  8. 8. Working* Product @frankvtaylor#leandc
  9. 9. Iteration - II.a Problem: Stressed out students & negative perception on campus @frankvtaylor#leandc Customer: Student Assembly w/ big slush fund Solution: Sponsor free massages in the library during final exam week
  10. 10. Validated Learning 1 Assumption: Student Assembly will pay to help students relax & improve image on campus. @frankvtaylor#leandc Experiment: Pitched sponsorship. Result: Paid $8K. Assumption Validated
  11. 11. Iteration - II.b Problem: Money to spend? @frankvtaylor#leandc Customer: Student Center facility managers Solution: Provide free massages in the student center all year
  12. 12. Validated Learning 2 Assumption: This is a repeatable business model. @frankvtaylor#leandc Experiment: Pitched to 50 other schools. Result: 0/50 buy. Assumption Invalidated
  13. 13. Important! “Test assumptions about customer behaviors that drive growth.” @frankvtaylor#leandc
  14. 14. Iteration - II.a Problem: Stressed out students & negative perception on campus @frankvtaylor#leandc Customer: Student Assembly w/ big slush fund Solution: Sponsor free massages in the library during final exam week
  15. 15. Iteration - III Problem: Need to attract a captive audience @frankvtaylor#leandc Customer: Trade show exhibitors Solution: Provide free massages in trade show exhibit space
  16. 16. Validated Learning 1 Assumption: Event marketers will rent our massage chairs. @frankvtaylor#leandc Experiment: Pitched at industry event. Result: Restin unit too heavy. Invalidated.
  17. 17. Golden Nugget of Info @frankvtaylor#leandc Do you rent regular massage chairs...like the ones at Brookstone?
  18. 18. Validated Learning 2 Assumption: Event marketers will rent regular massage chairs. @frankvtaylor#leandc Experiment: Pitched via website & SEO. Result: Paying customers in 3 months. 6-figure revenue in 12 months. Assumption Validated.
  19. 19. Success! @frankvtaylor#leandc
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