Pivoting to Find Product / Market Fit - Frank V. Taylor, Lean Startup Circle DC

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In this presentation Frank shares: …

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.

More in: Business
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  • 1. Pivot to Find Product / Market Fit Frank V. Taylor
  • 2. @frankvtaylor#leandc Ideation
  • 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. MVP - I @frankvtaylor#leandc
  • 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. 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. Important! “People are terrible predictors of their own future behavior.” @frankvtaylor#leandc
  • 8. Working* Product @frankvtaylor#leandc
  • 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. 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. 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. 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. Important! “Test assumptions about customer behaviors that drive growth.” @frankvtaylor#leandc
  • 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. 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. 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. Golden Nugget of Info @frankvtaylor#leandc Do you rent regular massage chairs...like the ones at Brookstone?
  • 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. Success! @frankvtaylor#leandc