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Mentor update 2 customer segments

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  • 1. Customer Segments Teaching Notes
  • 2. Teaching Objectives • Continue the pace of discovery, customer calls, insights and critiques • Make sure your team continues to: – Annotate their Canvas on LaunchPad Central – Update their Discovery Narrative • Focus your main critiques on their understanding of the value proposition – Acknowledge that you’ve read their postings – Comment on egregious parts of the canvas as needed • Take their temperature – Are they working well together? – Any team dysfunctions (if so, LET US KNOW SO WE CAN HELP)
  • 3. How? • Most teams start with Value Proposition = Feature Set – Make sure they have articulated pain killers, gain creators, and their Minimum Viable Product • Use your critiques to drive them to understanding what features solve the problems or creates the gains – What is the MVP that proves the value proposition? • Start emphasizing the importance of diagrams (draw how it works …) for each component of the canvas
  • 4. Common Student Errors • Not enough customer calls • Value data from customer calls – “They like our features …” • Little to no insight from the data – “we called on 12 customers and here’s what they said …” • Team thinks purpose of the class is execution of their idea vs. testing their hypotheses
  • 5. Common Errors (2) • Still confused about the difference between a value proposition vs. features – Confusing features with pain killers or gain creators – The Value Proposition IS NOT A SPEC SHEET! • Did not articulate experiments to test their hypotheses • Did not articulate pass/fail tests for each hypotheses
  • 6. Take Away from Udacity Lecture • Students (and their mentors) should understand: – Value Prop + Customer Segment = product/market fit – Customer pains and gains – Customer “Jobs to be done” – Customer archetypes/personas and why they are useful – Problem vs. Needs
  • 7. • The difference between users, influencers, recommenders, decision makers, economic buyers and saboteurs • Market Type: understanding the difference between: – Existing, Resegmented, New and Clone Markets • Explain why It matters to know which one you are in • The difference between single and multi-sided markets
  • 8. Why? • Customers are the critical difference between an idea and a successful company • Customers need to match their value proposition • Customer knowledge leads to an archetype/persona • In a multi-sided market, each side has it’s own value prop, customer segment, revenue model (and may have own channel and customer relationships)