Finding Product Market Fit

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A regular talk I give across the globe for both corporate innovation and startup ideation. I took a great group of Hubbers through the process of finding product market fit with their ideas, startups and products

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Finding Product Market Fit

  1. P R O D U C T M A R K E T F I T F I N D I N G S C O T T E B A L E S . C O M
  2. - E R I C R I E S The Lean Startup method teaches you how to drive a startup-how to steer, when to turn, and when to persevere-and grow a business with maximum acceleration.
  3. H O W M O B I L E S AV V Y A R E Y O U ? #mobileready @scottebales +
  4. O B J E C T I V E S accept fail = lesson understand what is Lean what are the tools explore customer discovery designing experiments making decisions
  5. 9 9 % O F V E N T U R E S FA I L I S I T T H E R I G H T I D E A ?
  6. S U C C E S S R AT E
  7. V E T E R A N S U C C E S S
  8. P I V O T 
 O R 
 P E R S E V E R E T H E D I F F E R E N C E B E T W E E N S U C C E S S A N D FA I L U R E I S Y O U R A B I L I T Y T O B U I L D R A P I D LY M E A S U R E , L E A R N A N D A D A P T
  9. W H AT M O S T P E O P L E T H I N K W H AT S U C C E S S F U L P E O P L E K N O W
  10. Y O U R S K I L L S N O N - E X I ST E N T 1 2 3 4 AV E R A G E 6 7 8 9 I ’ M A RO C K S TA R B U S I N E S S M O D E L I N G P E R S O N A D E V E L O P M E N T C U S TO M E R D I S C OV E RY & D E V E L O P M E N T M I N I M U M V I A B L E E X P E R I M E N T S P RO D U C T / M A R K E T F I T P I VOT V S P E R S E V E R E P I T C H I N G
  11. W H O A R E Y O U ? W H AT A R E . . . Y O U R PA S S I O N S ? . . . Y O U R E X P E C TAT I O N S ?
  12. W H O A R E Y O U ? A verb that starts with the same letter as your first name I am passionate about solving... ! ! What do I want to get out of today? Spontaneous Scott Educating, growing and mentoring tomorrow’s entrepreneurs Enable entrepreneurs to fail fast, and succeed faster
  13. ExperimentsStart here. Brainstorm with stickies, pull it over to the right to start your experiment. Customer Problem Solution Result & Decision Learning Riskiest Assumption Success Criterion 1 2 3 4 5 To form a Customer/Problem Hypothesis: I believe my customer has a problem achieving this goal. To form your Assumptions: hypothesis to be true, assumption needs to be true. Determine how you will test it: The least expensive way to test my assumption is... Who is your customer? Time Limit: 5 Min People buying Vespas on Craigslist People with commute NYC Relying on products that use oil Understanding safety & time saving of Vespa People with commute NYC Vespa too expensive for identity risk Vespa One- Pager + Trial Rent Vespa & Return It If Not Fit No friends Vespa Pay $250/month INTERVIEW: 8/10 don’t have friend with Vespa SELL: 15 email addresses in 2 hours Care about environment INTERVIEW: 5/20 buying Vespa bc environment important 0/20 PIVOT! 5/10 PIVOT! 50+ in 2 hours PERSEVERE! - Skinny Tie! - Buying for lifestyle - “I’m not a scooter person” - Lifestyle is a risk - People typing in ALL CAPS - Jumping out of seat to try What is the problem? Phrase it from your customer’s perspective. Time Limit: 5 Min Time Limit: 5 Min List the assumptions that must hold true, for your hypothesis to be true. Time Limit: 10 Min Need help? Use these sentences to help construct your experiment. To form a Problem/Solution Hypothesis: I believe this solution will result in . To identify your Riskiest Assumption: The assumption with the least amount of data, and core to the viability of my hypothesis is... Determine what success looks like: I will run experiment with # of customers and expect a strong signal from # of customers. GET OUT OF THE BUILDING! C U S T O M E R & P R O B L E M A S S U M P T I O N S M V P V A L I D A T E D L E A R N I N G C U S TO M E R D I S COV E RY P I V O T O R P E R S E V E R E B R A I N S T O R M I N G S O L U T I O N
  14. B U S I N E S S D E S I G N C U S T O M E R P R O B L E M S O L U T I O N
  15. S E A R C H & E X E C U T E C U S T O M E R D I S C O V E RY C U S T O M E R VA L I D AT I O N C U S T O M E R C R E AT I O N C O M PA N Y B U I L D I N G
  16. Malkovich Bias T H E T E N D E N C Y T O B E L I E V E T H A T E V E RY O N E U S E S T E C H N O L O G Y T H E S A M E WA Y Y O U D O . A N D R E S G L U S M A N
  17. mantra Y O U A R E N O T T H E C U S T O M E R . ! O N LY T H R O U G H R E S E A R C H C A N W E U N C O V E R P E O P L E ’ S PA I N S , N E E D S , A N D G O A L S , I N T H E I R C O N T E X T.
  18. “If you don’t talk to your customers, how will you know how to talk to your customers?” - Will Evans
  19. P E R S O N A D E V E L O P M E N T fictional characters to represent different user types in a targeted, attitude and/or behaviour set to drive empathy C U S T O M E R
  20. W H AT C U S T O M E R ? 1 2 3 4 C U S T O M E R
  21. Facts Factual information about your target customer. Pain State the problem you believe your target customers have, that your solution solves for. Goals What goals are they trying to accomplish through the behavior, that your solution will do better? Behavior Existing behavior they exhibit now, because they don’t have your solution. 37 years of age, married(7 years). Two kids (3 & 5) Employed by Coca-Cola to manage regional marketing Tech savvy, loves his Gadgets. Always keen to learn more Reads The Economist Online Enjoys the outdoors with his kids Regular traveller in the region, both work and personal Greg Has been reading video blog tips in the hope of creating is own travel video blog Purchased a pirated copy of Final Cut Pro to explore, but quickly purchased a license Always has his video camera out when traveling, both on work travels and personal travel Purchased the domain www.gregsworld.com Has tried Vimeo, Wordpress and TypePad in attempts to create a blog Greg is a bit of a perfectionist, so he has tried multiple video blog solutions But hasn’t found any that allow him to express himself in the way he wants. He finds each tool hard to earn, and really isn’t sure if he is getting the best out of each tool He has tried reading through forums, but finds it difficult reading a tutorial and applying it to his material ! Greg loves to travel, he loves to explore new places, culture, people and food Greg would love to share his experiences with friends, family and colleagues ! !
  22. C U S T O M E R P R O B L E M ( S O L U T I O N ) H Y P O T H E S I S Who specifically has this problem? How do you intent to solve this problem? What problem are you trying to solve? C U S T O M E R P R O B L E M S O L U T I O N
  23. ExperimentsStart here. Brainstorm with stickies, pull it over to the right to start your experiment. Customer Problem Solution Result & Decision Learning Riskiest Assumption Success Criterion 1 2 3 4 5 To form a Customer/Problem Hypothesis: I believe my customer has a problem achieving this goal. To form your Assumptions: hypothesis to be true, assumption needs to be true. Determine how you will test it: The least expensive way to test my assumption is... Who is your customer? Time Limit: 5 Min People buying Vespas on Craigslist People with commute NYC Relying on products that use oil Understanding safety & time saving of Vespa People with commute NYC Vespa too expensive for identity risk Vespa One- Pager + Trial Rent Vespa & Return It If Not Fit No friends Vespa Pay $250/month INTERVIEW: 8/10 don’t have friend with Vespa SELL: 15 email addresses in 2 hours Care about environment INTERVIEW: 5/20 buying Vespa bc environment important 0/20 PIVOT! 5/10 PIVOT! 50+ in 2 hours PERSEVERE! - Skinny Tie! - Buying for lifestyle - “I’m not a scooter person” - Lifestyle is a risk - People typing in ALL CAPS - Jumping out of seat to try What is the problem? Phrase it from your customer’s perspective. Time Limit: 5 Min Time Limit: 5 Min List the assumptions that must hold true, for your hypothesis to be true. Time Limit: 10 Min Need help? Use these sentences to help construct your experiment. To form a Problem/Solution Hypothesis: I believe this solution will result in . To identify your Riskiest Assumption: The assumption with the least amount of data, and core to the viability of my hypothesis is... Determine what success looks like: I will run experiment with # of customers and expect a strong signal from # of customers. GET OUT OF THE BUILDING! C U S T O M E R & P R O B L E M A S S U M P T I O N S M V P V A L I D A T E D L E A R N I N G C U S TO M E R D I S COV E RY P I V O T O R P E R S E V E R E B R A I N S T O R M I N G S O L U T I O N
  24. List core assumptions about the problem. Does

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