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Jeff Nock of Prescient Consulting on New Product Development

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Jeff Nock shares that challenging times there are often the best times to launch new companies and products. In 2008-2009 Uber and Airbnb were launched. This presentation covers some new product development basics as you consider your new product launch. Topics covered include Alexander Osterwalder's Business Model Canvas, Steve Blank's thoughts on Minimum Viable Product, customer discovery, customer personas, competitive analysis, product market fit and customer segments.

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Jeff Nock of Prescient Consulting on New Product Development

  1. 1. NEW PRODUCT DEVELOPMENT PRESENTER: JEFF NOCK FOUNDER & CEO PRESCIENT CONSULTING
  2. 2. BUSINESS MODEL CANVAS (CREDITS TO ALEXANDER OSTERWALDER & STEVE BLANK) Jeff Nock
  3. 3. WE NEED TO ADDRESS SOME FUNDAMENTAL QUESTIONS: • PRODUCT MARKET FIT • WHAT ARE YOU BUILDING AND FOR WHO? • MINIMUM VIABLE PRODUCT • COMPETITION • IS ANYONE ALREADY MEETING THIS NEED? HOW? WHAT ARE THOSE LIMITATIONS Jeff Nock
  4. 4. WHAT WE USUALLY SEE… Jeff Nock
  5. 5. PRODUCT MARKET FIT: WHAT ARE YOU BUILDING AND FOR WHO?
  6. 6. VALUE PROPOSITION • STEVE BLANK BUSINESS MODEL CANVAS VALUE PROPOSITION VIDEO • HTTPS://WWW.YOUTUBE.COM/WATCH?V=JZN6CUIEUOQ&LIST=PLW540WQ5 KAY866M6A6XI7KOWE_AH7IS4M
  7. 7. Jeff Nock
  8. 8. Jeff Nock
  9. 9. VALUE PROPOSITION CANVAS: SYSTEMATIC WAY TO EVALUATE PRODUCT MARKET FIT Jeff Nock
  10. 10. THE PROCESS • DECOMPOSE VALUE PROPOSITION & CUSTOMER SEGMENTS • MAKE HYPOTHESES • TEST YOUR HYPOTHESES • IS THERE A FIT? • REASSESS YOUR HYPOTHESES Minimum Viable Product Persona/Archetype Jeff Nock
  11. 11. THE VALUE PROPOSITION Minimum Viable Product Jeff Nock
  12. 12. CUSTOMER DISCOVERY FOR VALUE PROPOSITION • COMPETITION: WHAT DO CUSTOMERS DO TODAY? • TECHNOLOGY / MARKET INSIGHT: WHY IS THE PROBLEM SO HARD TO SOLVE? • MARKET SIZE: HOW BIG IS THIS PROBLEM? • PRODUCT: HOW DO YOU DO IT NOW? Jeff Nock
  13. 13. TYPES OF VALUE PROPOSITIONS Technical Insight Market Insight Smaller More Efficient Faster Simpler Lower cost Better Bundling Better Branding Better Distribution Jeff Nock
  14. 14. DEFINE MINIMUM VIABLE PRODUCT • FIRST, TEST YOUR UNDERSTANDING OF THE PROBLEM (PAIN) • NEXT TEST YOUR UNDERSTANDING OF THE SOLUTION (GAIN) • PROVES THAT IT SOLVES A CORE PROBLEM FOR CUSTOMERS • THE MINIMUM SET OF FEATURES NEEDED TO LEARN FROM EARLY EVANGELISTS - INTERVIEWS, DEMOS, PROTOTYPES, ETC. - AVOID BUILDING PRODUCTS NOBODY WANTS - MAXIMIZE THE LEARNING PER TIME SPENT - LOTS OF EYEBALL CONTACT Jeff Nock
  15. 15. THE ART OF THE MVP • A MVP IS NOT A MINIMAL PRODUCT • “BUT MY CUSTOMERS DON’T KNOW WHAT THEY WANT!” • AT WHAT POINT OF HEARING “I DON’T GET IT!” WILL WE PIVOT? Jeff Nock
  16. 16. THE CUSTOMER SEGMENT Customer Persona/ Archetype Jeff Nock
  17. 17. CUSTOMER SEGMENT/TARGET MARKET • STEVE BLANK BUSINESS MODEL CANVAS CUSTOMER SEGMENT VIDEO • HTTPS://WWW.YOUTUBE.COM/WATCH?V=YLMZYWHUUPE&LIST=PLW540WQ5 KAY9XCIUXJJCBAKIDK-6ZCHO3 Jeff Nock
  18. 18. TARGET MARKET CUSTOMER DISCOVERY • DEMOGRAPHICS: AGE/SEX/INCOME LEVEL/NICHE • HOW DO YOU FIND PEOPLE IN YOUR TARGET MARKET • COMMUNITY • SECONDARY RESEARCH (GOOGLE ETC) • COLD EMAILS WARMER CUSTOMER DISCOVERY CALLS • INDUSTRY ASSOCIATIONS • MENTORS • NETWORKING Jeff Nock
  19. 19. COMPETITION • THERE ARE ALWAYS COMPETITORS! • DIRECT COMPETITORS • FORD VS GM • INDIRECT COMPETITORS • FORD VS UBER • FORD VS SUBWAYS-PLANES • FUTURE DISRUPTORS • FORD VS TESLA • NEED TO EDUCATE? • SELF DRIVING CARS? Jeff Nock
  20. 20. CUSTOMER PERSONA/ARCHETYPE Market Type Jeff Nock

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