The Lean Entrepreneur: Embrace the Unknown to Go Big

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The Lean Entrepreneur: Embrace the Unknown to Go Big Workshop by Brant Cooper & Patrick Vlaskovits @ The Lean Startup Conference 12/4/12

The Lean Entrepreneur: Embrace the Unknown to Go Big

  1. 1. Published Feb 2013 Order today! http://leanentrepeneur.co Brought to you by... @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  2. 2. Innovation SpectrumWednesday, December 5, 12
  3. 3. your market • Product-Market fit is driven by nailing core value proposition for hyper segmented markets • Growth is determined by pursuing multiple segments over time. • Size of opportunity is determined by size & number of segments @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  4. 4. Bowling Pin Strategy @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  5. 5. Wednesday, December 5, 12
  6. 6. market segmentation • People who share the same pain and speak the same language. @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  7. 7. segment clues • Different level pain or passion • Seek to solve problem differently • Require different marketing • Require different distribution • Require different sales • Not necessarily demographic-based • Not “verticals” @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  8. 8. @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  9. 9. Segment Matrix Criteria Depth of Market Time to Budget Reach Values Segment Pain Size MVP Sole Chef H M M H M H Team ind. H H M H M H Small Corp M H H M L M Big Corp M H H L L L @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  10. 10. Pain or Passion Who Impact of Influences Market Segment addressing them? pain/passion Where do they “hang out?” @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  11. 11. Value Stream Discovery Aware Passionate Intrigued Customer Satisfied Segment Trusting Hopeful Convinced @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  12. 12. Business Model Passionate Satisfied Hopeful Convinced Trusting Intrigued Aware Growth MVP Conversion Funnel Acquisition Engine @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  13. 13. Why Company Customer Desired Activity Behavior State Metric @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  14. 14. CUSTOMER is passionate because: Own business grows Having used the product for several months, the customer is seeing her own company grow. Your product has COMPANY: helped her achieve this. CUSTOMER Over achieves BEHAVIOR: She is PASSIONATE about on value prop; Passionate Refers product; your product. Offers referral resubscribes incentive She resubscribes to your product AND takes you up on your offer to get a month free if she refers the product to others and they buy. METRIC: Referrals; MustHaveScore Lifetime value (LTV) @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  15. 15. CUSTOMER is satisfied because: is able to see market signal for own product The customer is using the product on a regular basis and COMPANY: RESULTING it is doing what was promised. Provides BEHAVIOR: wizard, survey She is SATISFIED with your Continues to product. tool, Satisfied use the product dashboard; She uses the assumption in a specific way “instruments” wizard, the survey tool, and over time the dashboard on a regular product basis. METRIC: Engagement - Sends survey every 2 wks; Views dashboard daily @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  16. 16. CUSTOMER is hopeful because: wants specific problem solved, eg wants to track market signal The customer has purchased. She is eager to get started, but also may have feelings of COMPANY: regret, wondering if it was the Overcome RESULTING right decision. ‘blank slate’; BEHAVIOR: Offers free Hopeful Uses wizard, She is HOPEFUL your product works as promised ‘getting started’ sends survey and addresses her need. support To test, she logs in, documents her assumptions, creates survey, and sends it out. METRIC: Activation Creates and Sends survey @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  17. 17. CUSTOMER is convinced when: Has demo’d the product and believes it is a good fit COMPANY: The customer successfully demo’d the product and Allows customer believes the product will work to use demo RESULTING for her. features; Convinced BEHAVIOR: She is CONVINCED your FAQ allays last Purchases product will work. minute fears; Final phone call She buys the product. METRIC: Pays @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  18. 18. CUSTOMER is trusting when: Impressed with testimonials and reference was glowing. COMPANY: The customer reads Inside Sales RESULTING testimonials and TRUSTS your calls customer; business. BEHAVIOR: offers reference; Trusting Wants to try She wishes to demo the talks about product product. demo program METRIC: Signs up for trial @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  19. 19. CUSTOMER is intrigued when: Product sounds like it’s positioned for her; Benefits sounds right Having read the messaging that states that this will help her business grow, she believes the product might be COMPANY: RESULTING a good fit. Messaging/ BEHAVIOR: Positioning Intrigued Requests She is INTRIGUED about the product. Video Contact She would like to speak with a sales person and talk to a reference. METRIC: Sales Call @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  20. 20. CUSTOMER: Reads first learns product reading about it on a blog. Having discovered the product via a blogger she respects, she COMPANY: BEHAVIOR: is INTRIGUED about the Reach out to product. 3rd party Aware Visits company Web Site She visits your web site to blogger read more. METRIC: Unique Visitors by referral @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12
  21. 21. Awesome bundles available: http://leanentrepreneur.co @brantcooper & @pv http://leanentrepreneur.coWednesday, December 5, 12

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