Seminar 2: Testing The Water: Market Research and Validation

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Seminar 2: Testing The Water: Market Research and Validation
Date: Thursday 15 March 2012
Time: 5.30pm-7.00pm
Venue: Cambridge campus (LAB026) - Chelmsford campus (MAB221)

You have a great idea but will anyone actually want to buy it. Understanding the market you're in, what your customers actually want and who you're going to be up against is key if you want to be a success.

Guest speaker: Stewart McTavish, Innovation Director, IdeaSpace
Stewart McTavish is the Innovation and Support Director at the University of Cambridge ideaSpace. Before joining the ideaSpace he founded three ventures in web and media. At ideaSpace Stew helps advise and connect entrepreneurs.

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Seminar 2: Testing The Water: Market Research and Validation

  1. 1. market research & Presented by: Stewart McTavishvalidation Director, ideaSpace
  2. 2. there is no right answer
  3. 3. a startup is not a small version of abig company waiting to grow up
  4. 4. a startup is a business in search of a business model
  5. 5. you don’t finda business model by writing a business plan
  6. 6. you need to get out the building andtalk to potential customers
  7. 7. an invention
  8. 8. something you sell
  9. 9. Well understood product management processproductvalue > productprice > productcost
  10. 10. productvalue > productprice > productcost someone to sell it to
  11. 11. productvalue > productprice > productcost Customer Development - Steven Blankcustomerltv > customerac + customerrc
  12. 12. “Inside the building”productvalue > productprice > productcostcustomerltv > customerac + customerrc “Outside the building”
  13. 13. Build-Measure-Learn Loop - Eric Reis
  14. 14. testable design experiment to hypothesis reduce biggest riskvalidated minimum viablelearning product document test results with customers
  15. 15. starthere
  16. 16. Business Model Canvas by Alex Osterwalder and Yves Pigneur Unfair Key Activities Advantage Value Customer Key Partners Proposition Segments Key Resources Channels Cost Structure Revenue Streamswww.businessmodelgeneration.com
  17. 17. Lean Startup Canvas by Ash Maurya Unfair Solution Advantage Unique Value Customer Problem Proposition Segments Key metrics Channels Cost Structure Revenue Streamswww.leancanvas.com
  18. 18. Unfair Solution Advantage Unique Value CustomerProblem Proposition Segments Key metrics Channels Cost Structure Revenue Streams
  19. 19. do it in one go Unfair Solution Advantage approach it from the customers pov Unique Value CustomerProblem Proposition Segments be concise Key metrics Channels be precise stay in the present Cost Structure Revenue Streams it’s ok to say “I don’t know”
  20. 20. Unfair Solution Advantage Unique Value CustomerProblem Proposition Segments Key metrics Channels Cost Structure Revenue Streams
  21. 21. Solution Product Risk Unfair Advantage Unique Value CustomerProblem Proposition Segments Customer Risk Key metrics Channels Cost Structure Market Risk Revenue Streams
  22. 22. Product Risk Unfair Solution Advantage Unique Value CustomerProblem Proposition Segments Key metrics Channels Cost Structure Revenue Streams
  23. 23. Customer Risk Unfair Solution Advantage Unique Value CustomerProblem Proposition Segments Key metrics Channels Cost Structure Revenue Streams
  24. 24. Market Risk Unfair Solution Advantage Unique Value CustomerProblem Proposition Segments Key metrics Channels Cost Structure Revenue Streams
  25. 25. Unfair Solution Advantage Unique Value CustomerProblem Proposition Segments Key metrics Channels Cost Structure Revenue Streams
  26. 26. customerltv > customerac + customerrc “Outside the building”
  27. 27. YoungStart Ups Enterprise
  28. 28. Young Start Ups Enterprise Product Market Fithttp://pmarca-archive.posterous.com/the-pmarca-guide-to-startups-part-4-the-only
  29. 29. Domain knowledge The market Lifecycles and trends Your competitors The experts Research Interviews Who are you after?Turning data into results Sales and marketing Fast to market Early Customers Launch
  30. 30. Problem / Solution Product / Market Fit Fit
  31. 31. Understand Problem Define Solution Validate Qualitatively Verify Quantitatively Problem / Solution Product / Market Fit Fit
  32. 32. Get out the building and talk to people Start with people you know but quickly move beyond Talking to people is hard Understand Problem Define Solution Validate Qualitatively Verify Quantitatively Pay attention to what people do, more than what they sayThe first thing to learn is what questions you should be asking Then you move on to trying to find the answers Remember to document for your team, communicate with your prospects
  33. 33. Understand Problem Define Solution Validate Qualitatively Verify Quantitatively Problem / Solution Product / Market Fit Fit
  34. 34. Understand Problem Define Solution Validate Qualitatively Verify Quantitatively Problem / Solution Product / Market Fit Fit
  35. 35. Unfair Solution Advantage Unique Value Customer Problem Proposition Segments Key metrics Channels Cost Structure Revenue Streamswww.leancanvas.com
  36. 36. Problem Interview Outline WELCOME 2 min - Set the Stage COLLECT SEGMENT DATA Segment Data 2 min - Test customer segment TELL A STORY 2 min - Set Problem Context PROBLEM RANKING 4 min - Test ProblemEXPLORE CUSTOMER’S WORLDVIEW 15 min - Test Problem WRAPPING UP 2 min - Hook and ask DOCUMENT RESULTS 5 min
  37. 37. ? ?Understand Problem Define Solution Validate Qualitatively Verify Quantitatively Problem / Solution Product / Market Fit Fit
  38. 38. Understand Problem Define Solution Validate Qualitatively Verify Quantitatively Problem / Solution Product / Market Fit Fit
  39. 39. Unfair Solution Advantage Unique Value CustomerProblem Proposition Segments Key metrics Channels Cost Structure Revenue Streams
  40. 40. price is a feature
  41. 41. Solution Interview Outline WELCOME 2 min - Set the Stage Segment DataCOLLECT SEGMENT DATA 2 min - Test customer segment TELL A STORY 2 min - Set problem context DEMO SOLUTION 15 min - Test Solution TEST PRICING 3 min - Revenue Streams WRAPPING UP 2 min - The Ask DOCUMENT RESULTS 5 min
  42. 42. ? ?Understand Problem Define Solution Validate Qualitatively Verify Quantitatively Problem / Solution Product / Market Fit Fit
  43. 43. Understand Problem Define Solution Validate Qualitatively Verify Quantitatively Problem / Solution Product / Market Fit Fit
  44. 44. Unfair Solution Advantage Unique Value CustomerProblem Proposition Segments Key metrics Channels Cost Structure Revenue Streams
  45. 45. UVP
  46. 46. MVP a storyvisual mock up wizard of oz functionalworking (just)
  47. 47. MVP Interview Outline WELCOME 2 min - Set the Stage MVP DO THE PITCH 2 min - Test UVP MVP SHOW THE PRICE 2 min - Set the Stage DEMO MVP 15 min - Test Solution WRAPPING UP 2 min - Open Feedback Loop DOCUMENT RESULTS 5 min
  48. 48. ? ?Understand Problem Define Solution Validate Qualitatively Verify Quantitatively ? Problem / Solution Product / Market Fit Fit
  49. 49. Understand Problem Define Solution Validate Qualitatively Verify Quantitatively Problem / Solution Product / Market Fit Fit
  50. 50. Unfair Solution Advantage Unique Value CustomerProblem Proposition Segments Key metrics Channels Cost Structure Revenue Streams
  51. 51. Dave McClure - Startup Metrics for Pirates
  52. 52. ? ?Understand Problem Define Solution Validate Qualitatively Verify Quantitatively ? Problem / Solution Product / Market Fit Fit
  53. 53. YoungStart Ups Enterprise
  54. 54. YoungStart Ups Enterprise
  55. 55. you need to get out the building andtalk to potential customers
  56. 56. Start with people you know but quickly move beyond Talking to people is hard Understand Problem Define Solution Validate Qualitatively Verify Quantitatively Pay attention to what people do, more than what they sayThe first thing to learn is what questions you should be asking Then you move on to trying to find the answers Remember to document for your team, communicate with your prospects
  57. 57. Build-Measure-Learn Loop - Eric Reis
  58. 58. Lean Startup Canvas by Ash Maurya Unfair Solution Advantage Unique Value Customer Problem Proposition Segments Key metrics Channels Cost Structure Revenue Streamswww.leancanvas.com
  59. 59. Understand Problem Define Solution Validate Qualitatively Verify Quantitatively Problem / Solution Product / Market Fit Fit
  60. 60. YoungStart Ups Enterprise
  61. 61. stewart.mctavish@ideaspace.cam.ac.uk

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