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
Is your product/service viable?
Lean Startup Series #1
WTF
Image source: grasshopperherder.com
Goal Desired Approach
Image source: paulkortman.com
Where you want to be
Image source: pearanalytics.com
High Value
Not Useful
Low Value
Very Useful

Idea generation
Coming up with your own ideas
Image source: brainzooming.com
Idea generation
 Write down all of your ideas, no matter how
ridiculous
 Clever ideas are not the only ones that work, boring
ideas are just as good
 Should match what you are willing to do over what
you can do
Image source: webmastersuccess.com
Stealing ideas
 Large % of successful businesses have taken idea
and improved upon it
 Don’t worry about people stealing your idea
 Most people are all talk
Image source: admavericks.com
Is this you?
 "I don't know what to do"
 "I don't have any ideas"
 "I have no skills"
 "I want to quit my job, but I don't have enough
experience to do what I love"
 "Why would anyone pay for my service?”
Image source: memegenerator.net
Skills into service
 What are you good at? What motivates you?
 Review current skills set, passions
 Define how much money you need to make
 Rule of thumb: 2x’s salary
 Low risk
 Start part-time/freelance
 Common issue that bugs you?
 You have a solution?
Image source: salesprogress.com

Exercise: Benefit ConversionTool
Is your idea good enough for target client? (trustedauthority.com)
No one care what you do
 Where businesses fail
 Don’t connect with prospect
 No differentiation in competitive market
I’m a financial planner
I’m a life coach
I sell digital solutions
Image source: memegenerator.net
What do people care about
 Only focused on own problems
 Always looking for WII-FM
 Don’t give a crap about what you can do: How can
you help me?
 Testimonials: feel better that you’ve done it before
Image source: johnchow.com
Bottom line
 People buy benefits, not features
 Highlight what they get
 Focus what is delivered, not what you do
 What it the outcome/output from doing business
with you
Image source: healthsourcelaunchu.com
What are your benefits
 What I/we do is…
 Your answer
 What this means is…
 Your answer
 What this really means is…
 Your answer
Image source: wordsofgrace.wordpress.com
My example
“I’m a digital marketer”
VS.
“I help companies create marketing strategies online
and for mobile devices that reach their target customer
and increase sales leads.”

Does your idea sell?
Find out answers to these core questions
Image source: schoolimprovement.com

Strength
What is the demand?
Image source: mom.gov.sg

Market Size
Is it a growing market?
Image source: market-kap.blogspot.com

Same Same
How are you really different?
Image source: markramseymedia.com

Effective Marketing
Have ways to market to target market?
Image source: businesstm.com

Price variances
Are you in line with your competitors?
Image source: insureye.com

Cash infusion
How much cash do you need to start up/sustain?
Image source: zippycart.com

Test your idea
Don’t start just yet….
Image source: procto.biz
To the streets!
 Don’t invest anything just yet…..see what people think
 Talk to people who you anticipate will buy service/product
 Don’t hard sell your service yet – your goal is to get
information, not to sell.
 Most people are happy to discuss their wants, needs, and
thoughts with you.
 Ask:
 Is this something they are willing to pay for?
 Have they bought something like this before?
 Look at similar businesses, see how they position themselves.
Are they doing well?
Other ideas
 Forums/Discussion Boards
 Social Media
 Surveys/Reviews
Image source: writesofluid.com
Example:Test before building
Image source: milehighautomation.com
 Landing pages of product information marketers
 Build marketing copy
 Promote SEM/SEO/Social Media
 Gauge excitement/interest
 Lead generation activities to market new ideas
 Build Product!
file:///Users/artglee/Desktop/LeanStartup/A%20Compelling%20Headline%20Is
%20Crucial%20for%20a%20Sales%20Page.html

Set Goals
Get busy doing or get busy losin
Image source: dadislearning.com
What are your targets
 Set quantifiable goals (i.e. make $X in X time)
 Full-time job? set low-level, small, daily goals taking
<1 hour). Consistency is more important than big
leaps
 Talk to 3 people and get their feedback on whether
your idea works
Good Luck!
Come talk to me if you have any questions.

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Is Your Product/Service Viable? - Lean Startup Hong Kong

  • 1.  Is your product/service viable? Lean Startup Series #1 WTF Image source: grasshopperherder.com
  • 2. Goal Desired Approach Image source: paulkortman.com
  • 3. Where you want to be Image source: pearanalytics.com High Value Not Useful Low Value Very Useful
  • 4.  Idea generation Coming up with your own ideas Image source: brainzooming.com
  • 5. Idea generation  Write down all of your ideas, no matter how ridiculous  Clever ideas are not the only ones that work, boring ideas are just as good  Should match what you are willing to do over what you can do Image source: webmastersuccess.com
  • 6. Stealing ideas  Large % of successful businesses have taken idea and improved upon it  Don’t worry about people stealing your idea  Most people are all talk Image source: admavericks.com
  • 7. Is this you?  "I don't know what to do"  "I don't have any ideas"  "I have no skills"  "I want to quit my job, but I don't have enough experience to do what I love"  "Why would anyone pay for my service?” Image source: memegenerator.net
  • 8. Skills into service  What are you good at? What motivates you?  Review current skills set, passions  Define how much money you need to make  Rule of thumb: 2x’s salary  Low risk  Start part-time/freelance  Common issue that bugs you?  You have a solution? Image source: salesprogress.com
  • 9.  Exercise: Benefit ConversionTool Is your idea good enough for target client? (trustedauthority.com)
  • 10. No one care what you do  Where businesses fail  Don’t connect with prospect  No differentiation in competitive market I’m a financial planner I’m a life coach I sell digital solutions Image source: memegenerator.net
  • 11. What do people care about  Only focused on own problems  Always looking for WII-FM  Don’t give a crap about what you can do: How can you help me?  Testimonials: feel better that you’ve done it before Image source: johnchow.com
  • 12. Bottom line  People buy benefits, not features  Highlight what they get  Focus what is delivered, not what you do  What it the outcome/output from doing business with you Image source: healthsourcelaunchu.com
  • 13. What are your benefits  What I/we do is…  Your answer  What this means is…  Your answer  What this really means is…  Your answer Image source: wordsofgrace.wordpress.com
  • 14. My example “I’m a digital marketer” VS. “I help companies create marketing strategies online and for mobile devices that reach their target customer and increase sales leads.”
  • 15.  Does your idea sell? Find out answers to these core questions Image source: schoolimprovement.com
  • 16.  Strength What is the demand? Image source: mom.gov.sg
  • 17.  Market Size Is it a growing market? Image source: market-kap.blogspot.com
  • 18.  Same Same How are you really different? Image source: markramseymedia.com
  • 19.  Effective Marketing Have ways to market to target market? Image source: businesstm.com
  • 20.  Price variances Are you in line with your competitors? Image source: insureye.com
  • 21.  Cash infusion How much cash do you need to start up/sustain? Image source: zippycart.com
  • 22.  Test your idea Don’t start just yet…. Image source: procto.biz
  • 23. To the streets!  Don’t invest anything just yet…..see what people think  Talk to people who you anticipate will buy service/product  Don’t hard sell your service yet – your goal is to get information, not to sell.  Most people are happy to discuss their wants, needs, and thoughts with you.  Ask:  Is this something they are willing to pay for?  Have they bought something like this before?  Look at similar businesses, see how they position themselves. Are they doing well?
  • 24. Other ideas  Forums/Discussion Boards  Social Media  Surveys/Reviews Image source: writesofluid.com
  • 25. Example:Test before building Image source: milehighautomation.com  Landing pages of product information marketers  Build marketing copy  Promote SEM/SEO/Social Media  Gauge excitement/interest  Lead generation activities to market new ideas  Build Product! file:///Users/artglee/Desktop/LeanStartup/A%20Compelling%20Headline%20Is %20Crucial%20for%20a%20Sales%20Page.html
  • 26.  Set Goals Get busy doing or get busy losin Image source: dadislearning.com
  • 27. What are your targets  Set quantifiable goals (i.e. make $X in X time)  Full-time job? set low-level, small, daily goals taking <1 hour). Consistency is more important than big leaps  Talk to 3 people and get their feedback on whether your idea works
  • 28. Good Luck! Come talk to me if you have any questions.