Business 101.1 class 6 NYU ITP

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Customer relationships, business model canvas, customer channels

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Business 101.1 class 6 NYU ITP

  1. 1. Business 101.1 A class in business. And entrepreneurship. Fall 2016 NYU ITP October 24, 2016 Josh Knowles Jen van der Meer Extra love from Tom Igoe And the Leslie E-Lab
  2. 2. Syllabus Map START + Form Teams Business Models Customer Development How to Interview Value + The Purpose of Business Values Motivation Team Customer Relationships + Channels Analytics Key Resources Activities Partners Biggest Vision Analyze Test The Money Plan MVP Turning Insights Into Features More MVP How small, How big? Launch MVP Lessons Learned Go/No Go? Sketch Paper Prototype Oz Test Smallest MVP Tech Architecture
  3. 3. Customer relationships Story telling Team lightning rounds Customer channels Midpoint: running a test Customer Relationships Channels oz test
  4. 4. CUSTOMER RELATIONSHIPS
  5. 5. CUSTOMER RELATIONSHIPS Customer Segments Customer Relationships Value Proposition Key ActivitiesPartners Key Resources Customer Channels RevenuesCosts CUSTOMER RELATIONSHIPS AND CHANNELS
  6. 6. RELATIONSHIPS WHY DO WE BUILD RELATIONSHIPS? ▸ get ▸ keep ▸ grow ▸ and let the mismatched ones find another company
  7. 7. THE FUNNEL OLD SCHOOL FUNNELS
  8. 8. THE FUNNEL THE NEW SCHOOL BOWTIE FUNNEL
  9. 9. = here are the formulas
  10. 10. CAC < LTV BY 3 OR MORE NPS > 8 K VALUE
  11. 11. CAC < LTV BY 3 OR MORE COST OF CUSTOMER ACQUISITION LIFETIME VALUE
  12. 12. LIFETIME VALUE: PREDICTION OF LIFETIME PROFIT OVER TIME
  13. 13. CITIBANK?
  14. 14. NYU?
  15. 15. AT&T?
  16. 16. SPOTIFY?
  17. 17. COST OF CUSTOMER ACQUISITION
  18. 18. CAC < LTV BY 3 OR MORE
  19. 19. NET PROMOTER SCORE (NPS) IS A PROXY WOULD YOU REFER US TO A FRIEND
  20. 20. The viral co-efficient: the average number of invitations sent by each existing user times the conversion rate of invitation to new USErs. The viral coefficient is referred to as the K value. THE MAGIC ACCELERATOR: THE VIRAL LOOP
  21. 21. THE VIRAL COEFFICIENT = LOVE THE MAGIC ACCELERATOR: THE VIRAL LOOP
  22. 22. TEST VALUE BEFORE YOU BEGIN MAKING
  23. 23. HOW DID THEY TEST
  24. 24. HOW WILL YOU TEST?
  25. 25. TEAM ROUNDS
  26. 26. STORYTELLING
  27. 27. STORY TELLING 3 STORIES TO TELL?
  28. 28. STORY TELLING STORIES TO TELL
  29. 29. TESTING WHAT ARE WE DOING? ▸ Testing getting to midterms in 2 weeks ▸ What are your core hypotheses ▸ What tests do you want to run ▸ What do you believe to be true ▸ What story are you writing
  30. 30. CUSTOMER CHANNELS
  31. 31. WHAT ARE CHANNELS CHANNELS ▸ Channels describe all your customer interfaces through which you reach your customer segments, communicate with them and through which you deliver your value propositions.
  32. 32. WHICH CHANNEL? FIRST EASY DECISIONS: WHERE TO SELL, WHERE TO MARKET?
  33. 33. COMPLEX SELLING AND MARKETING DECISIONS OMNICHANNEL WORLD Targeting blogs (get written up) Publicity / PR Unconventional PR Search engine marketing Online ads (social, display, blogs) Offline ads Search engine optimization Content marketing Email (build your own list) Referral marketing Engineering marketing (microsites, widgets) Affiliate Programs Educational marketing (webinars) Existing platforms (app store, FB) Trade shows Offline events Speaking engagements Community building Direct sales through web Direct sales through mobile Sales through app store Sales through messaging apps In game or in app purchases Direct sales on the dark web Direct sales on virtual reality PHYSICAL SALES TRACTION CHANNELS DIGITAL SALES Direct sales through salesforce OEM Systems Integrator Dealer Deliver through owned retail Distribute to retailer Mail order Value added resellers Sell to distributor Aggregator Pop up shop Other
  34. 34. TESTING TO LEARN YOUR ADVANTAGE TRACTION ▸ Traction: quantitative evidence of customer demand. - Naval Ravikant ▸ “many startups experimented with multiple channels until they found the ones that worked” ▸ most founders pick the channel with which they are already familiar ▸ “it’s hard to predict a traction channel that will work best” - Gabriel Weinberg and Justin Mares
  35. 35. TRACTION CHANNEL TEST Sprint 1 Sprint 2 Sprint 3 Twitter ads x Earned PR Facebook ads x x Trade Show x Flyers Drip email x x Events Speaking Content x
  36. 36. NEXT TIME
  37. 37. MIDWAY PREP RUN A TEST ▸ Test your value proposition. ▸ “We believe” ▸ How will you test? ▸ What channel will you test?
  38. 38. END

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