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Customer development oxford 14.02.2015

Deck used as part of the Oxford Immersion program

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Customer development oxford 14.02.2015

  1. 1. THIS WEEK Monday Afternoon Customer Development Tuesday Morning Business Model Design Tuesday Afternoon Investment Thursday Morning Pitching Thursday Afternoon Negotiation
  2. 2. NAMES
  3. 3. Learning Goals
  4. 4. There is no One True Way
  6. 6. ONE DAY A man wakes up, turns on the radio, goes upstairs, turns on the light, and kills himself. Why?
  7. 7.
  11. 11. Do we understand them? Do we have the right product?
  12. 12. Question How much of what you believe about your customers is wrong?
  13. 13. Lying bastards. Everybody will tell you what you want to hear, especially if you want to hear it.
  14. 14. Pricing, tricks, advisors, politics, introductions. Only available in pre-product conversations!
  15. 15. Getting actionable facts.
  16. 16. The burden of truth is on the observer.
  17. 17. Dear son, You are the best and your idea is awesome. You should do it - I will buy one. Your Mom
  18. 18. Dear son, I never understood why you didn’t take that corporate job. Your idea will fail. Go back to school. Your Mom
  19. 19. The Mom Test Questions so good, even your mom can’t lie to you.
  20. 20. Past Because nobody can predict the future.
  21. 21. Fact Because opinions change.
  22. 22. Specific Because generalities hide the truth.
  23. 23. The Mom Test Past - Fact - Specific
  24. 24.
  25. 25. Good question or bad question?
  26. 26. Is this something you would buy?
  27. 27. Let’s apply The Mom Test.
  28. 28. What are the three rules?
  29. 29. Is this something you would buy?
  30. 30. How do you currently deal with this problem?
  31. 31. How do you currently deal with this problem?
  32. 32. How can we improve this?
  33. 33. How have you dealt with this problem?
  34. 34. When does this problem pop up?
  35. 35. When does this problem pop up?
  36. 36. We could still get an invented answer. Let’s fix this.
  37. 37. When has this problem popped up?
  38. 38. What makes this go off-track?
  39. 39. What makes this go off-track?
  40. 40. This is great for finding opportunities to help in outlying cases. But it’s still too general.
  41. 41. Has this ever gone off-track?
  42. 42. How much would you pay for this?
  43. 43. How much would you pay for this?
  44. 44. How much does this problem cost you?
  45. 45. How much does this problem cost you?
  46. 46. How much has this problem cost you?
  47. 47. What’s your budget?
  48. 48. Customer Development isn’t sales!
  49. 49. What’s your budget?
  50. 50. Talk about their life, not your idea. Rule Of Thumb
  51. 51. Please tell me how you handle this.
  52. 52. Please tell me how you handle this.
  53. 53. LEARN CONFIR M
  55. 55. Please show me how you do this.
  56. 56. Can I ask why?
  57. 57. Do we understand them? Do we have the right product?
  58. 58. If you’re in the mindset of a learner, trying to understand the customer, you’re doing great!
  59. 59. Can I ask why?
  60. 60. Conversation is a skill, not a process.
  61. 61. You’re already good at it - you just don’t know it yet. Just like you already speak French!
  62. 62. Softball Questions To get them talking. To start the momentum.
  63. 63. Softball Question How’s it going with… ?
  64. 64. What’s your softball question? What words are natural for you? Write it down.
  65. 65. Let’s say you have a travel booking app idea. We want to learn about travel in people’s lives.
  66. 66. Now try it! One-minute conversations - get the momentum going!
  67. 67. Signals What to listen for.
  68. 68. Obstacles Problems and friction indicate areas where we can help.
  69. 69. Goals tell us where we fit in the bigger picture of their life. Listen for -ly words, like quickly, or cheaply.Goals
  70. 70. Actions give us a sense of if they care enough to do something, and if so, what their options are. Actions
  71. 71. Signals Obstacles Goals Actions
  72. 72. Demo! I’ll talk to one of you and point out the signals I hear. Did you catch them too?
  73. 73. Now try it! Listen for signals. Put your hands up when you hear one.
  74. 74. Anchor Questions To explore a signal.
  75. 75. Anchor Question Interesting. Tell me more about that.
  76. 76. Anchor Question Can you help me understand …?
  77. 77. Anchor Question You can just raise your eyebrows like you’re surprised!
  78. 78. What’s your anchor question? What words are natural for you? Write it down.
  79. 79. Now try it! Direct the conversation towards a signal you heard.
  80. 80. Recording The Right Stuff. Their words - not yours! Pair up.
  81. 81. Now try it! Write down what you hear.
  82. 82. Making decisions. The trick to making decisions as a team is to share insight, then decide together.
  83. 83. Now try it! Put your sheets down on the table. Point to phrases you don’t understand and ask the interviewer to explain what was going on.
  84. 84. Rule of Thumb Direct conversations to specific, past, events, not general current or future.
  85. 85. Compliments Are Not Signals.
  86. 86. Sounds great. I love it!
  87. 87. Sounds great. I love it!
  88. 88. Brilliant -- let me know when it launches!
  89. 89. Brilliant -- let me know when it launches!
  90. 90. Compliments? Stalling tactic? They don’t care. :(
  91. 91. There are a couple people I can intro you to, when you’re ready.
  92. 92. Partial commitment?
  93. 93. Validate by going for full commitment.
  94. 94. I would definitely buy that!
  95. 95. Your Mom Is this something you would buy?
  96. 96. Rule of Thumb Advancement to the next step is a signal you are ready to Confirm.
  97. 97. Advancements Time Money Reputation
  98. 98. Facts Commitmen t
  99. 99. Learn Confirm 2 stages of learning
  100. 100. @saintsal @lvelev Thank you!