ACETECH Growth Strategy Program Market Validation Module Presentation. Narrated by Ralph Turfus
Principles & Structure of the Growth Strategy Program Our Mutual Goal is YOU ACQUIRING CUSTOMERS!!• Good News! There is a Framework that can substantially improve the likelihood of success for your opportunity!• Within the Framework,1st determine the Few Things (80/20 rule) that need to be done well to Commercialize your opportunity.• Then, for each of the Few Things needed to Commercialize, identify and deliver the Best Practices models and tools.• Then, Mentor so that the Best Practices are “live” and become part of the culture, rhythm and discipline of your business. It then comes down to YOU – LEARNING AND DOING!
Market Validation Program“Any road will get you there if you don’t know where you are going!” “Alice in Wonderland”Step 1 – Create Hypotheses for your Go to Market Strategy and key Sales Tactics Positioning Statement Value Propositions Market SegmentationStep 2 – Do research to reduce Risk and convert your Hypotheses to Facts• Talk to potential customers and revise your Hypotheses until you have good confidence• Do market research – size; growth rates; sweet spots; key influencers; demographics• Identify Early Adopter CustomersStep 3 – Build your Minimum Viable Product (MVP)• Build your MVP with the few features needed initially – learned from your interviews• Create a Product RoadmapStep 4 – Your Action Plan to Acquire Early Adopter Customers• This confirms your Hypotheses are now Facts – customers paying to use your product!
Growth Strategy Program CultureConfidentiality is the #1 priority - what goes on in the room stays in the roomAttendance is the #2 priority - attend all 3 meetings; no make up sessionsGo LIVE with the Best Practices - stay with the content of the program; doing homework and using the Best Practices is mandatory in order to receive mentoringParticipation – A balance of listen and talk – Park your ego at the door - we all are in learning mode – Very candid conversation but supportive – no “shoulds” – Disengage from your office - cell phones off, check email during the breaks – Punctuality - start of day, returning from breaksAccountability – do what you say you are going to do; stay with the pace of the program; mentor to “hold your feet to the fire”Other – Meeting Materials/Handouts in hard copy only – Food and beverages provided
Comfort Zone & Additions to your Thinking FROM TO Selling SuccessProduct & Feature Customer & ValueInternal focus External focus Strategy SuccessLots of Features Differentiator / Sweet SpotReactive; R&D Proactive; Organization Company SuccessUnpredictable results Reliable; SustainableCash In from Investors Cash In from Customers
SummaryExpected Outcomes from the Market Validation Program are: Customer Acquisition is the Success Measure There is a Framework that can help guide you to become a Successful Startup! Words of Advice: Learn the Best Practices and get them „Live‟ fast Leverage your Mentor(s) – get every bit of wisdom you can; listen well A startup is built on Hypotheses – your Goal is to Reduce Risk by establishing Facts ASAP which only occurs through CUSTOMER USE! Speak Customer Value - not Features