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Founders Institute - Mentor Presentation on Research, Customer Development and Lean Startup
The document discusses the importance of research and customer development in validating business ideas and key assumptions. It emphasizes the roles of market choice, competition, and startup metrics in achieving success, alongside tactics for effective customer engagement and testing hypotheses. Key insights from prominent figures in the startup ecosystem, such as Marc Andreessen and Simon Sinek, are incorporated to illustrate foundational principles of the lean startup methodology.
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Founders Institute - Mentor Presentation on Research, Customer Development and Lean Startup
- 1. Founder Institute 2015 Researchand Customer Development Humphrey Laubscher 23rd March 2015
- 2. About Me • GMof Innovation @ Loud&Clear – Corporate Innovation and Startup Incubator • Product Strategy Manager and Lean Startup Innovation Consultant • Newcastle Slingshot Accelerator / Lean Startup Sydney • Ex Corporate IT Architect (BHP, Coles, NAB, CBA) Humphrey Laubscher @HumphreyPL
- 3. Overview • What researchcan you do to validate or to kill an idea? • How do you determine the key assumptions of your business? • Can key assumptions be tested? • What are tactics to test key assumptions when you just have an idea? • How do you identify and interview potential customers? • What are some tactics for effective surveying? • Does the market that you choose matter? • What are good markets, and what are bad markets? • Do competitors matter and why? • How do you define your competitive landscape?
- 4. What is LeanStartup? Steven Blank steveblank.com Eric Reis StartupLessonsLearned.com Ash Maurya ashmaurya.com
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- 7. New Product Lifecycle Problem/ Solution Fit Product / Market Fit Scale Do I have Problem worth Solving? Have a built something people want? Can I repeat the processes profitably? Validated Learning Growth Pivots Optimizations
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- 11. Market Size fromMarc • Which is more important? – The caliber of a startup team? – The quality of a startup's product? – The size of a startup's market? • I'll assert that market is the most important factor in a startup's success or failure. – In a great market — a market with lots of real potential customers — the market pulls product out of the startup. https://www.linkedin.com/pulse/marc-andreessen-product-market-fit-startups-marc-andreessen
- 12. Andy Rachleff ex-Benchmark Capital •When a great team meets a lousy market, market wins. • When a lousy team meets a great market, market wins. • When a great team meets a great market, something special happens.
- 13. Competitors • Competitors validatemarket • Direct and Adjacent meet Petals Diagram http://steveblank.com/2013/11/08/a-new-way-to-look-at-competitors/
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- 23. Early Adopters /Earlyvangelists The Revised Technology Adoption Life Cycle
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- 35. “Customers don’t care aboutyour solution. They care about their problems.” - Dave McClure, 500Startups
- 36. Startup Metrics forPirates • Acquisition: users come to site from various channels • Activation: users enjoy 1st visit: "happy” experience • Retention: users come back, visit site multiple times • Referral: users like product enough to refer others • Revenue: users conduct some monetization behavior Dave McClure @DaveMcClure http://500.co http://500hats.typepad.com http://slideshare.net/dmc500hat s
- 37. AARRR!: Startup MetricsModel Website.com Biz DevAds, Lead Gen, Subscriptions, ECommerce Homepage / Landing Page Product Features ACQUISITION SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Emails & Alerts System Events & Time-based Features Blogs, RSS, News Feeds Emails & widgets Affiliates, Contests Viral Loops
- 38. Role: Marketing /Sales Q: What channels? Which users? Why? A: High Volume (#), Low Cost ($), High Conv (%) • Design & Test Multiple Marketing Channels + Campaigns • Select & Focus on Best-Performing Channels & Themes • Optimize for conversion to target CTAs, not just site/landing page • Match/Drive channel cost to/below revenue potential • Low-Hanging Fruit: – Blogs – SEO/SEM – Landing Pages – Automated Emails
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- 43. @WebbJS © JohnWebb 2013 WHY HOW WHAT Simon Sinek: Start With Why Traditional, product-led marketing OUTSIDE - IN
- 44. @WebbJS © JohnWebb 2013 Innovators / Early Adopters engage with beliefs first WHY HOW WHAT INSIDE - OUT Simon Sinek: Start With Why
- 45. @WebbJS © JohnWebb 2013 What Compaq 1996 IBM 1997 Why Apple 1997 Simon Sinek: Start With Why
- 46. @WebbJS © JohnWebb 2013 Rockstar)Games) When your WHY is seen as a “Noble Cause” people will follow Simon Sinek: Start With Why
- 47. Workout • 3 TopProblems • 3 Top Solutions • Target Market • Customer Empathy Map • Early Adopter Persona • Facebook/Goog le Ad
- 48. Test Hypothesis through Interviews •Customer Segments: Who has the pain? – How to identify early-adopters? • Problem: What are you solving? – How do customers rank the top 3 problems? – What is their pain level: must- have, nice-to-have, don’t-need? – How do customers solve these problems today?
- 49. Example Problem andExercise: • Write out a list of interview questions using your Lean Canvas that allows you to: – Confirm your Target Market – Helps you confirm and rate your problems in order of importance by the customers from #1 to #3 – Rate your solutions in order of important by asking if they are “Nice to Haves” or “Must Haves” – Also ask the magic wand question.
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- 52. Time to Getout of the Building!
- 54. Overview • What researchcan you do to validate or to kill an idea? • How do you determine the key assumptions of your business? • Can key assumptions be tested? • What are tactics to test key assumptions when you just have an idea? • How do you identify and interview potential customers? • What are some tactics for effective surveying? • Does the market that you choose matter? • What are good markets, and what are bad markets? • Do competitors matter and why? • How do you define your competitive landscape?