1. If You Build It Will They Come?Three Steps to Test and Validate Any Market Opportunity
2. If You Build It Will They Come? What is this book about? Market Validation Getting new products and services right before you build them Summary of the approach: Ready, Aim, Fire What do most companies do? Build and ship new products or services Push them out the door and then try to fix them with more releases and “better” sales and marketing Summary of the approach: Ready, Fire, Fire, Fire, Aim
3. If You Build It Will They Come? What are the facts behind this? 90% of all start-up businesses fail 65% of all new products fail The US alone spends a whopping $260 billion annually on failed products … and only $140 billion on successful products
4. Market Validation Why do 90% of new businesses and 65% of new products fail? Companies focus on operational issues Educated to manage, not create Tendency to gravitate to data so it can be analyzed Development is a process with an endpoint Companies don’t focus on markets Products fail because they don’t sell 85% of product failure can be traced to market related issues Marketing is not a process driven effort
5. Market Validation How can this be addressed? Market Validation Market Validation is a process applied to the unstructured, serendipitous task of doing a complete evaluation of the market for a product or service before it’s built. Market Validation is a series of standard business practices applied using an objective, market oriented and fact based data collection process. A complete Market Validation process takes 60 days and has a budget of 5% of the expected cost of developing the product. For those of you in start-ups the book covers how to use your own labor and save on the costs
6. Market Validation Market Validation The philosophy behind Market Validation is that success is achieved through a series of fast failures. Market Validation lets you figure out in a matter of two months, for 5% of your development budget, whether your product or service will work in the market The alternative is to spend 100% of your budget and 2-3 years coming to the same conclusion
8. Market Validation The three steps of Market Validation Ready A fast triage of your idea to understand if more time and effort should be invested Time investment of 2 days Aim A deep dive into the target market using primary research techniques to develop a product with unique, differentiable features that are compelling to your target audience Time investment of 60 days Fire The art of converting market data into product features and getting a product out the door quickly Time investment is management diligence from the end of the Aim process until the product ships
9. Market Validation The Ready Step Domain knowledge Market size and growth rate Lifecycles and trends Competitive analysis Outside data sources
10. Market Validation The Aim Step Primary market research Who to interview Interviewing, interpreting the data and analyzing the results Using outside firms Getting the market ready for your product
11. Market Validation The Fire Step How to get a market oriented product out quickly Written product specifications and schedules Design Partner Programs, Advisory Board Programs Launch Sustained sales and marketing efforts
12. For More Information More information at www.drrobadams.com This presentation is posted under “events” Get more on the book connect and follow me via newsletter, LinkedIn, Facebook and Twitter Sign up for my newsletter or RSS feed
