Lean startup workshop - Bangalore - April 2014
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The document discusses Lean Startup methodology for validating business ideas through customer interviews and experiments. It emphasizes minimizing time in the learning loop through quick, iterative experiments to test hypotheses. MVP (minimum viable product) is discussed as a way to gain maximum validated learning with minimum effort. Tips are provided for effective customer interviews, including avoiding confirmation bias, focusing on specific past experiences rather than opinions, and using open-ended questions to listen more than pitch ideas. Filters for interview questions are outlined to avoid eliciting biased or untruthful responses.
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Lean startup workshop - Bangalore - April 2014
- 1. LeanMantra Creating Culture of Validated Learning
- 2. Lean Startup? Business model Riskiest Assumption Pivot Idea MVP Hypothesis Customer Interviews Eliminate waste
- 3. Traditional Product Development Business Plan Development Alpha Beta Launch Idea Some Learning Most of the Learning Problem Known Solution Known
- 4. But in a Start-up… Problem: Unknown Solution: Unknown Unknown: Unknown Market : Unknown
- 5. 2 Stage of Learning Test Problem Pivot or Persevere Discovery Validate
- 6. 2 Stage of Learning Hypothesis Test Problem Test Solution Pivot or Persevere Discovery Validation
- 7. 2 Stage of Learning Pivot or Persevere Develop Positioning Discovery Validation Get ready to sell Sell to Early Adaptors
- 8. 2 Stage of Learning Test Problem Pivot or PersevereDiscovery Validate Pivot
- 9. Minimize total time through the loop
- 10. MVP Maximum amount of validated learning about customers with the least effort
- 11. Interviews Paper Sketch Paper Mockup Ad-wards Campaign Video Software Prototype Concierge MVP The Product Few Many Low High Customer Reach Fidelity http://stefanroock.wordpress.com/2012/08/05/lean-startup-a-classification-of-mvps/ Types of MVP
- 14. Document your idea Big Picture
- 15. Describes the rational of how an organization creates, delivers and captures value Business Model
- 16. CUSTOMER SEGMENTS which customers and users are you serving? which jobs do they really want to get done?
- 17. VALUE PROPOSITIONS what are you offering them? what is that getting done for them? do they care?
- 18. CHANNELS how does each customer segment want to be reached? through which interaction points?
- 19. CUSTOMER RELATIONSHIPS How do you Get, Keep and Grow your customers
- 20. REVENUE STREAMS what are customers really willing to pay for? how? are you generating transactional or recurring
- 21. KEY RESOURCES which resources underpin your business model? which assets are essential?
- 22. 22 KEY ACTIVITIES which activities do you need to perform well in your business model? what is crucial?
- 23. KEY PARTNERS which partners and suppliers leverage your model? who do you need to rely on?
- 24. COST STRUCTURE what is the resulting cost structure? which key elements drive your costs?
- 27. Customer Segments - Goal • Who experience a similar need • To whom you could deliver your solution at similar cost • And who would buy it at similar price
- 28. Jobs People don’t buy quarter inch drills, they buy quarter inch holes Functional Social Emotional
- 29. Cost Structure Revenue Streams Key Partners Key Activities Key Resources Value Proposition Customer Relationship Channels Customer Segments An Ecommerce Company Business Model
- 32. Tips while talking to customers
- 33. Confirmation Bias Tendency of people to favour information that confirms their beliefs or hypotheses
- 34. Ask open ended questions Don’t put words into peoples mouth Don’t pitch your idea, instead talk about their life Ask about specifics in the past instead of generics or opinions about the future Talk less and listen more 5 why technique Listen to non verbal clues
- 35. Suresh is working on an idea which helps parents to rent toys on subscription model. He has heard about Lean Startup and plans to interview parents for which he meets his friend Ramesh who is a parent of 5 year old boy. Example scenario From the following slides check if the questions are asked correctly
- 36. Suresh questions - “ Hey Ramesh I am working on idea of renting toys through subscription. What do you think about the idea ?” Ramesh Answers: “This is a pretty cool idea, in fact I was looking for something like this because toys are too expensive”
- 37. Suresh: “Would you buy a product that solved this problem for you ” Ramesh: “Sure why not”
- 38. Suresh: “OK tell me How much would you pay for this” Ramesh: “ I don’t may be few 100 Rs or 1000 Rs”
- 39. Ramesh “ In general I don’t buy unless I can experience, If you have an offline store then I check it out and rent it” Suresh : “That’s great to know I will definitely take this up”
- 40. Ramesh: “Sounds great I love this ” Suresh thinks : “Looks like have a positive customer”
- 41. Ramesh : “Brilliant let me know when it launches” Suresh: “Looks like I can start getting revenue”
- 42. Ramesh: “Couple of people I can introduce when you are ready” Suresh: “My marketing problem is also solved“
- 43. Good interviews may lead to Permission to contact again Clear next meeting Intro to decision maker Commitment to run trial Pre purchase
- 44. Apply following filters while preparing interview questions • Confirmation Bias Filter – Are you framing questions just to confirm what you believe • Remove Idea Filter – Are you communicating your idea while interviewing • Can't Lie Filter – Are you framing question in a way that answer could be a lie • Opinion Filter – Are you framing question in a way that opinions are elicited • False Positives Filter – Are you framing question in a way that answers can lead to a false positive response
- 45. Thanks LeanMantra Creating culture of validated learning Contact@leanmantra.in
Editor's Notes
- Who has that problem? How big of a problem it is?How much they're willing to pay for the solution, in some way, shape, or form? In other words--how painful is this problem for them?What can we create that is going to solve this specific problem?
- YOUR GOAL IS TO FIND A HOMOGENEOUS GROUP OF TARGET CUSTOMERSidentifying groups of customers that are similar enough that the same product or service will appeal to all of them
- When customers become aware of a job that they need to get done in their lives, they look around for a product or service that they can "hire" to get the job done. This is how customers experience life.if you are trying to create better product, you will find out how to create a better drill, but you have to create a better quarter inch holeanalyze the job not the product
- Truth is our goals, questions are our tools Ask them to walk through a last time when they faced this problemFind out how do they currently deal with itHow big is the problem“Anybody will say your idea is great if you annoy them for long enough”Ask about their life Ask about specifics in the past (“Talk me through last time you had this….” Tell me about how you play with your kids Concrete fact about customer livesSolid Commitments Not opinions False positives create heartbreak and waste in Build Measure Learn cycleCommitment is the best signal Give money If not atleast conversation advance
- Don’t ask question that allow people to lie The measure of usefulness of an early customer conversation is whether it givesus concrete facts about our customers' lives and world viewsAsk about specifics in past and not generics and opinions about future. Don’t ask for easy confirmation
- Don’t ask question that elicit an opinion. Instead “How much money does this problem cost you what is cost of not having a solutionIs there a budget for this ”“Who else I should talk to ?”
- This is an example strong false positive “In general” are indicators of generics and hypothetical
- Stalling tactic does not convey informationNo commitment is a bad indicator
- Compliment + stalling tactic = they don’t care
- ( Is there a valid reason it cant be now ?)Lead you into a false positive