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Stage 2: Validating Your Business Model
Lesson 3: Market Analysis -
Knowing Your Terrain
Outline of the lesson plan
01 Review
02 Learning Objectives
03 The Terrain Map
04 Competitor Research
05 Practice - Competitor Analysis
06 Summary and Next Steps
01
Review
MVP: What? Why?
A Minimum Viable Product is that version of a new
product which allows a team to collect the maximum
amount of validated learning about customers with
the least effort. - Ries
A Minimum Viable Product is the
smallest thing you can build that
delivers customer value (and as a
bonus captures some of that value
back). - Maurya
Simplest thing you can show to customers
to get the most learning at that point in
time -- Blank.
• Feature set for MVP
• Validated learning
• Pivots
Problem worth solving? Built something people want? How accelerate growth?
Ideal time to
raise funding Concept Source: Blank Four Stages
to the Epiphany; Maurya, Running Lean
Image Source: Startitup
02
Learning Objectives
By the end of this lesson you should be
able to:
01 Explain the value of tracking the terrain around
your business and outline some strategies to do it.
02 Explain the value of competitor analysis and
identify ways you can research your competitors.
03 Begin to develop a plan for analyzing your
competition.
03
Terrain Map
Case – Boomer Travel Agency
Knowing the terrain
Questions
01 why is knowing the terrain important?
02 why is knowing what’s on the horizon important?
03 why is knowing your competition important?
04
competitor research
Who are your competitors?
• Direct
• Indirect (substitutes)
Competitor Research
Competitor Research
• BE a customer
• Talk to people – who???
• Library sources – you know I couldn’t leave that out!
05
practice and discussion
Steps
01 List 3-5 competitors
02 Answer the questions on the following slide
03 Group discussion
Questions to ask yourself about competitors
01 What do they do well? what are their strengths?
02 What are their weaknesses?
03 How is my business similar?
04 How is my business different?
05 How does this difference give me an advantage? -
(What should my positioning be?)
06
Summary and Next Steps
Questions?
Review material for next lesson.
Work on your terrain map.
20
See you in TWO WEEKS!
Next class: Stage 2 -
Lesson 4
May 5, 2016

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Lean Venture Series - Stage 2 Lesson 3

  • 1. 1 Stage 2: Validating Your Business Model Lesson 3: Market Analysis - Knowing Your Terrain
  • 2. Outline of the lesson plan 01 Review 02 Learning Objectives 03 The Terrain Map 04 Competitor Research 05 Practice - Competitor Analysis 06 Summary and Next Steps
  • 4. MVP: What? Why? A Minimum Viable Product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. - Ries A Minimum Viable Product is the smallest thing you can build that delivers customer value (and as a bonus captures some of that value back). - Maurya Simplest thing you can show to customers to get the most learning at that point in time -- Blank.
  • 5. • Feature set for MVP • Validated learning • Pivots Problem worth solving? Built something people want? How accelerate growth? Ideal time to raise funding Concept Source: Blank Four Stages to the Epiphany; Maurya, Running Lean Image Source: Startitup
  • 7. By the end of this lesson you should be able to: 01 Explain the value of tracking the terrain around your business and outline some strategies to do it. 02 Explain the value of competitor analysis and identify ways you can research your competitors. 03 Begin to develop a plan for analyzing your competition.
  • 9. Case – Boomer Travel Agency
  • 10. Knowing the terrain Questions 01 why is knowing the terrain important? 02 why is knowing what’s on the horizon important? 03 why is knowing your competition important?
  • 12. Who are your competitors? • Direct • Indirect (substitutes)
  • 14. Competitor Research • BE a customer • Talk to people – who??? • Library sources – you know I couldn’t leave that out!
  • 16. Steps 01 List 3-5 competitors 02 Answer the questions on the following slide 03 Group discussion
  • 17. Questions to ask yourself about competitors 01 What do they do well? what are their strengths? 02 What are their weaknesses? 03 How is my business similar? 04 How is my business different? 05 How does this difference give me an advantage? - (What should my positioning be?)
  • 19. Questions? Review material for next lesson. Work on your terrain map.
  • 20. 20 See you in TWO WEEKS! Next class: Stage 2 - Lesson 4 May 5, 2016

Editor's Notes

  1. NOT JUST A CHEAP VERSION OF THE PRODUCT GOAL IS LEARNING MVPs EVOLVE OVER TIME BLANK – COULD BE A POWERPOINT SLIDE DURING A SOLUTION INTERVIEW Maurya’s definition is stricter in that it requires getting some value back: https://leanstack.com/minimum-viable-product/ Simplest thing you can show to customers to get the most learning at that point in time. In product development, the minimum viable product (MVP) is a product which has just enough features to gather validated learning about the product and its continued development.
  2. https://www.youtube.com/watch?v=7O36YBn9x_4