Market/Product Fit The Geek Way
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The document provides information on three individuals: 1) The first individual is the CEO and founder of Provado Marketing, Inc. and NameGoat.com, with over 8 years of experience blending technical, design, and marketing skills. 2) The second individual has 8 years of experience as a developer at companies, with formal degrees in computer science and marketing. 3) The third individual has broad experience as a designer for traditional and new media agencies.
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Market/Product Fit The Geek Way
- 2. Twitter: @StacieAndrews EXECUTIVE / MARKETER Increasing ROI for local and international brands since 2005 as CEO of Provado Marketing, Inc. Founder/CTO, startup: www.NameGoat.com DEVELOPER 8 Yrs. Blending Technical + Design + Marketing Allowing Companies To Better Tack, Prove, And Increase Results. Formal Degrees in Computer Science and Marketing DESIGNER Broad experience as a designer for Award- Winning Traditional and New Media Agencies
- 3. Year 10 Year 5 Year 2
- 4. 50% 2010 1980 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Inadequate Competitive Exessive Uncollected Sales Weakness Expenses Recivables
- 6. A side effect of a glaucoma drug
- 7. Sales Demo turned Blockbuster
- 8. Strengths Challenges At lest you know it works. You may need to Technically. remake it so that it is easier/faster/etc for your market. Your probably in If you need customer pharmaceuticals so you acceptance you may may only need to focus on never find a Billion or distribution. Million Dollar Market.
- 9. Sneak up on your market but don’t be too stealth about it.
- 10. We want a Faster Horse!
- 11. That will do.
- 12. Strengths Challenges At lest you know there is a Can you develop the significant problem with product fast enough? someone willing to pay for a solution. Early customers can give Easy to develop a you a head start. product that is too fitted these first customers. So make an MVP.
- 13. Customer Customer Customer Company Discovery Validation Creation Building Problem- Product- Solution Fit Market Fit Scale Scale Org. Execution Proposed Business And Drive MVP Model Demand Scale Operations Proposed Business Funnel(s) Model Pivot * Credit to Steve Blank for the Customer Development Cycle
- 14. • Create Screen Cycle 2 • Demo/Alpha Cycle 4 Shots • Develop • Face2Face • Beta • Interview Landing Page Usability Testing • Measure Users Face2Face • Test Messaging • Survey Panels • Customer Follow up Cycle 1 Cycle 3
- 15. B2B Goal •3-5 Customers B2C Goal •30-50 Customers
- 17. • How do users find Acquisition you? • Do users have a great Activation first experience? • Do users come back to Retention use your product? • Do you make money? Revenue • Do users tell others about your Referral product? * Credit to Dave McClure for Metric Scale
- 18. Stage Example of Questions Patterns? What is your biggest problem? How would you Acquisition expect to find this product? What keywords would you use? Activation What would you expect the solution to look like? Retention How often would you use this? Love or Hate? Revenue Can you get their Credit Card? Referral Who would you recommend us to talk to?
- 19. What’s Rate of Stage Example of User Action Patterns? Success this Worth? What Keywords, Blogs ect. Bring in Acquisition traffic? Activation Do they signup? How often do they check the site? Retention Open teaser emails? Revenue Can you get their Credit Card? Referral Are they tweeting etc.?
- 20. Rate of Stage Example of User Action Success What’s this Worth? unique website visitors that didn’t Price/Revenue Acquisition bounce, spend x time on site, and go 90% Conversion Rate to Pricing page Price/Revenue Activation Sign up > Download > Use Product 70% Conversion Rate Price * Average Retention Recurring Payment 50% Recurring Revenue Can you get their Credit Card? 60% Price of Product Price/Revenue Referral Mentions 10% Conversion Rate
- 21. Prepare for Optimization First Time Unaware Interested Regular Evangelist Customer
- 22. You Get Blank Stares Your told department “X” has budget approval (X sends you to Y then Y sends you to Z… ) Customer cancels subscription because “they’d rather buy a hamburger.” Questions? Stacie@ProvadoMarketing.com
Editor's Notes
- Pixar story.Ristatis story. Teacher/voting story
- Pixar story.Ristatis story. Teacher/voting story
- Pixar story.Ristatis story. Teacher/voting story
- Educate people that this is something they want. Education is expensive.
- “Soft Money” – build something people alreadywant
- Pixar story.Ristatis story. Teacher/voting story
- Pixar story.Ristatis story. Teacher/voting story
- “Soft Money” – build something people alreadywant
- “If I had asked people what they wanted, they would have said a faster horse.” – Henry Ford – Ask the right questions to help you sell your vision in terms the customer understands.Segment Pivot – Existing product, different customersCustomer Problem – Same Customers, Different ProblemFeature pivot – pick a feature and find a customer/problem around it.
- Make Hypothesis and Test. Each cycle demands a different set of questions. Video and type out data. Cycles can happen simultaneously. Each Cycle can have multiple tests.
- 40% of people should feel “very disappointed” without your product. Acquire enough users to make this test meaningful (50-100+).
- Fast + Free = You Must have really good connections (Linkedin,)Free + Good = How much is your time worth? (Blogs, SEO, Viral, Forums)Good + Fast = Give yourself a budget. (PPC, Stumbleupon, survey panels)
- Measure all. Optimize 2 -- until your ready to grow and drive demand.
- Qualitative: Guess, Listen, Watch (small sets) Quantitative: Survey (large set)
- Comparitive: A/B test only one thing at a time (Color, Headline, Layout, Video)
- Quantitative, Comparative & Competitive. “What’s this worth” can be dynamic (real results) or static (costs or target) Google Analytics, Kissmetrics, Performable, ect.