This document discusses the importance of market validation for startups. It provides an overview of market validation and its outcomes. Some key points include:
- Market validation is the process of validating a product or service with the target audience before launch to determine if they like it and are willing to pay for it. This helps avoid failures and identify the business model.
- Various techniques for market validation are discussed, including primary/secondary research, prototypes, MVPs, A/B testing, surveys, and interviews.
- The document also covers experiment administration, analysis, and ensuring scalability through growth strategies and understanding customer needs and market trends.
Key learnings:
-Using advanced analytics to uncover monetization opportunities
-Types of campaigns you should automate to drive engagement and save you time
-Lifecycle optimization to take you from activation to repeat purchase
-Tap into dormant and churned users for new monetization opportunities
Measuring Customer Satisfaction: CSAT, CES and NPS comparedCheckMarket
In market research we love acronyms almost as much as the IT world does. Here we will present you three of them: Customer Satisfaction Score (CSAT), Customer Effort Score (CES) and Net Promoter Score (NPS). All three of them are used to measure customer satisfaction. So what do they do? And how do they differ? Can they be used in conjunction? Watch and find out…
This presentation is a boiled down version of a workshop i do with startups.
The goal of the workshop is to start with customer interviews and improve or pivot the startup's product.
It is based on the method of customer development by steve blank but focuses mainly on how to do interviews the right way.
Comment le digital a changé les parcours client pour le secteur de l'automobile ?
Dans cette présentation synthétique : un zoom sur les nouveaux parcours clients dans l'automobile, les enjeux et les perspectives.
Cette présentation a été réalisée par Véronique Colbert dans le cadre du MBA Marketing et Commerce sur lnternet à l'institut Leonard de Vinci en juin 2015
This 10 step sales process will help you map out the most efficient and effective way to target prospects, generate leads, nurture prospects and close more sales.
Here's the hard truth about marketing: your customers are better at it than you. Over the past decade, marketers perfected content creation, but as a result, things got a lot more competitive for businesses and a lot more crowded for buyers. So while creating content is still your best and cheapest strategy, it should no longer be your only strategy. That's where your customers come in. Learn more.
Key learnings:
-Using advanced analytics to uncover monetization opportunities
-Types of campaigns you should automate to drive engagement and save you time
-Lifecycle optimization to take you from activation to repeat purchase
-Tap into dormant and churned users for new monetization opportunities
Measuring Customer Satisfaction: CSAT, CES and NPS comparedCheckMarket
In market research we love acronyms almost as much as the IT world does. Here we will present you three of them: Customer Satisfaction Score (CSAT), Customer Effort Score (CES) and Net Promoter Score (NPS). All three of them are used to measure customer satisfaction. So what do they do? And how do they differ? Can they be used in conjunction? Watch and find out…
This presentation is a boiled down version of a workshop i do with startups.
The goal of the workshop is to start with customer interviews and improve or pivot the startup's product.
It is based on the method of customer development by steve blank but focuses mainly on how to do interviews the right way.
Comment le digital a changé les parcours client pour le secteur de l'automobile ?
Dans cette présentation synthétique : un zoom sur les nouveaux parcours clients dans l'automobile, les enjeux et les perspectives.
Cette présentation a été réalisée par Véronique Colbert dans le cadre du MBA Marketing et Commerce sur lnternet à l'institut Leonard de Vinci en juin 2015
This 10 step sales process will help you map out the most efficient and effective way to target prospects, generate leads, nurture prospects and close more sales.
Here's the hard truth about marketing: your customers are better at it than you. Over the past decade, marketers perfected content creation, but as a result, things got a lot more competitive for businesses and a lot more crowded for buyers. So while creating content is still your best and cheapest strategy, it should no longer be your only strategy. That's where your customers come in. Learn more.
There are seven key stages in a startup’s evolution from $0m to $50m in revenue. Understanding where you are in that evolution, and how to act at each stage is critical for success, as what is appropriate at one stage is not appropriate at another stage. David will lay out the roadmap, and detail the keys to success at each stage. The talk is aimed at technical/product founders plus their sales, marketing & product executives who are responsible for the go-to-market strategy for their company.
Developing Your Go to Market Strategy - For Startup Founders & EntrepreneursAdam Moalla
How to think about your new business go to market strategy?
In my accelerators mentoring sessions, I try to bring all the knowledge I have built in the last 10 years into a 30min presentation, aiming to inspire entrepreneurs and startups founders and give them hints and tips on how to think and develop their go to market strategy as an essential part of successfully launching and growing their business idea.
These slides are by no mean a go-to-market strategy template but rather an elaboration on the different aspects of what constructs the process of building the sales and marketing activities of a new business.
The slides touch the following topics:
Things that you can control for your idea to be successful
Re-thinking your new business KPIs
Analysing the market objectively
Identifying target customers
Defining the "Minimum Viable Sales Process"
Widening the marketing activities
Tracking and optimisation
Over the past several years, the lean startup movement has made the Minimal Viable Product (MVP) a key approach to incrementally discovering effective products and services. In this talk, Levent Gurses will discuss a 5 step MVP process for building great minimum viable products that's been used in real client engagements. His process has been developed working with more than 20 enterprise full-stack and mobile clients over the course of several years. Topics will include the challenges of creating the MVP vision, scoping the activity, what should an MVP cost in time and money, and what should you have when you are “done”. Not only sharing his tales of MVP development, he will provide insights in how he's developed methods to effectively drive vision and development execution.
What is an MVP?
A product that has the absolute minimal set of core features necessary to prove a hypothesis, generally linked to commercial success or market validation. The MVP seeks the highest return on investment versus risk.
The Rise of the Lean Startup Movement
The lean startup movement came about as a result of analysis of many startup successes and failures. Development timeframes have become shorter and customer engagement has increased, which is helping companies better product-market fit and a path to success.
Presentation Outline:
• The MVP Vision (What will I have at the end of the effort?)
• Brief history of the lean startup movement
• Scoping
• Budgeting for MVP
• Features: The MVP Way
• Essential vs. peripheral features
• Must have to prove a hypothesis vs. nice to have
• Assembling a team
• Hiring contractors or vendor firms to build the MVP
• Choosing a technology
• Fake it until you make it: How to create mock features for an MVP
Presenter
Levent Gurses - Developer, speaker, and entrepreneur, Levent is the founder www.movel.co, an enterprise mobility company based in Virginia. He’s a nationally-recognized leader in mobile technologies and is a frequent speaker at tech communities on mobile and full-stack development. Levent holds a BS in Computer Engineering and is a Certified ScrumMaster and Certified Product Owner.
Building a Repeatable, Scalable & Profitable Growth ProcessDavid Skok
In a talk I gave at SaaS North 2017 conference in Ottawa, I talk about the fundamentals of building a repeatable, scalable, and profitable growth process for a startup.
This is a 5-step model for creating a metrics framework for your business & customers, and how to apply it to your product & marketing efforts. The "pirate" part comes from the 5 steps: Acquisition, Activation, Retention, Referral, & Revenue (AARRR!)
KAM, A term that is widely used and few understand it and VERY few practice it.
What is KAM, who qualifies as KAM account, what is required in a professional sales person to be a KAM, what are the knowledge.skills required for a KAM ?
Many questions are answered in this intense 3 days course by Ashraf Osman
How to Create a Customer Segmentation ModelMark Haubert
Are your sales and marketing teams focused on the right customers? Learn how to define your Ideal Customer Criteria, create a Customer Segmentation Model, identify your Key Accounts and focus your teams on customers with the greatest potential for growth.
4 Customer Success Metrics to Inform Your Product-Led (Expansion) Growth Stra...QuekelsBaro
How do you know if your product-led expansion strategy is working? Learn how to apply product acquisition, adoption, retention, and expansion metrics in PLG.
How Consumer Insights & Surveys Help Businesses Large & SmallPollfish
Make the most of your consumer insights at any stage. With Pollfish, you can survey over 600 million potential consumers inside mobile apps. See how businesses at different stages use Pollfish with these survey examples and more.
There are seven key stages in a startup’s evolution from $0m to $50m in revenue. Understanding where you are in that evolution, and how to act at each stage is critical for success, as what is appropriate at one stage is not appropriate at another stage. David will lay out the roadmap, and detail the keys to success at each stage. The talk is aimed at technical/product founders plus their sales, marketing & product executives who are responsible for the go-to-market strategy for their company.
Developing Your Go to Market Strategy - For Startup Founders & EntrepreneursAdam Moalla
How to think about your new business go to market strategy?
In my accelerators mentoring sessions, I try to bring all the knowledge I have built in the last 10 years into a 30min presentation, aiming to inspire entrepreneurs and startups founders and give them hints and tips on how to think and develop their go to market strategy as an essential part of successfully launching and growing their business idea.
These slides are by no mean a go-to-market strategy template but rather an elaboration on the different aspects of what constructs the process of building the sales and marketing activities of a new business.
The slides touch the following topics:
Things that you can control for your idea to be successful
Re-thinking your new business KPIs
Analysing the market objectively
Identifying target customers
Defining the "Minimum Viable Sales Process"
Widening the marketing activities
Tracking and optimisation
Over the past several years, the lean startup movement has made the Minimal Viable Product (MVP) a key approach to incrementally discovering effective products and services. In this talk, Levent Gurses will discuss a 5 step MVP process for building great minimum viable products that's been used in real client engagements. His process has been developed working with more than 20 enterprise full-stack and mobile clients over the course of several years. Topics will include the challenges of creating the MVP vision, scoping the activity, what should an MVP cost in time and money, and what should you have when you are “done”. Not only sharing his tales of MVP development, he will provide insights in how he's developed methods to effectively drive vision and development execution.
What is an MVP?
A product that has the absolute minimal set of core features necessary to prove a hypothesis, generally linked to commercial success or market validation. The MVP seeks the highest return on investment versus risk.
The Rise of the Lean Startup Movement
The lean startup movement came about as a result of analysis of many startup successes and failures. Development timeframes have become shorter and customer engagement has increased, which is helping companies better product-market fit and a path to success.
Presentation Outline:
• The MVP Vision (What will I have at the end of the effort?)
• Brief history of the lean startup movement
• Scoping
• Budgeting for MVP
• Features: The MVP Way
• Essential vs. peripheral features
• Must have to prove a hypothesis vs. nice to have
• Assembling a team
• Hiring contractors or vendor firms to build the MVP
• Choosing a technology
• Fake it until you make it: How to create mock features for an MVP
Presenter
Levent Gurses - Developer, speaker, and entrepreneur, Levent is the founder www.movel.co, an enterprise mobility company based in Virginia. He’s a nationally-recognized leader in mobile technologies and is a frequent speaker at tech communities on mobile and full-stack development. Levent holds a BS in Computer Engineering and is a Certified ScrumMaster and Certified Product Owner.
Building a Repeatable, Scalable & Profitable Growth ProcessDavid Skok
In a talk I gave at SaaS North 2017 conference in Ottawa, I talk about the fundamentals of building a repeatable, scalable, and profitable growth process for a startup.
This is a 5-step model for creating a metrics framework for your business & customers, and how to apply it to your product & marketing efforts. The "pirate" part comes from the 5 steps: Acquisition, Activation, Retention, Referral, & Revenue (AARRR!)
KAM, A term that is widely used and few understand it and VERY few practice it.
What is KAM, who qualifies as KAM account, what is required in a professional sales person to be a KAM, what are the knowledge.skills required for a KAM ?
Many questions are answered in this intense 3 days course by Ashraf Osman
How to Create a Customer Segmentation ModelMark Haubert
Are your sales and marketing teams focused on the right customers? Learn how to define your Ideal Customer Criteria, create a Customer Segmentation Model, identify your Key Accounts and focus your teams on customers with the greatest potential for growth.
4 Customer Success Metrics to Inform Your Product-Led (Expansion) Growth Stra...QuekelsBaro
How do you know if your product-led expansion strategy is working? Learn how to apply product acquisition, adoption, retention, and expansion metrics in PLG.
How Consumer Insights & Surveys Help Businesses Large & SmallPollfish
Make the most of your consumer insights at any stage. With Pollfish, you can survey over 600 million potential consumers inside mobile apps. See how businesses at different stages use Pollfish with these survey examples and more.
Have you ever wondered what a product launch is?
A product launch is a planned marketing event that introduces a new product to the market. It's an exciting time for businesses as it represents a major milestone in the product development process.
A successful product launch requires careful planning and execution. It's not just about releasing a new product, but also generating buzz, building anticipation, and creating a memorable experience for your target audience.
Here are some key elements of a successful product launch:
• A clear understanding of your target audience and their needs
• A well-defined launch plan that outlines your goals, timeline, and budget
• A comprehensive marketing strategy that leverages various channels to reach your audience
• Creative and compelling messaging that highlights your product's unique features and benefits
• Influencer partnerships to amplify your reach and lend credibility to your brand
• Special launch offers and promotions to incentivize early adoption
Launching a new product is an exciting and challenging experience, but with the right strategy and execution, it can be a game-changer for your business.
Get in touch with us for more information about product launch: tips and strategies bit.ly/3ZhEn0q
And get started with WebMaxy for free trial: https://calendly.com/webmaxy/30min
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Slides David Shoenberger recently used in his discussion w/ mentees of The Product Mentor.
The Product Mentor is a program designed to pair Product Mentors and Mentees from around the World, across all industries, from start-up to enterprise, guided by the fundamental goals…Better Decisions. Better Products. Better Product People.
Throughout the program, each mentor leads a conversation in an area of their expertise that is live streamed and available to both mentee and the broader product community.
Copyright Strategyzer AG The makers of Business Model Genera.docxvanesaburnand
Copyright Strategyzer AG
The makers of Business Model Generation and Strategyzer strategyzer.com
Testing is usually associated with expensive pilot projects at the end of the product
development process when it’s usually too late to make major modifications or change course.
In the following pages we outline a number of testing techniques that you can already apply
during the search and design phase of your business ideas. These techniques enable you to
generate market facts rapidly and cheaply while you are still seeking to understand your
customers and design your value proposition and business model.
As outlined earlier, testing goes beyond interviewing or market observations, and gets
potential customers to perform certain actions that prove their interest.
This type of testing can be applied as early as the instance you have an idea. The facts you
gather in the process should continuously inform your search for great value propositions
and business models.
We identified three categories of testing techniques:
• Testing interest & relevance
• Testing willingness & ability to pay
• Testing preferences & priorities
Now get out there and start testing!
Testing Your
Business Model
A Reference Guide
Copyright Strategyzer AG
The makers of Business Model Generation and Strategyzer strategyzer.com
What you measure:
Do potential customers show interest in your ideas? Are your ideas relevant to
them? Are they interested enough to perform an action?
You can start testing the interest and relevance of your ideas with customers before even
having a concrete value proposition in mind. By testing jobs, pains, and gains you can figure
out if customers even care about the issues you intend to address.
The following techniques allow you to get started on testing your customers’ interest:
• Ad Tracking / “Fake” Ads
• Landing Pages
Ad tracking / “Fake” Ads /
Ad tracking is an established technique that is used by advertisers to measure the effective-
ness of ad spending. The same technique can be used in a powerful way to track the interest
or lack of interest of potential customers for a new value proposition that doesn’t even exist
yet. If few or no potential customers respond to your ad campaign they either don’t have the
job, pain, or gain you are planning to address or they don’t see fit in your advertised value
proposition.
Tear-off ads or flyers are a low-cost and low-tech way to learn from a local
advertising campaign.
Testing Interest
& Relevance
Copyright Strategyzer AG
The makers of Business Model Generation and Strategyzer strategyzer.com
Google ads are a very scalable way to test potential customers’ reactions to
certain search terms. With a small budget you can run a campaign on Google
AdWords and you only pay if people click on your ads and visit your landing page.
Billboard, magazine, or online banner ads
are a very rich, but usually more expensive
way to tes.
Introduction to performing an assessment of your company's product management...CompellingPM
The Product Management and Product Marketing Roles are some of the most strategically important roles in an organization and when well executed, can help the organization consistently deliver products and services that are successful in the market and result in increased revenue, market share and profitability. But unfortunately, these are also some of the most misunderstood roles and too often are relegated to tactical duties and miss out on delivering the strategic value and impact that they could deliver to the organization.
How do you ensure that your Product Management & Product Marketing team is consistently delivering strategic value? How do you know if the structure and process you have in place are right for your organization? How do you know if your team is doing all of the critical activities they should be doing? How do you know if you have the right people in these roles?
The starting point is to do an Assessment of Your Product & Market Management Practices.
Real estate is "property exist of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this an item of real property,buildings or housing in general.
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Outsmart the risks that could impact your business.The Risk-Driven Business Model and learn more about why the key choices you make in designing your business model can dramatically reduce risk
When listening about building new Ventures, Marketplaces ideas are something very frequent. On this session we will discuss reasons why you should stay away from it :P , by sharing real stories and misconceptions around them. If you still insist to go for it however, you will at least get an idea of the important and critical strategies to optimize for success like Product, Business Development & Marketing, Operations :)
Reflect Festival Limassol May 2024.
Michael Economou is an Entrepreneur, with Business & Technology foundations and a passion for Innovation. He is working with his team to launch a new venture – Exyde, an AI powered booking platform for Activities & Experiences, aspiring to revolutionize the way we travel and experience the world. Michael has extensive entrepreneurial experience as the co-founder of Ideas2life, AtYourService as well as Foody, an online delivery platform and one of the most prominent ventures in Cyprus’ digital landscape, acquired by Delivery Hero group in 2019. This journey & experience marks a vast expertise in building and scaling marketplaces, enhancing everyday life through technology and making meaningful impact on local communities, which is what Michael and his team are pursuing doing once more with Exyde www.goExyde.com
Best Crypto Marketing Ideas to Lead Your Project to SuccessIntelisync
In this comprehensive slideshow presentation, we delve into the intricacies of crypto marketing, offering invaluable insights and strategies to propel your project to success in the dynamic cryptocurrency landscape. From understanding market trends to building a robust brand identity, engaging with influencers, and analyzing performance metrics, we cover all aspects essential for effective marketing in the crypto space.
Also Intelisync, our cutting-edge service designed to streamline and optimize your marketing efforts, leveraging data-driven insights and innovative strategies to drive growth and visibility for your project.
With a data-driven approach, transparent communication, and a commitment to excellence, InteliSync is your trusted partner for driving meaningful impact in the fast-paced world of Web3. Contact us today to learn more and embark on a journey to crypto marketing mastery!
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Explore Tradeasia’s brochure for eco-friendly textile chemicals. Enhance your textile production with high-quality, sustainable solutions for superior fabric quality.
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What You're Going to Learn
- How These 4 Leaks Force You To Work Longer And Harder in order to grow your income… improve just one of these and the impact could be life changing.
- How to SHUT DOWN the revolving door of Income Stagnation… you know, where new sales come into your magazine while at the same time existing sponsors exit.
- How to transform your magazine business by fixing the 4 “DON’Ts”...
#1 LEADS Don’t Book
#2 PROSPECTS Don’t Show
#3 PROSPECTS Don’t Buy
#4 CLIENTS Don’t Stay
- How to identify which leak to fix first so you get the biggest bang for your income.
- Get actionable strategies you can use right away to improve your bookings, sales and retention.
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Salma Karina Hayat is Conscious Digital Transformation Leader at Kudos | Empowering SMEs via CRM & Digital Automation | Award-Winning Entrepreneur & Philanthropist | Education & Homelessness Advocate
4. Market Validation: Meaning and Outcomes
Many start-ups see their creation and destruction in the same year. There
are many reasons why products fail. However, the most important reason is
lack of market validation.
Market validation refers to the process of validating your Product and
Service by your target audience before it is put on the market.
Does your target audience like your product?
Is your target market ready to pay for or buy your product?
You can determine if your idea is feasible by conducting market validation.
The possible outcomes are as follows:
5.
6. Product Development Life-cycle
Learn from data analysis
whether to pivot or
persevere
Build small and simple
tests to collect metrics
Measure test results
7. Importance of Market Validation
Get to know your market better.
Avoid huge failures.
Identify your business model.
Secure and justify product funding
Market validation is important because it allows you to-
10. 6 Steps to Product-Market Fit :
Identify your target
market/customer
1.
2.Identify underserved customer needs
3. Value Proposition
4. Feature Set
5.User Experience
6. Testing
11. Methods of Market Validation
Primary and Secondary Research
Prototype Testing
MVP
A/B Test "a simple randomized controlled experiment, in which
two samples (A and B) of a single vector-variable are compared"
There are many market validation methods available, each with its
own benefits and drawbacks. Important to use the correct methods.
Often, this means using multiple methods to gain a better
understanding of the market.
12. We can quickly validate our idea in the market. A simple
Google search can be used to find out if others are talking
about your idea.
For example, check the search volume for a keyword on
websites like SEMrush if you are looking to develop a mobile
feature that is accessible to blind people.
Search Engine Research:
13. Prototype Testing
Test users can provide valuable information on how your
product works and doesn't work.
This means that people no longer have to think up an idea
or product.
They can actually use the product and relate to it beyond
the test.
14. MVP
Minimum viable product (MVP), is the simplest possible
version of your product that can provide value to customers.
The MVPs are often used in market validation tests to gauge
users' interest and how they might interact with the
product.
It is worth investing in a fully-fledged product if users
continue to use the MVP. This allows you to get feedback
from your target audience and pinpoint any issues they have
with the product.
16. A/B Testing is one the most widely used market validation
methods. It is a widely used product management tool to
prioritize and user research.
You can use A/B testing to test which version of your idea is
most popular and gauge which one gets the best reception.
Consider, for example, that you have more subscribers using
the premium model rather than the pay per-use model. This
can be used to help you develop your product-marketing
strategy.
A/B Testing
18. Hypothesis-driven product management is the practice of
treating the development of new products as a series of
experiments. Instead of formulating requirements, we
formulate hypotheses along with some validation criteria that
state how strong of a signal we need to consider the hypothesis
to be true. We use what we learn from each experiment to
iterate on our ideas until we get where we want to go, or until
we determine that the product isn’t viable and cancel the effort.
Hypothesis Driven Mgmt
19. The hypothesis is a falsifiable version of our assumption. Remember to make
sure you’re only testing one variable in each hypothesis; otherwise, you won’t
get reliable data.
The test is how we intend to validate our hypothesis, proving it to be true or
false.
The validation criteria is the evidence we need to consider the hypothesis
true.
A lean experiment is the smallest experiment we can run to quickly test our
assumption. We start small and fast and then increase the scale and scope of our
experiments over time. An experiment consists of three parts:
Designing Experiments
20. Hypothesis:
We believe that <this capability> will result in <this outcome>.
Test:
We’ll do/make <this test>.
Validation criteria:
We’ll know that our hypothesis is valid if we observe/measure <this outcome>.
Experiment template
22. The product vision is your true north
The product vision states what the product could ultimately become in support of your
company’s overarching purpose. It reflects the core values, motivations, and intentions of a
team or company. It’s often referred to as a team’s “true north,” in that it defines
the product’s direction and guides the team’s every decision and action.
Strategy
The product strategy explains HOW we’ll realize our product vision.
Tying it back to Product Vision
23. Goals change throughout the product lifecycle
Objectives make goals more achievable
Clear goals and objectives help minimize waste and maximize value
Metrics enable us to track progress
To know whether we’re on the right track to deliver on our product goals, we need to
establish clear objectives and metrics.
Track against Objectives
24. KPI: Increase site availability measured over the last month from 97.5 percent to
99.5 percent <<Your experiments should relate to this KPI>>
Example: Online retailer
• Goal: Improve customers’ satisfaction with our site experience
• Objective: Improve site performance
Example: Online media property
• Goal: Improve profitability
• Objective: Increase banner ad revenue
• KPI 1: Visitor loyalty (average number of returning visits per month) <<Your
experiments should relate to this KPI>>
• KPI 2: Clickthroughs (average number of banner ad clicks, per user, per month) <<Your
experiments should relate to this KPI>>
Examples
26. Scalability
Scalability is all about capability and capacity.
Scaling a company means setting up the conditions for
growth. This means being able to grow without being
hindered.
Scaling requires planning, funding, the right systems,
people, processes, technology and partners.
The process of acquiring the right capacity for meeting the
increasing need for the product in the market is called
scaling up.
29. Your growth strategy will involve different aspects of your business. You will need to
add to your team and build systems to support your increased volume of business.
Startups selling B2B
1.
Startups who sell products or services online need to focus on which expenditures (e.g.,
social media, SEO, Google AdWords) lead to more customers, and then spend and scale
accordingly when they have the resources.
2. Startups selling Online
Scaling your startup:
Having an effective growth strategy
30. Ascertain that your core product line achieves “market fit.” You can
iteratively modify your product based on customer input and data.
Determine your primary users
Determine which marketing channels offer the highest return on
investment and the greatest potential for scalability by conducting
first tests with modest expenditures
Ascertain that you have the resources necessary to scale. If required,
seek extra money. Profitability is irrelevant when scaling, and the last
thing you want is to run out of money.
Prepare an effective Growth strategy
31. What is your competitive space and how do you compare with alternatives?
Are you creating a new product or service category that must be explained and evangelized
to your market?
What do your different types of customers each want most from your product or service?
What’s the difference between your best customers and your worst customers?
Where is the market going and what trends will affect your business?
What is your current situation in the business?
Where does your business need to be in one year and three years for you to consider it
successful?
The Scaling Point process includes important questions that go beyond product-market fit:
The Scaling Point Process
32. The goal of product-market
validation is to meld the market
characteristics (your target
demographic and their underserved
needs) together with the product
characteristics (value proposition,
features, and user experience)
33. It's not clear if a specific product feature will be feasible to offer. It is important
to determine if offering a cancellation option for bookings will increase
customer retention and gain.
Your first step is to create your hypothesis. Consider this: "Free cancellations
result higher customer conversions."
Next, design two ads for each campaign. You can choose one that offers
cancellation free of charge or another that does not.
This can be done on a targeted audience network.
Assume that you have a travel agency called as TravelGo.
Google and Facebook analytics can be used to determine which ads had the highest
click through rate. This will allow you to decide whether or not to add the feature.
Example of Market Validation
34. It is best to start as soon as possible after you have an
idea.
Before you hire a new team, relaunch or redevelop a
product or service that is already in production.
The experts suggest the following:
When to implement?