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![Part 1: Based on your elevator pitch, list out what you believe to be true (assumptions)
◉ Have everyone write assumptions on stickies and put them on the wall.
◉ Everyone gets seven dots. Put them on the seven riskiest assumptions.
◉ Prioritize. These are the assumptions you will want to test first.
Part 2: Write a hypothesis statement for each assumption
“We believe [this statement is true]. We will know we’re [right/wrong] when we see the
following feedback from the market: [qualitative feedback] and/or [quantitative feedback]
and/or [key performance indicator change].”
! Exercise: Assumptions](https://image.slidesharecdn.com/newproductstrategy-jonathangowins-170305220336/85/New-Product-Strategy-27-320.jpg)
Uploaded byJonathan Gowins
New Product Strategy
This document outlines a new product strategy for increasing the chances of building products customers will buy. It discusses defining the market problem and determining customer needs. Enterprise needs and an elevator pitch should then be developed. Key assumptions should be identified and hypotheses created to test those assumptions. The strategy advocates iterating the design and testing assumptions to get feedback and improve the product.
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New Product Strategy
- 1. New Product Strategy Howto increase your chances of building new products customers will buy Presented by Jonathan Gowins
- 2. Problem: Many new productinitiatives are expensive and ineffective.
- 3. “ “If you buildit, they will come…” Or will they?
- 4. ◉ Consultants ◉ Executiveleadership ◉ Product management ◉ Sales ◉ Customers ? Where do new product ideas come from?
- 6.
- 7. CBInsights, The Top20 Reasons Startups Fail
- 8. “ “Startups fail whenthey are not solving a market problem… We had great technology, great data, great reputation as a thought leader, great expertise, great advisors, etc., but what we didn’t have was the technology or business model that solved a pain point in a scalable way.” – Treehouse Logic
- 9. ◉ Urgent, pervasive,and customers will pay for it1 ◉ An unmet need that is important to the customer, but poorly satisfied2 ? 1. Pragmatic Marketing 2. Jobs-to-be-Done theory, Clay Christensen What is a market problem?
- 10. “ “Customers are notbuying your product, they are hiring it to get a job done.” - Clay Christensen
- 11. What job doyour customers want to hire you for?
- 12. “ “Can we renta movie!?” - All kids, Everywhere
- 13.
- 14. Market Need (Job tobe done) Blockbuster People want to rent DVDs Hollywood Video People want to rent DVDs Netflix Should have asked “why?” People want to be entertained
- 15. ◉ Everyone listmarket problem(s) (or unmet needs) on stickies ◉ Consolidate stickies into similar groups ◉ Everyone puts a dot on the problem they deem most important ◉ Prioritize and select top need(s) ! Exercise: Define Market Problem
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- 17. The business goalsyou hope to achieve by solving the market problem ◉ “Achieve a gross profit margin of 60%” ◉ “Be #1 in the _______ market” ◉ “Allow users to complete _______ in under two minutes” ◉ “Increase NPS by 20%” ? What is an enterprise need?
- 18. “ “Features and servicesare outputs. The business goals they are meant to achieve are outcomes.” – Jeff Gothelf, Lean UX
- 19. ◉ Everyone listbusiness goal(s) on stickies ◉ Consolidate stickies into similar groups ◉ Everyone puts a dot on the goals they deem most important ◉ Prioritize and select top goal(s) ! Exercise: Business goals
- 20.
- 21.
- 23.
- 24. Elevator pitch: For (targetcustomer), who (customer need), PRODUCT NAME is a (market category) that (one key benefit). Unlike (competition), PRODUCT NAME (unique differentiator).
- 25. For consumers, who wantto be entertained, Netflix is a media rental service that offers a massive library of content. Unlike Blockbuster, Netflix removes the physical hassle from the rental experience.
- 26. ◉ Place apaper representing each section of the elevator pitch on the wall ◉ Every person writes their proposal for each section of the pitch and sticks it on the relevant paper ◉ Everyone puts a dot on the one sticky for each section they deem most important ◉ Prioritize and finalize the elevator pitch after group discussion ! Exercise: Elevator pitch
- 27. Part 1: Basedon your elevator pitch, list out what you believe to be true (assumptions) ◉ Have everyone write assumptions on stickies and put them on the wall. ◉ Everyone gets seven dots. Put them on the seven riskiest assumptions. ◉ Prioritize. These are the assumptions you will want to test first. Part 2: Write a hypothesis statement for each assumption “We believe [this statement is true]. We will know we’re [right/wrong] when we see the following feedback from the market: [qualitative feedback] and/or [quantitative feedback] and/or [key performance indicator change].” ! Exercise: Assumptions
- 28. ◉ I believemy customers have a need to _______. ◉ These needs can be solved with _______. ◉ My initial customers will be _______. ◉ The #1 value a customer wants to get out of my service is _______. ◉ The customer can also get these additional benefits _______. ◉ I will acquire the majority of my customers through _______. ◉ I will make money by _______. ◉ My primary competition in the market will be _______. ◉ We will beat them due to _______. ◉ My biggest product risk is _______. ◉ We will solve this through _______. ! Jeff Gothelf, Lean UX Assumption examples
- 29. Iterate (Design &Test)5
- 30. “ “You perfect results.What I can promise you is that you won’t get it right if you don’t commit to keep trying.” – Clay Christensen, How Will You Measure Your Life?
- 31. From idea toproduct… Market problem User needs Iterate Test assumptions Enterprise needs
- 32. You can findme at ◉ Linkedin.com/in/JonathanGowins ◉ Jonathan.Gowins@gmail.com Thanks!
- 33. Credits Special thanks andcredit to the following: ◉ Presentation template by SlidesCarnival ◉ John W alen, Brilliant Experience ◉ Pragmatic Marketing ◉ Clay Christensen ◉ Jeff Gothelf, Lean UX