Tedx Hyderabad - Creating Culture of Validated Learning
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By Validating once product idea well in advance, one can build products that customers desire. Once can create innovative products by validating and without wasting valuable resources like money and time
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Tedx Hyderabad - Creating Culture of Validated Learning
- 1. Creating a Culture of Validated Learning Rammohan Reddy Date: 5th February 2017
- 2. © 2017 InnoCentrik Consultancy LLP
- 3. © 2017 InnoCentrik Consultancy LLP
- 4. © 2017 InnoCentrik Consultancy LLP
- 5. © 2017 InnoCentrik Consultancy LLP
- 6. © 2017 InnoCentrik Consultancy LLP
- 7. © 2017 InnoCentrik Consultancy LLP
- 8. Most of the Learning © 2017 InnoCentrik Consultancy LLP
- 9. © 2017 InnoCentrik Consultancy LLP
- 10. Problem Known Solution Known © 2017 InnoCentrik Consultancy LLP
- 11. However , most of the times… Problem: Unknown Solution: Unknown Unknown: Unknown Market : Unknown © 2017 InnoCentrik Consultancy LLP
- 12. 2 Stage of Learning Test Problem Pivot or Persevere Discovery Validate © 2017 InnoCentrik Consultancy LLP
- 13. 2 Stage of Learning Discovery © 2017 InnoCentrik Consultancy LLP
- 14. © 2017 InnoCentrik Consultancy LLP
- 15. © 2017 InnoCentrik Consultancy LLP
- 16. 2 Stage of Learning Validation © 2017 InnoCentrik Consultancy LLP
- 17. © 2017 InnoCentrik Consultancy LLP
- 18. 2 Stage of Learning Test Problem Pivot or PersevereDiscovery Validate Pivot© 2017 InnoCentrik Consultancy LLP
- 19. Hypothesis Experiment & Test Measure Insights Decision © 2017 InnoCentrik Consultancy LLP
- 20. Case Study 1 One click document verification check © 2017 InnoCentrik Consultancy LLP
- 21. Hypothesis We believe that universities will provide digital certificate Experiment In person interviews Measure 50% of them will show interest Insights Universities get 20 verification requests per day and are paid RS 800 per verification Decision Pivot: We invalidated our riskiest assumption. We need to pivot our idea and go back to the drawing board Persevere: We did not invalidate the assumption. We need to test our next assumption Iterate: We are not satisfied with the data and need to run more experiments to make a decision © 2017 InnoCentrik Consultancy LLP
- 22. Case Study 2 Book hotel for few hours instead of traditional 24 hours 8 © 2017 InnoCentrik Consultancy LLP
- 23. Hypothesis We believe that People visiting Goa would like to book a hotel for a few hours Experiment Distributed 500 flyers at Goa railway station, which said - “Need a hotel for a few hours? Give us a call at 8800****08.” Measure 60% of them will call Insights After digging deeper he learned that the low conversion is because Goa is a tourist destination and visitors stay longer Decision Pivot: We invalidated our riskiest assumption. We need to pivot our idea and go back to the drawing board Persevere: We did not invalidate the assumption. We need to test our next assumption Iterate: We are not satisfied with the data and need to run more experiments to make a decision © 2017 InnoCentrik Consultancy LLP
- 24. Hypothesis We believe that People visiting Delhi would like to book a hotel for a few hours Experiment In person interview people who are visiting Delhi at Railway lounge Measure 60% people should be returning back on the same day Insights Most of the visitors they interviewed were coming to Delhi in the morning and leaving on the same evening Decision Pivot: We invalidated our riskiest assumption. We need to pivot our idea and go back to the drawing board Persevere: We did not invalidate the assumption. We need to test our next assumption Iterate: We are not satisfied with the data and need to run more experiments to make a decision © 2017 InnoCentrik Consultancy LLP
- 25. Hypothesis Behaviour test Experiment Landing page: with value proposition, traffic through Google and Facebook ads Measure 100 email in 3 days Insights 300 email’s in 3 days Decision Pivot: We invalidated our riskiest assumption. We need to pivot our idea and go back to the drawing board Persevere: We did not invalidate the assumption. We need to test our next assumption Iterate: We are not satisfied with the data and need to run more experiments to make a decision © 2017 InnoCentrik Consultancy LLP
- 26. Hypothesis Behaviour test Experiment List on JustDial and take bookings Measure 5 calls per day Insights Started receiving 15 calls per day on an average, out of which, an average of 5 people needed to stay for few hours. Some callers also took a step further and made bookings Decision Pivot: We invalidated our riskiest assumption. We need to pivot our idea and go back to the drawing board Persevere: We did not invalidate the assumption. We need to test our next assumption Iterate: We are not satisfied with the data and need to run more experiments to make a decision © 2017 InnoCentrik Consultancy LLP
- 27. Marketing Case Study © 2017 InnoCentrik Consultancy LLP
- 28. Hypothesis People walk in when they see the banner Experiment Print on 12*10 inch page, laminate it and hang it to the tree © 2017 InnoCentrik Consultancy LLP
- 29. © 2017 InnoCentrik Consultancy LLP
- 30. Hypothesis People walk in when they see the banner Experiment Print on 12*10 page laminate it and hang it to the tree Measure 1 walk-in a week Insights 6 walk-ins a week, 14 % conversion at a cost of 550/- Decision Pivot: We invalidated our riskiest assumption. We need to pivot our idea and go back to the drawing board Persevere: We did not invalidate the assumption. We need to test our next assumption Iterate: We are not satisfied with the data and need to run more experiments to make a decision © 2017 InnoCentrik Consultancy LLP
- 31. © 2017 InnoCentrik Consultancy Hypothesis Experiment & Test Measure Insights Decision By Creating a culture of validated learning you can build what ever you have decided to do, with out wasting resources
- 32. Thank you Rammohan Ram@TheNextSpace.co © 2017 InnoCentrik Consultancy LLP
Editor's Notes
- Unknown’s in a startup and the job of an entrepreneur is to Remove this uncertainty
- Learn and Remove this uncertainty in 2 stages
- 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? finding out who the customers for your product are and whether the problem you believe you are solving is important to them. More formally, this step involves discovering whether the problem, product and customer hypotheses in your business plan are correct
- Problem discovery case study
- Solution discovery case study
- The goal of this step is to build a repeatable sales road map for the sales and marketing teams that will follow later. The sales road map is the playbook of the proven and repeatable sales process that has been field-tested by successfully selling the product to early customers One of the major outcomes of Customer Validation is a proven and tested sales road map
- If you can’t find enough paying customers in the Customer Validation step, the model returns you to Customer Discovery to rediscover what customers want and will pay for
- The methodology can be use to discover which marketing channel will work