![Proprietary and Confidential
Simple
Simplify to your C.O.R.E. value [link on startupsecrets.com]
• Create a whole product with partnerships
• And or Open Source etc
Capabilities
Of
Really
Exceptional
Value
Focus on it!
C.O.R.E.
Value
@mjskok startupsecrets.comTurning Products Into Companies 31](https://image.slidesharecdn.com/2018-04-03turningproductsintocompaniesv40-190722192809/75/Turning-Products-Into-Companies-U-First-7-18-19-25-2048.jpg)
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Turning Products Into Companies - U First 7/18/19
The document outlines strategies for transforming products into successful companies by focusing on product-market fit, minimum viable product (MVP), and minimum viable segment (MVS), emphasizing the importance of a clear go-to-market strategy. It highlights the significance of narrowing target markets, ensuring simplicity in product design, and proving value quickly to enhance customer adoption and retention. Additionally, it discusses critical aspects such as pricing, packaging, and the integration of products into existing systems to minimize risks for customers.
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Turning Products Into Companies - U First 7/18/19
- 1.
- 2. Proprietary and Confidential STARTUP SECRETS An insider’s guide to unfair competitive advantage Hi Turning Products into Companies by Design & Architecture twitter: @mjskok startupsecrets.com Michael J Skok
- 3. Proprietary and Confidential Agenda: Closingthe Product Company GAP by Design & Architecture Design • Product Go To Market Fit PVP MVP MVS MRP Architecture • Business Model SLIPPERY Products Russian Doll Pricing and Packaging Whole Product Services @mjskok startupsecrets.comTurning Products Into Companies 9
- 4. Proprietary and Confidential Designfor Product Go To Market fit MVP and introducing MVS, MRP @mjskok startupsecrets.comTurning Products Into Companies 10
- 5. Proprietary and Confidential TheProduct Market Fit MarketProduct Fit @mjskok startupsecrets.comTurning Products Into Companies 11
- 6. Proprietary and Confidential Addingto Lean Startup thinking… Minimum Viable Product (MVP) . @mjskok startupsecrets.comTurning Products Into Companies 12 MarketProduct Fit
- 7. Proprietary and Confidential TheProduct Market Fit Question here? here? here? here? MV P here? Market @mjskok startupsecrets.comTurning Products Into Companies 13 Product
- 8. Proprietary and Confidential TheProduct Market Fit Problem here? here? here? here? Fit ? Stretch ? MV P MVP ++ here? Market @mjskok startupsecrets.comTurning Products Into Companies 14 Product
- 9. Proprietary and Confidential Market nothere not here not here not here Fit MV P @mjskok startupsecrets.comTurning Products Into Companies 15 Product The Product Market Fit Solution = MVS
- 10. Proprietary and Confidential MV S MVP Addingto Lean Startup thinking… 16 Minimum Viable Product (MVP) + Minimum Viable Segment (MVS) Repeat? @mjskok startupsecrets.comTurning Products Into Companies
- 11. Proprietary and Confidential MV S MV P Addingto Lean Startup thinking… 17 Minimum Viable Product (MVP) + Minimum Viable Segment (MVS) = Minimum Repeatable Product (MRP) MR P Repeatable MR P = same NEEDS @mjskok startupsecrets.comTurning Products Into Companies
- 12. Proprietary and Confidential MV S MV P Addingto Lean Startup thinking… 18 Minimum Viable Product (MVP) + Minimum Viable Segment (MVS) = Minimum Repeatable Product (MRP) Smaller target to reference lead, dominate MR P Repeatable, Referenceable MR P = same NEEDS @mjskok startupsecrets.comTurning Products Into Companies
- 13. Proprietary and Confidential MinimumViable Segment… Maintains MVProduct footprint • Same functionality needed by all customers People reference according to the same NEEDS • Customers can compare solutions Potential for leadership, domination • At least initial Beachhead Segment according to the same NEEDS MV S MV P = same NEEDS @mjskok startupsecrets.comTurning Products Into Companies 19 MR P MR P
- 14. Proprietary and Confidential vs.Office Worker vs. White Collar vs. Sales vs. Office Equipment vs. Medical Clinics vs. Diagnostics + Blatant Critical need if possible: Mobile Professionals Field Workers Services Hospitals Critical Care Medical Equipment Targeting, Segmentation - example @mjskok startupsecrets.comTurning Products Into Companies 20
- 15. Proprietary and Confidential Targeting,Segmentation – Need Attribution @mjskok startupsecrets.comTurning Products Into Companies 21 To what do you attribute their need? Brainstorm all the attributes you can think of… Obvious examples - Size / Stage - Domain, sub domain, (eg Financial Services, Insurance, - Sub sector (eg Property and Casualty) What are your LESS obvious, and MORE specific examples? - What kind of end customer they serve - What problem that end customer is solving? - etc
- 16. Proprietary and Confidential Nolonger just Product Market Fit It’s about Product Go To Market Fit • Narrow your target • Segment it by need • Focus your product Vital for • Positioning, Messaging, Communication • Packaging and Pricing • Channels & Distribution, Partner Alignment, Support etc Enables • Reference selling, network effects, virality • Overall Business alignment @mjskok startupsecrets.comTurning Products Into Companies 22
- 17. Proprietary and Confidential NUMBERONE Startup Secret? #1 @mjskok startupsecrets.comTurning Products Into Companies 23 FOCUS
- 18. Proprietary and Confidential Narrow as possible to start! • Think small targets to dominate Which would you rather… • Expand on success? • Contract on failure? Balance Vision vs. Execution • See post on startupsecrets.com NUMBER ONE Startup Secret = FOCUS! Don’t be afraid to pick one thing and focus on it! #1 @mjskok startupsecrets.comTurning Products Into Companies 24
- 19. Proprietary and Confidential •Simple • Low to no initial cost • Installs easily • Proves value quickly • Plays well with others • Easy to use • ROI is obvious • Your customers can’t live without it – it’s stickY Friction Free, SLIPPERY products @mjskok startupsecrets.comTurning Products Into Companies 25
- 20. Proprietary and Confidential •Simple • Low to no initial cost • Installs easily • Proves value quickly • Plays well with others • Easy to use • ROI is obvious • Your customers can’t live without it – it’s stickY Friction Free, SLIPPERY products @mjskok startupsecrets.comTurning Products Into Companies 26 Think of how this improves the Gain/Pain Ratio in our Value Proposition Workshop Gain Pain
- 21. Proprietary and Confidential Simple Complexity Simplicity FIRSTPRINCIPLES Advantage Disadvantage @mjskok startupsecrets.comTurning Products Into Companies 27
- 22. Proprietary and Confidential Simple Advantage= Innovation * Simplicity Disadvantage = Innovation * Complexity @mjskok startupsecrets.comTurning Products Into Companies 28
- 23. Proprietary and Confidential EvenSimpler = Less is More! Microsoft APPLE @mjskok startupsecrets.comTurning Products Into Companies 29
- 24. Proprietary and Confidential Example KnowledgeManagement vs. Note Taking @mjskok startupsecrets.comTurning Products Into Companies 30
- 25. Proprietary and Confidential Simple Simplify to your C.O.R.E. value [link on startupsecrets.com] • Create a whole product with partnerships • And or Open Source etc Capabilities Of Really Exceptional Value Focus on it! C.O.R.E. Value @mjskok startupsecrets.comTurning Products Into Companies 31
- 26. Proprietary and Confidential Lowto no initial cost Potential for • Frictionless trials • Lower initial CARC • Self identifying Freemium prospects http://www.wired.com/techbiz/it/magazine/16-03/ff_free @mjskok startupsecrets.comTurning Products Into Companies “Freeconomics" 32
- 27. Proprietary and Confidential Lowto no initial cost Potential for • Frictionless trials • Lower initial CARC • Self identifying Freemium prospects Free-fall, free-fail ? • It’s worth what people are paying for it = nothing = no proof of value • And perceived value can also be zero • Ultimately have to upsell @mjskok startupsecrets.comTurning Products Into Companies 33
- 28. Proprietary and Confidential Lowto no initial cost • Value • Network • Monetization @mjskok startupsecrets.comTurning Products Into Companies 34
- 29. Proprietary and Confidential Installseasily, integrates well Slippery not Trip-up-ery! @mjskok startupsecrets.comTurning Products Into Companies 35
- 30. Proprietary and Confidential Installseasily, integrates well Reducing the Pain for customers to try, adopt, deploy Inertia, RISK Gain Pain >10 @mjskok startupsecrets.comTurning Products Into Companies 36
- 31. Proprietary and Confidential •Integrates well – “Embrace & Extend” Open & Extensible… • Assume – Change = risky, painful, time consuming & costly Incumbents far and wide Applications Operating environments Business processes Human skills Installs easily, integrates well @mjskok startupsecrets.comTurning Products Into Companies 38
- 32. Proprietary and Confidential Productsthat integrate, play well with others… Encourage others to play with them… ® LINK Technology Partners @mjskok startupsecrets.comTurning Products Into Companies LINK program 39
- 33. Proprietary and Confidential Provesvalue quickly Consumer • Instant gratification Enterprise, • Rapid payback ≤3 months is great >12 months is bad @mjskok startupsecrets.comTurning Products Into Companies 40
- 34. Proprietary and Confidential For example • If your product is about improving a process… Provide proof as part of the product! • Baseline current before the product usage • Provide key metrics, visibility into progress • Integrate analytics, dashboards • Clearly surface reports that prove the value Self proving value @mjskok startupsecrets.comTurning Products Into Companies 41
- 35. Proprietary and Confidential Packageand progressively disclose value VS. @mjskok startupsecrets.comTurning Products Into Companies 42
- 36. Proprietary and Confidential Packageand progressively disclose value Examples? @mjskok startupsecrets.comTurning Products Into Companies 43
- 37. Proprietary and Confidential Packageand progressively disclose value Examples? @mjskok startupsecrets.comTurning Products Into Companies 44
- 38. Proprietary and Confidential Easyto use and apply “OOBE!” • Out Of the Box Experience • Delight & entrance users @mjskok startupsecrets.comTurning Products Into Companies 46
- 39. Proprietary and Confidential Example Salesforce vs SIEBEL VS. Easy to use and apply @mjskok startupsecrets.comTurning Products Into Companies 47
- 40. Proprietary and Confidential ROIis Obvious Quantifiable • Increase revenue • Reduce time, resources, costs Or • Reduce risk • Drives competitive advantage (ties to fast payback) @mjskok startupsecrets.comTurning Products Into Companies 48
- 41. Proprietary and Confidential ROIis Obvious (Supported by Self Proving Value) Example: Unidesk @mjskok startupsecrets.comTurning Products Into Companies 49
- 42. Proprietary and Confidential StickY Your customers can’t live without it! • Avoids Churn Leaves customers wanting more ! • Encourages Upsell @mjskok startupsecrets.comTurning Products Into Companies 50
- 43. Proprietary and Confidential •Simple • Low to no initial cost • Installs easily • Proves value quickly • Plays well with others • Easy to use • ROI is obvious • Your customers can’t live without it – it’s stickY Friction Free, SLIPPERY products @mjskok startupsecrets.comTurning Products Into Companies 51 Think of how this improves the Gain/Pain Ratio in our Value Proposition Workshop Gain Pain
- 44. Proprietary and Confidential Thankyou! @underscorevc #startupsecrets
Editor's Notes
- #5 Per our most recent newsletters to you, formally introducing U first which was announced just yesterday. We wanted to be first to intercept the entpep, we want to be founder first and we want to help our founders get to market first introducing… U first.
- #6 Hi Everyone! Welcome to the _U First
- #8 Hi Everyone! Welcome to the _U First
- #9 Intelligent line art only Text in box resizable
- #12 Product shrinks
- #20 a set of actual or potential customers for a given set of products or services who have a common set of needs or wants, and who reference each other when making a buying decision. Moore, Geoffrey A. (2009-03-17). Crossing the Chasm
- #33 By Chris Anderson 02.25.08
- #34 By Chris Anderson 02.25.08
- #41 “NPG!”
- #49 Fast path to value
- #54 Per our most recent newsletters to you, formally introducing U first which was announced just yesterday. We wanted to be first to intercept the entpep, we want to be founder first and we want to help our founders get to market first introducing… U first.