Saturday - LaunchWeekend - Session 2 - Problem-Solution fit
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Transcript of Saturday - LaunchWeekend - Session 2 - Problem-Solution fit
PROBLEM-SOLUTION FIT8:30 TO 9:00
HOW TO GET A PRODUCT-MARKET FIT? (AKA THE WEEKEND PLAN)
1. Customers with big problem!
2. Customers will buy!
3. Customers will keep buying!
4. Cost effective marketing
?
OBJECTIVE: PRE-SELL YOUR PRODUCT *
* If you can’t pre-sell change your pitch or your product
HOW MOST STARTUPS LAUNCH
Business Plan LaunchProduct Development
Learning happens here!Months / Years
WARNING!!! WHAT HAPPENS IF YOU DON’T PRE-SELL?
0 /1700
Series1
0 50 100 150 200 250 300 350 400
1 day
365 days
DO YOU WANT TO WASTE 365 DAYS?
HOW MOST STARTUPS LAUNCH
Pre-sell ProductDevelopment
Business Model
Learning happens here! Months / Years
PRE-SELL SUCCESS CASE STUDIES
EXAMPLE 1: DROPBOX 75,000 EMAILS
EXAMPLE 3: BUSINESS MODEL GENERATION470 STRATEGY PRACTITIONERS CO-AUTHORED $250 EACH
$117 800 IN PRE-ORDERS
THE KEY TO PRE-SELLINGNAIL THE PROBLEM & FIND EARLY ADOPTERS
SIMPLE SOLUTIONBIG PROBLEM
PRE-SELL:HOW TO TEST IF YOUR CUSTOMERS WILL BUY?
THE LAUNCH MAP (ONE EXPERIMENT AT A TIME)
FIND A CUSTOMER PROBLEM
(Must have an exciting number
of customers with a problem)
CUSTOMERS WILL BUY
(Only start these experiments once you have reached
customer-problem fit)
HOW TO USE THE CANVAS
1 Plan your experiment
2 Plan your offer
3 Run your experiment
4 Record your result & insights
5 Make decision
6 Repeat
PRODUCT ASSUMPTIONDescribe
your target customer
CUSTOMER ASSUMPTION
• Be as specific as possible • Target customers easy to reach
Describe customer segment
PRODUCT ASSUMPTIONDescribe
your target customer
Describe your product
offering
Describe your
product
Describe your value
propositions
Pricing Structure
List your credibility indicators
A GREAT OFFER
Simple jargon free line explain
what you are selling
Credibilityindicators
Value Propositions
Price
PRODUCT ASSUMPTIONDescribe
your target customer
Describe your product
offering
Solution Interview
EXPERIMENT ASSUMPTION
EXPERIMENT ASSUMPTION
Interview technique (4Is)INTRODUCE INDICATORS INTERVIEWINTRODUCTIONS
INTERVIEW (PPPC)PRODUCT PRICEPROPOSITION CREDIBILITY
EXPERIMENT ASSUMPTION
Hi my name is {Your name} from {your company name}. Right now, we’re starting a company to {problem that you're trying to solve}.
We're currently in the development phase and was hoping you might provide us some insight into the market.
I would just like to understand your perceptions of {problem you're trying to solve}. In exchange I’d be happy to tell you about some recent innovations in the {name of industry that your problem is trying to solve}.
Is there a time and date that we can sit down and have a chat?
EXPERIMENT ASSUMPTION
Headline
Call-to-action
Propositions
Credibility
HEADLINE & CALL TO ACTION
VALUE PROPOSITIONS
Tip: As few words as possible
CALL-TO-ACTIONS
Tip: Explain what will happen if you hit the button
CREDIBILITY & CALL-TO-ACTION
Tip: Start collecting
quotes asap
HEADLINE & CALL-TO-ACTION
Tip: Describe your business in a single line
CREDIBILITY
PROPOSITIONS
Tip: No more than 4 value propositions per page
CREDIBILITY
HEADLINE & CALL-TO-ACTION
Tip: 2 x value propositions and product description in 6 words
PROPOSITIONS
Tip: Value propositions described in 2 or 3 words
CREDIBILITY & CALL-TO-ACTION
Tip: Partner with companies to use there logos for credibility
GOOGLE FORMS
GOOGLE FORMS
PHOTOS
PHOTOS
USING LANDING PAGES TO PRE-SELL
DRIVING TRAFFICS TO YOUR SITE
Personal contacts • Customer interview emails • Email friends and family • Share on Facebook • Share on Twitter Cold calling • Phone numbers and emails • Facebook messages • Twitter messages Paid • Facebook ads • Google ads • Twitter ads
EXPERIMENT ASSUMPTION
PRODUCT ASSUMPTIONDescribe
your target customer
Describe your product
offering
Solution Interview
Metric i.e. 7 / 10 Currency
i.e. Emails
EXCITEMENT METRIC & CURRENCY
1. Could I have your email/phone number to notify you when we
launch?
2. Could I have a meeting with relevant
stakeholders?
3. Will you be a pilot customer?
4. Would you pre-order and pay to
help use build it?
Metric i.e. 7 / 10Currency
i.e. Emails
CANVAS CASE STUDYCASE STUDIES
PRE-SELLHospital Administrators
Pulse Oximetry
$300
Solution Interview
Pre-orders 5 / 10
Pre-orders 0 / 10PIVOT
*Too expensive* User is not customer
Mothers (0 to 6 months)
Pulse Oximetry
$300
Solution interviews
Emails 7 / 10
Emails80 / 105
PROCEED
* Is a demand for it
Mothers (0 to 6 months)
Pulse Oximetry
$300
Landing page, Demo
Video & Emails
Email sign ups 30 / 50
500 emailsPROCEED
* If they can built it they can sell it
Mothers (0 to 6 months)
Pulse Oximetry
$300
Demo “Paper
prototype”
Choose our product10 / 80
15 / 80Choose our
productPROCEED
* Learnt there are 2 distinct
market segments
SESSION TO DO LIST (9:30 TO 14:00)
Goals • Run 1 to 2 experiments• At least 5 to 30 customer interactions
Prepare to announce • Number of experiments run • Number of customer surveyed / interviewed • Learnings