LSS Creation solution customer fit
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The document outlines strategies for validating business ideas using the Lean Startup methodology, emphasizing customer discovery, problem-solution fit, and various metrics for measuring success. It includes tools like feature maps, content strategies, and cash flow projections, along with guidelines for conducting experiments to test hypotheses. Additionally, it provides resources and a structured approach to understanding customer needs and refining unique value propositions.
LSS Creation solution customer fit
- 1. Lean Startup Seattle Validation Problem Solution Fit John Sechrest 2018/5/7 @sechrest
- 4. ● Lab Notebook ● Customer List ● Existing Alternatives list ● Early Adopters list ● Feature Map You have Already Done this.
- 6. ● Content Strategy ○ Channels ○ Niche ○ Narrative ● Content Calendar ● CashFlow Projection ● Sales Funnel Metrics → Key Metrics You need to do more of this
- 7. Is this a Business? → Is there customer demand? → Is it big enough? → Can we reach customer cost effectively? → Will they pay enough to be a business?
- 8. Lab Notebook ● Hypothesis ● Test to falsify the hypothesis ● Demographic of the target audience ● Details of Interviews ● Interview Script ● Offer ● Results ● Learnings
- 12. Content Strategy
- 13. Where are your customers? (Sub sub sub niche demographic) ● Blog ● Youtube ● Facebook ● Twitter ● Reddit? ● Google mail ● Slack?
- 14. Topic Map → Title list ● First about the problem ● Then about the existing solutions ● Then about High Level Concept ● Then about the How /Why of it all ● Then about the Unique Value Proposition
- 15. What is the heartbeat of the channels? Match that heartbeat. Build the Narrative
- 16. Air Table Content Calendar Template ● Be Consistent ● Create value in the reading ● Be a Person ● Have a point of view
- 17. Unique Value Proposition High Level Concept
- 21. What are you going to Measure? (It is not everything…… ….. Just the important part…)
- 22. AARRR
- 27. How do we plot AARRR by cohort
- 28. Note: This seems slow for B2C, but reasonable for B2B
- 29. Do the math….. How many phone calls do you have to do each day to get to 100 paying customers? How many days will you need to call?
- 31. It matters what your conversion rate is. Best to get conversion rate high before scaling
- 32. Cashflow - ● Unit Economics ● Assumptions ● Income ● Expenses ● Bottom Line ● Cost of Customer Acquisition ● Life Time Value ● Churn ● Revenue ● Change in Revenue ● Margin
- 34. Start Here
- 35. At what price would you think product is a bargain At what price would you begin to think product is getting expensive, but you still might consider it? At what price would you begin to think product is too expensive to consider? At what price would you begin to think product is so inexpensive that you would question the quality and not consider it?
- 36. What experiments will you run this month? Who will be your accountability partner?
- 37. Resources ● https://www.slideshare.net/ShelleyTrout/building-better-products-mixing-qualitative-quantitative-data-with-storyboarding ● https://grasshopperherder.com/assumption-vs-hypothesis-to-the-death/ ● http://ywanvanloon.com/running-lean-the-lean-canvas/ ● http://realstartupbook.com/ ● http://www.5circles.com/van-westendorp-pricing-the-price-sensitivity-meter/ ● https://airtable.com/templates/content-production/exp3FNmOkdHZvprXB/digital-content-calendar ● www.cyfe.com ● https://airtable.com/templates/content-production/exp3FNmOkdHZvprXB/digital-content-calendar
- 38. Appendix
- 40. Lean Canvas
- 43. What does a feature Map look like Feature Map Early Adopters Sub-Segments Sale Funnel Metrics Feature cluster → Solution High level Concept Content Strategy Validation Key Metrics (AARRR) Unique Value Proposition Problem Solution FitProduct Name Feature Name Benefit of Feature Problem the Feature addresses On the customer side, track Feature name Benefit Like / Don’t like / Wish for Then categorize type : Features are not linear high to low. But: - Mandatory - Linear - Delighter - Indifferent - Detractor
- 44. NOT THIS This seems to only consider time as a priority. It does not show value to the customer subsegments.
- 45. What is an experiment that validates Problem Solution fit? Demographic filtering Sign up for Service on website Pay - Offers always need a commitment of resources to be measurable Provide service by hand to a limited number of people ala Aardvark How long does it take to do this with a web-based progressive app on your phone?
- 46. Market Product Generative - Customer discovery interviews - Contextual inquiry/ethnography - Data mining - Focus groups* - Surveys* (open-ended) - Solution interview - Contextual inquiry/ethnography - Demo pitch - Concierge test/consulting - Competitor usability - Picnic in the graveyard Evaluative - 5-second tests - Comprehension - Conjoint analysis - Data mining/market research - Surveys* (closed) - Smoke tests (e.g. video, landing page - Sales pitch - Pre-sales - Flyers - Pocket test - Event - Fake door - Paper prototypes - Clickable prototypes - Usability - Hallway - Live - Remote - Wizard of Oz - Takeaway - Functioning products - Analytics/dashboards - Surveys* (e.g. Net promoter score, Product/market fit survey) Index of Methods These are from the Startup Real Book
- 47. Startup Real book by Tristan Kromer https://read.realstartupbook.com/
- 49. Date Week Cohort Hypothesis Test SubSegment Channel Stage Number seen Number offered Number accepted Success metric Status Learning Experiment Record How would you track your experiments? How would you graph it over time?
- 50. Lean Canvas Discovery Customer Problem Existing Alternatives Early Adopters Customer Problem Fit Customer Database Competitive Matrix Feature Map Validation Creation Scale What you did last month after hearing the Customer Problem Fit lecture
- 51. What are our key metrics? → Sales Funnel Metrics
- 53. What does a prototype look like ? ● Landing Page ● Paper prototype ● Mockup via Popapp ● Balsimiq
- 54. We throw out prototypes away….. Right ?
- 55. Feature Map Early Adopters Sub-Segments Sale Funnel Metrics Feature cluster → Solution High level Concept Content Strategy Validation Key Metrics (AARRR) Unique Value Proposition Problem Solution Fit What does a solution prototype look like
- 56. Feature Map Early Adopters Sub-Segments Sale Funnel Metrics Feature cluster → Solution High level Concept Content Strategy Validation Key Metrics (AARRR) Unique Value Proposition Problem Solution Fit What is my Unique Value Proposition?
- 58. Feature Map Early Adopters Sub-Segments Sale Funnel Metrics Feature cluster → Solution High level Concept Content Strategy Validation Key Metrics (AARRR) Unique Value Proposition Problem Solution Fit How are my sub-segments converting and how do I measure it?
- 59. Feature Map Early Adopters Sub-Segments Sale Funnel Metrics Feature cluster → Solution High level Concept Content Strategy Validation Key Metrics (AARRR) Unique Value Proposition Problem Solution Fit What is the High level concept that converts best?
- 60. Feature Map Early Adopters Sub-Segments Sale Funnel Metrics Feature cluster → Solution High level Concept Content Strategy Validation Key Metrics (AARRR) Unique Value Proposition Problem Solution Fit What are the fundamental topics, and channels that convert best? Topic Map Title list 13 tweets from each Blog post Multimedia channels Content Calendar See the T-shaped Marketer
Editor's Notes
- #3: For the Validation Phase, we move towards the Solution + Key Metrics + Unique Value Proposition and High level Concept
- #40: To set the frame, we are walking through the 4 steps to the epiphany and tieing that to the Lean Canvas
- #41: We are working on the second step - Validation We see that Validation can be thought of as Problem Solution Fit.
- #42: We are working on small experiments , creating and testing hypotheses with a Build Measure Learn loop.
- #43: Ash Maurya drives this deeper by his articulation of GO LEAN Goal Observe Leverage Experiment Analyze Next Action
- #44: Given a list of features, what do we know about how the markets care about them. Instead of a “strategic Plan” or a “Product roadmap”, we are still in the discovery stage. We are trying to learn about where the market is at the moment. (Markets change over time) What are the features of the product? If you were to build one feature, which would you build first? Normally, people make a list of features and then build them in order of importance. Who decides importance? First -> Last Important -> least important But the world does not fit into straight lines all the time. For some markets, some features are vital, for others they are a distraction. Categorize the Features into : Mandatory Linear Delighter Indifferent Detractor These can and will be different for different sub-segments of the customer base.
- #49: What is the mechanism you will use to track your experiments. See David Bland website for suggestions.
- #51: Starting point We know the sub demographic that cares about the problem, We have a list of them in our CRM, with demographic notes We know what problems they have. We know what the existing solutions are Do we know what features they care about and which features they don’t care about? … At this point we should. But if we don’t, we should engage in customer development around the products that are The existing features and see what things they like, what they don’t like, what they wish for.
- #57: Diving deep into what people do now and what they like and what they don’t like and what is missing. Features need to be mapped to benefits. It is not the drill motor power, but the convenience of the hole in the wall. (or better yet, the picture hung)