Seminar 2: Testing The Water: Market Research and Validation
Date: Thursday 15 March 2012
Time: 5.30pm-7.00pm
Venue: Cambridge campus (LAB026) - Chelmsford campus (MAB221)
You have a great idea but will anyone actually want to buy it. Understanding the market you're in, what your customers actually want and who you're going to be up against is key if you want to be a success.
Guest speaker: Stewart McTavish, Innovation Director, IdeaSpace
Stewart McTavish is the Innovation and Support Director at the University of Cambridge ideaSpace. Before joining the ideaSpace he founded three ventures in web and media. At ideaSpace Stew helps advise and connect entrepreneurs.
21. Business Model Canvas by Alex Osterwalder and Yves Pigneur
Unfair
Key Activities
Advantage
Value Customer
Key Partners
Proposition Segments
Key Resources Channels
Cost Structure Revenue Streams
www.businessmodelgeneration.com
22. Lean Startup Canvas by Ash Maurya
Unfair
Solution
Advantage
Unique Value Customer
Problem
Proposition Segments
Key metrics Channels
Cost Structure Revenue Streams
www.leancanvas.com
23. Unfair
Solution
Advantage
Unique Value Customer
Problem
Proposition Segments
Key metrics Channels
Cost Structure Revenue Streams
24. do it in one go
Unfair
Solution
Advantage
approach it from the customers pov
Unique Value Customer
Problem
Proposition Segments
be concise
Key metrics Channels
be precise
stay in the present
Cost Structure Revenue Streams
it’s ok to say “I don’t know”
25. Unfair
Solution
Advantage
Unique Value Customer
Problem
Proposition Segments
Key metrics Channels
Cost Structure Revenue Streams
34. Young
Start Ups
Enterprise
Product Market
Fit
http://pmarca-archive.posterous.com/the-pmarca-guide-to-startups-part-4-the-only
35.
36.
37.
38. Domain knowledge
The market
Lifecycles and trends
Your competitors
The experts
Research
Interviews
Who are you after?
Turning data into results
Sales and marketing
Fast to market
Early Customers
Launch
42. Understand Problem Define Solution Validate Qualitatively Verify Quantitatively
Problem / Solution Product / Market
Fit Fit
43. Get out the building and talk to people
Start with people you know but quickly move beyond
Talking to people is hard
Understand Problem Define Solution Validate Qualitatively Verify Quantitatively
Pay attention to what people do, more than what they say
The first thing to learn is what questions you should be asking
Then you move on to trying to find the answers
Remember to document for your team,
communicate with your prospects
44. Understand Problem Define Solution Validate Qualitatively Verify Quantitatively
Problem / Solution Product / Market
Fit Fit
45. Understand Problem Define Solution Validate Qualitatively Verify Quantitatively
Problem / Solution Product / Market
Fit Fit
46. Unfair
Solution
Advantage
Unique Value Customer
Problem
Proposition Segments
Key metrics Channels
Cost Structure Revenue Streams
www.leancanvas.com
47.
48.
49.
50. Problem Interview
Outline
WELCOME
2 min - Set the Stage
COLLECT SEGMENT DATA Segment Data
2 min - Test customer segment
TELL A STORY
2 min - Set Problem Context
PROBLEM RANKING
4 min - Test Problem
EXPLORE CUSTOMER’S WORLDVIEW
15 min - Test Problem
WRAPPING UP
2 min - Hook and ask
DOCUMENT RESULTS
5 min
51. ?
?
Understand Problem Define Solution Validate Qualitatively Verify Quantitatively
Problem / Solution Product / Market
Fit Fit
52. Understand Problem Define Solution Validate Qualitatively Verify Quantitatively
Problem / Solution Product / Market
Fit Fit
53. Unfair
Solution
Advantage
Unique Value Customer
Problem
Proposition Segments
Key metrics Channels
Cost Structure Revenue Streams
56. Solution Interview
Outline
WELCOME
2 min - Set the Stage
Segment Data
COLLECT SEGMENT DATA
2 min - Test customer segment
TELL A STORY
2 min - Set problem context
DEMO SOLUTION
15 min - Test Solution
TEST PRICING
3 min - Revenue Streams
WRAPPING UP
2 min - The Ask
DOCUMENT RESULTS
5 min
57. ?
?
Understand Problem Define Solution Validate Qualitatively Verify Quantitatively
Problem / Solution Product / Market
Fit Fit
58. Understand Problem Define Solution Validate Qualitatively Verify Quantitatively
Problem / Solution Product / Market
Fit Fit
59. Unfair
Solution
Advantage
Unique Value Customer
Problem
Proposition Segments
Key metrics Channels
Cost Structure Revenue Streams
61. MVP
a story
visual mock up
wizard of oz
functional
working (just)
62. MVP Interview Outline
WELCOME
2 min - Set the Stage
MVP
DO THE PITCH
2 min - Test UVP
MVP
SHOW THE PRICE
2 min - Set the Stage
DEMO MVP
15 min - Test Solution
WRAPPING UP
2 min - Open Feedback Loop
DOCUMENT RESULTS
5 min
63. ?
?
Understand Problem Define Solution Validate Qualitatively Verify Quantitatively
?
Problem / Solution Product / Market
Fit Fit
64. Understand Problem Define Solution Validate Qualitatively Verify Quantitatively
Problem / Solution Product / Market
Fit Fit
65. Unfair
Solution
Advantage
Unique Value Customer
Problem
Proposition Segments
Key metrics Channels
Cost Structure Revenue Streams
72. you need to
get out the building
and
talk to potential customers
73. Start with people you know but quickly move beyond
Talking to people is hard
Understand Problem Define Solution Validate Qualitatively Verify Quantitatively
Pay attention to what people do, more than what they say
The first thing to learn is what questions you should be asking
Then you move on to trying to find the answers
Remember to document for your team,
communicate with your prospects