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How to Avoid Building Products Nobody Will Buy - AccelerateAB 2017
- 2. Carey Houston linkedin.com/in/careyhouston Evan Hu linkedin.com/in/evanhu61 How to Avoid Building Products Nobody Will Buy
- 3. Build it, and they will come, right? Uh, no. © Carey Houston and Evan Hu, April 2017
- 4. The #1 company-killer is lack of market. Andy Rachleff’s Law of Startup Success © Carey Houston and Evan Hu, April 2017
- 5. What’s a BMC? © Carey Houston and Evan Hu, April 2017
- 6. A Business Model Canvas (BMC) is a tool or framework used to organize and clarify your thinking. It describes how you create, deliver and capture value. © Carey Houston and Evan Hu, April 2017
- 9. Some great resources… Online – https://strategyzer.com/canvas/business-model-canvas – https://www.udacity.com/course/how-to-build-a-startup--ep245 Books
- 10. But using a BMC is not a silver bullet. It can still result in great products that NOBODY wants to buy. © Carey Houston and Evan Hu, April 2017
- 11. So, how do we avoid that? © Carey Houston and Evan Hu, April 2017
- 12. 1. Use the Value Proposition Canvas (along with your BMC). © Carey Houston and Evan Hu, April 2017
- 13. 13 The BMC with its 9 building blocks focuses on the big picture. The VPC zooms in on two of those building blocks, the Value Proposition and the Customer Segment. © Carey Houston and Evan Hu, April 2017
- 14. BMC helps you create value for your business. VPC helps you create value for your customers. © Carey Houston and Evan Hu, April 2017
- 15. 2. Use data and experiments to validate your hypotheses. © Carey Houston and Evan Hu, April 2017
- 16. Don’t drink your own Kool-Aid. © Carey Houston and Evan Hu, April 2017
- 17. A critical outcome of using a BMC is the ability to identify your hypotheses and risks. © Carey Houston and Evan Hu, April 2017
- 18. What’s a hypothesis? © Carey Houston and Evan Hu, April 2017
- 19. A hypothesis is an educated guess, that requires some experimentation and data, to either validate or invalidate. © Carey Houston and Evan Hu, April 2017
- 21. What are the most critical hypotheses to test? © Carey Houston and Evan Hu, April 2017
- 22. 3. Focus early on validating customer problems and segments. © Carey Houston and Evan Hu, April 2017
- 23. Problem Customer Segment Market Solution © Carey Houston and Evan Hu, April 2017
- 24. Problem* Who has it? How severe is it? Are my target customers willing to change their behaviour to solve it? © Carey Houston and Evan Hu, April 2017
- 25. Customer* Who is my customer – early adopters vs. later? Users vs. buyers vs. influencers? Segmentation? © Carey Houston and Evan Hu, April 2017
- 26. Market How big is my market? Is it growing? © Carey Houston and Evan Hu, April 2017
- 27. Solution What potential solutions to my customer problems are most attractive to them? What do they most value? © Carey Houston and Evan Hu, April 2017
- 28. How do I test a hypothesis? © Carey Houston and Evan Hu, April 2017
- 29. 4. Get OUT OF THE OFFICE to do your testing. © Carey Houston and Evan Hu, April 2017
- 30. Forget about “stealth mode”. © Carey Houston and Evan Hu, April 2017
- 31. Get outside your echo chamber. Talk to people that don’t love you. That don’t care if you win. That have no stake in your success. © Carey Houston and Evan Hu, April 2017
- 32. Who can help you validate you’re solving the right problem(s) for the right customer segment(s)? Potential users, buyers, influencers. Prospective partners, suppliers. Competitors. © Carey Houston and Evan Hu, April 2017
- 33. 5. Be ‘lean’ in building your MVP. © Carey Houston and Evan Hu, April 2017
- 34. An MVP is the smallest version of your product that allows you to learn about your customers, their problems, and how you might solve them – with the least effort, cost, and resources. © Carey Houston and Evan Hu, April 2017
- 35. So, your MVP is geared to test your hypotheses, answer solution design questions, and provide insights into feasibility. © Carey Houston and Evan Hu, April 2017
- 36. It’s NOT a bunch of features thrown against the wall to see what sticks. Nor is it v 1.0 of your product. Or perfect. © Carey Houston and Evan Hu, April 2017
- 37. Your MVP can be a functional prototype or wireframe. But it can also be a landing page, email campaign, crowdfunding campaign, video, paper mockup… © Carey Houston and Evan Hu, April 2017
- 40. In a nutshell…
- 41. Steve Blank Build it and they will come is not a strategy. It’s a prayer
- 42. “What if we found ourselves building something that nobody wanted? Eric Ries, The Lean Startup In that case what did it matter if we did it on time and on budget?”
- 43. “The primary objective of a startup is to validate its business model hypotheses (and iterate and pivot until it does).” Steve Blank
- 44. Everybody has a plan until they get punched in the mouth Mike Tyson
- 45. “The lesson of the MVP is that any additional work beyond what was required to start learning is waste, no matter how important it might have seemed at the time.” Eric Ries, The Lean Startup
- 46. 46 Iterate until you find a business model that works before you run out of Personal Energy. Time. Money.
- 47. The Lean Startup process builds new ventures more efficiently. It has three parts: • a business model canvas to frame hypotheses, • customer development to get out of the building to test those hypotheses, • and agile engineering to build minimum viable products Steve Blank
Notes de l'éditeur
- How many of us have (show of hands): Built GREAT products that sold a ton? Built products that we THOUGHT were great, but didn’t sell at all? Built products that we THOUGHT were great, but we iterated until we found a version of it the market wanted, and we could sell? Today, we’re going to talk about using the lean startup approach to build great products that get traction…. And avoiding building products that nobody will buy.
- One tool used by many entrepreneurs to develop winning business models is the Business Model Canvas, or BMC. How many of you have heard about Business Model Canvas? How many of you have used one before? How many of you are using one today in your current venture?
- 9 building blocks What is important is not just what goes in each block, but also the relationships amongst them
- The red shaded part of the BMC help you to clarify the FEASIBILITY of your idea. What is required to ensure you have solid execution. The bottom part (costs and revenues) is about VIAIBILITY of your idea – can you ensure you don’t have a flawed business model, so that you are financially viable. It’s this part on the right that we’ll focus on today: DESIRABILITY. How can you ensure you are solving an important problem for a defined customer segment, so that you can deliver value. Source: http://blog.strategyzer.com/posts/2016/6/20/why-companies-fail-how-to-prevent-it
- www.strategyzer.com
- Problem: do they have a problem; how severe is it; are they willing to change their behaviour to solve it? Customer:
- Problem: do they have a problem; how severe is it; are they willing to change their behaviour to solve it? Customer:
- Problem: do they have a problem; how severe is it; are they willing to change their behaviour to solve it? Customer:
- Problem: do they have a problem; how severe is it; are they willing to change their behaviour to solve it? Customer:
- Problem: do they have a problem; how severe is it; are they willing to change their behaviour to solve it? Customer:
- The risk of anyone finding out about your great idea and stealing it, is so much less than the risk of you getting it wrong – and building a great product that nobody will ever buy.
- Example: I had an idea to create a sales accelerator for B2B software startups. But I didn’t want to go and create a bunch of content first. So my MVP was: A sponsorship package, to recruit a few sponsors to get the ball rolling, and… A recruitment email When I sold 4 sponsors, and recruited 12 participants, I scheduled the start of the first cohort – and only THEN did I work like mad to build the program and launch.
- You can build GREAT products people want to buy… or products you think are great that nobody wants to buy. Use a BMC but don’t drink your own koolaid.
- What if we found ourselves building something that nobody wanted? In that case what did it matter if we did it on time and on budget?” ― Eric Ries, The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
- You have to get out of the office – there are no answers here.
- What if we found ourselves building something that nobody wanted? In that case what did it matter if we did it on time and on budget?” ― Eric Ries, The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses