Is Your Product/Service Viable? - Lean Startup Hong Kong

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
Is your product/service viable?
Lean Startup Series #1
WTF
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Goal Desired Approach
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Where you want to be
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High Value
Not Useful
Low Value
Very Useful


Idea generation
Coming up with your own ideas
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Idea generation
 Write down all of your ideas, no matter how
ridiculous
 Clever ideas are not the only ones that work, b...

Stealing ideas
 Large % of successful businesses have taken idea
and improved upon it
 Don’t worry about people stealing...

Is this you?
 "I don't know what to do"
 "I don't have any ideas"
 "I have no skills"
 "I want to quit my job, but I d...

Skills into service
 What are you good at? What motivates you?
 Review current skills set, passions
 Define how much mo...


Exercise: Benefit ConversionTool
Is your idea good enough for target client? (trustedauthority.com)

No one care what you do
 Where businesses fail
 Don’t connect with prospect
 No differentiation in competitive market
I...

What do people care about
 Only focused on own problems
 Always looking for WII-FM
 Don’t give a crap about what you ca...

Bottom line
 People buy benefits, not features
 Highlight what they get
 Focus what is delivered, not what you do
 Wha...

What are your benefits
 What I/we do is…
 Your answer
 What this means is…
 Your answer
 What this really means is…
...

My example
“I’m a digital marketer”
VS.
“I help companies create marketing strategies online
and for mobile devices that r...


Does your idea sell?
Find out answers to these core questions
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
Strength
What is the demand?
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
Market Size
Is it a growing market?
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
Same Same
How are you really different?
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
Effective Marketing
Have ways to market to target market?
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
Price variances
Are you in line with your competitors?
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
Cash infusion
How much cash do you need to start up/sustain?
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
Test your idea
Don’t start just yet….
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To the streets!
 Don’t invest anything just yet…..see what people think
 Talk to people who you anticipate will buy serv...

Other ideas
 Forums/Discussion Boards
 Social Media
 Surveys/Reviews
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Example:Test before building
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 Landing pages of product information marketers
 Build...


Set Goals
Get busy doing or get busy losin
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What are your targets
 Set quantifiable goals (i.e. make $X in X time)
 Full-time job? set low-level, small, daily goals...

Good Luck!
Come talk to me if you have any questions.

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