Market validation (by Sylvain Chery)
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Workshop held during the Luxembourg Internet Days 2016 Start-ups forum on 22 November '16. It includes an exercise to have the participants experience what a Problem Interview is, and realize how important it is to seek market validation from the very beginning of the startup process.
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Market validation (by Sylvain Chery)
- 1. 22 November 2016 All right reserved Start-ups forum Market Validation
- 2. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved 64,2 % of Kickstarter projects are not successfully funded (since 2009) 46 % on KissKissBankBank (since 2010) 35 % on Ulule (since 2012)
- 3. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved « Life is too short to keep building something nobody (or not enough people) want » Ash Maurya
- 4. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved To win in established markets, the modern marketing model is Product Price Place Promotion
- 5. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved You must adopt a new lean approach To open new markets with disruptive products/services
- 6. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved Ideas Build Product Measure Data Learn Lean Startup Source: Eric Ries
- 7. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved
- 8. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved Understand Problem Define Solution Validate Qualitatively Verify Quantitatively Market Validation = Validated Learning Problem / Solution Fit Product / Market Fit Source: Ash Maurya
- 10. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved CONVERSATIONS OBSERVATIONS In early stage, prefer qualitative learning over quantitative tests « Don’t ask what the customers want, measure what they do » Understand why Rich Communication Open to explore and discover No group thinking bias
- 11. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved Form a pair Think about a challenge for settling down in Luxembourg Decompose it into 3 concrete problems Let’s try it! 5 minutes
- 12. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved Change peer (find someone else on customer side) 1. Welcome 2. Learn about your interviewee 3. Tell a story (set the problem context) 4. Rank the 3 problems 5. For each problem, explore existing alternatives 6. Close Talk to a potential customer 12 minutes
- 13. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved We want to learn about • Customer segment • Problem • Existing alternatives Problem Interviews
- 15. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved We want to learn about • Early adopters • Solution demo • Pricing fit Solution Interviews Source: Ash Maurya
- 16. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved DESIGN SPRINT in a week Source: http://www.thesprintbook.com/
- 17. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved We want to learn about • Unique Value Proposition • Enough customers (channels) • Revenue streams (pricing) MVP Interviews
- 18. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved Continue the conversation with beta users …until launch Refine your MVP
- 19. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved Iterative & Incremental 1. Partial Rollout, usability interviews… 2. Full Rollout, usage metrics… Agile Product Development
- 20. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved
- 21. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved Measuring Growth – AARRR
- 22. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved Sample Techniques and Tools Testing the problem Customer interviews Landing page AdWords Testing the solution Explainer video Mockups Interviews “Sell it before your build it” Crowdfunding Testing the market Wizard or Oz Concierge
- 23. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved How would you feel if you could no longer use [product]? 1. Very disappointed 2. Somewhat disappointed 3. Not disappointed (it isn’t really that useful) 4. N/A – I no longer use [product] If over 40% of users respond to the survey saying they'd be "Very disappointed" to stop using your product, there's a great chance your solution has found Product/Market Fit. Product/Market Fit – the Sean Ellis Test
- 24. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved Continuously identify and test your riskiest assumptions Market Validation
- 25. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved Sylvain CHERY – Director • schery@agilepartner.net ; @sylchery ; +352 691 555 221 Follow us on: Corporate Web Site : http://www.agilepartner.net Blog: http://blog.agilepartner.net Facebook Page : http://www.facebook.com/agilepartner Twitter Account: http://twitter.com/agilepartner Slideshare: http://www.slideshare.net/agilepartner LinkedIn: https://www.linkedin.com/company/agile-partner-s.a. Contacts
- 26. Luxembourg Internet Days – 22 Nov. 2016 – All right reserved 25-27 November 2016 Technoport Esch Belval More info and registration: http://www.up.co/communities/luxembourg/luxembourg/startup-weekend/10005