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Turning Products Into Companies

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Turning Products into Companies workshop presented to the U First accelerator on 7-18-19

Publicado en: Empresariales
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Turning Products Into Companies

  1. Proprietary and Confidential
  2. Proprietary and Confidential START UP SECRETS An insider’s guide to unfair competitive advantage Hi Turning Products into Companies by Design & Architecture twitter: @mjskok startupsecrets.com Michael J Skok
  3. Proprietary and Confidential Agenda: Closing the Product Company GAP by Design & Architecture  Design • Product Go To Market Fit  PVP  MVP  MVS  MRP  Architecture • Business Model  SLIPPERY Products  Russian Doll Pricing and Packaging  Whole Product  Services @mjskok startupsecrets.comTurning Products Into Companies 9
  4. Proprietary and Confidential Design for Product Go To Market fit  MVP and introducing MVS, MRP @mjskok startupsecrets.comTurning Products Into Companies 10
  5. Proprietary and Confidential The Product Market Fit MarketProduct Fit @mjskok startupsecrets.comTurning Products Into Companies 11
  6. Proprietary and Confidential Adding to Lean Startup thinking… Minimum Viable Product (MVP) . @mjskok startupsecrets.comTurning Products Into Companies 12 MarketProduct Fit
  7. Proprietary and Confidential The Product Market Fit Question here? here? here? here? MV P here? Market @mjskok startupsecrets.comTurning Products Into Companies 13 Product
  8. Proprietary and Confidential The Product Market Fit Problem here? here? here? here? Fit ? Stretch ? MV P MVP ++ here? Market @mjskok startupsecrets.comTurning Products Into Companies 14 Product
  9. Proprietary and Confidential Market not here not here not here not here Fit MV P @mjskok startupsecrets.comTurning Products Into Companies 15 Product The Product Market Fit Solution = MVS
  10. Proprietary and Confidential MV S MVP Adding to Lean Startup thinking… 16 Minimum Viable Product (MVP) + Minimum Viable Segment (MVS) Repeat? @mjskok startupsecrets.comTurning Products Into Companies
  11. Proprietary and Confidential MV S MV P Adding to Lean Startup thinking… 17 Minimum Viable Product (MVP) + Minimum Viable Segment (MVS) = Minimum Repeatable Product (MRP) MR P Repeatable  MR P = same NEEDS @mjskok startupsecrets.comTurning Products Into Companies
  12. Proprietary and Confidential MV S MV P Adding to Lean Startup thinking… 18 Minimum Viable Product (MVP) + Minimum Viable Segment (MVS) = Minimum Repeatable Product (MRP) Smaller target to reference lead, dominate MR P Repeatable, Referenceable  MR P = same NEEDS @mjskok startupsecrets.comTurning Products Into Companies
  13. Proprietary and Confidential Minimum Viable Segment…  Maintains MVProduct footprint • Same functionality needed by all customers  People reference according to the same NEEDS • Customers can compare solutions  Potential for leadership, domination • At least initial Beachhead Segment according to the same NEEDS MV S MV P = same NEEDS @mjskok startupsecrets.comTurning Products Into Companies 19 MR P MR P
  14. Proprietary and Confidential vs. Office Worker vs. White Collar vs. Sales vs. Office Equipment vs. Medical Clinics vs. Diagnostics + Blatant Critical need if possible: Mobile Professionals Field Workers Services Hospitals Critical Care Medical Equipment Targeting, Segmentation - example @mjskok startupsecrets.comTurning Products Into Companies 20
  15. Proprietary and Confidential Targeting, Segmentation – Need Attribution @mjskok startupsecrets.comTurning Products Into Companies 21 To what do you attribute their need? Brainstorm all the attributes you can think of… Obvious examples - Size / Stage - Domain, sub domain, (eg Financial Services, Insurance, - Sub sector (eg Property and Casualty) What are your LESS obvious, and MORE specific examples? - What kind of end customer they serve - What problem that end customer is solving? - etc
  16. Proprietary and Confidential No longer just Product Market Fit  It’s about Product Go To Market Fit • Narrow your target • Segment it by need • Focus your product  Vital for • Positioning, Messaging, Communication • Packaging and Pricing • Channels & Distribution, Partner Alignment, Support etc  Enables • Reference selling, network effects, virality • Overall Business alignment @mjskok startupsecrets.comTurning Products Into Companies 22
  17. Proprietary and Confidential NUMBER ONE Startup Secret? #1 @mjskok startupsecrets.comTurning Products Into Companies 23 FOCUS
  18. Proprietary and Confidential  Narrow as possible to start! • Think small targets to dominate  Which would you rather… • Expand on success? • Contract on failure?  Balance Vision vs. Execution • See post on startupsecrets.com NUMBER ONE Startup Secret = FOCUS! Don’t be afraid to pick one thing and focus on it! #1 @mjskok startupsecrets.comTurning Products Into Companies 24
  19. Proprietary and Confidential • Simple • Low to no initial cost • Installs easily • Proves value quickly • Plays well with others • Easy to use • ROI is obvious • Your customers can’t live without it – it’s stickY Friction Free, SLIPPERY products @mjskok startupsecrets.comTurning Products Into Companies 25
  20. Proprietary and Confidential • Simple • Low to no initial cost • Installs easily • Proves value quickly • Plays well with others • Easy to use • ROI is obvious • Your customers can’t live without it – it’s stickY Friction Free, SLIPPERY products @mjskok startupsecrets.comTurning Products Into Companies 26 Think of how this improves the Gain/Pain Ratio in our Value Proposition Workshop Gain Pain
  21. Proprietary and Confidential Simple Complexity Simplicity FIRST PRINCIPLES Advantage Disadvantage @mjskok startupsecrets.comTurning Products Into Companies 27
  22. Proprietary and Confidential Simple Advantage = Innovation * Simplicity Disadvantage = Innovation * Complexity @mjskok startupsecrets.comTurning Products Into Companies 28
  23. Proprietary and Confidential Even Simpler = Less is More! Microsoft APPLE @mjskok startupsecrets.comTurning Products Into Companies 29
  24. Proprietary and Confidential Example Knowledge Management vs. Note Taking @mjskok startupsecrets.comTurning Products Into Companies 30
  25. Proprietary and Confidential Simple  Simplify to your C.O.R.E. value [link on startupsecrets.com] • Create a whole product with partnerships • And or Open Source etc Capabilities Of Really Exceptional Value Focus on it! C.O.R.E. Value @mjskok startupsecrets.comTurning Products Into Companies 31
  26. Proprietary and Confidential Low to no initial cost  Potential for • Frictionless trials • Lower initial CARC • Self identifying Freemium prospects  http://www.wired.com/techbiz/it/magazine/16-03/ff_free @mjskok startupsecrets.comTurning Products Into Companies “Freeconomics" 32
  27. Proprietary and Confidential Low to no initial cost  Potential for • Frictionless trials • Lower initial CARC • Self identifying Freemium prospects  Free-fall, free-fail ? • It’s worth what people are paying for it = nothing = no proof of value • And perceived value can also be zero • Ultimately have to upsell @mjskok startupsecrets.comTurning Products Into Companies 33
  28. Proprietary and Confidential Low to no initial cost • Value • Network • Monetization @mjskok startupsecrets.comTurning Products Into Companies 34
  29. Proprietary and Confidential Installs easily, integrates well  Slippery not Trip-up-ery! @mjskok startupsecrets.comTurning Products Into Companies 35
  30. Proprietary and Confidential Installs easily, integrates well  Reducing the Pain for customers to try, adopt, deploy Inertia, RISK Gain Pain >10 @mjskok startupsecrets.comTurning Products Into Companies 36
  31. Proprietary and Confidential • Integrates well – “Embrace & Extend” Open & Extensible… • Assume – Change = risky, painful, time consuming & costly Incumbents far and wide Applications Operating environments Business processes Human skills Installs easily, integrates well @mjskok startupsecrets.comTurning Products Into Companies 38
  32. Proprietary and Confidential Products that integrate, play well with others… Encourage others to play with them… ® LINK Technology Partners @mjskok startupsecrets.comTurning Products Into Companies LINK program 39
  33. Proprietary and Confidential Proves value quickly  Consumer • Instant gratification  Enterprise, • Rapid payback  ≤3 months is great  >12 months is bad @mjskok startupsecrets.comTurning Products Into Companies 40
  34. Proprietary and Confidential  For example • If your product is about improving a process…  Provide proof as part of the product! • Baseline current before the product usage • Provide key metrics, visibility into progress • Integrate analytics, dashboards • Clearly surface reports that prove the value Self proving value @mjskok startupsecrets.comTurning Products Into Companies 41
  35. Proprietary and Confidential Package and progressively disclose value VS. @mjskok startupsecrets.comTurning Products Into Companies 42
  36. Proprietary and Confidential Package and progressively disclose value Examples? @mjskok startupsecrets.comTurning Products Into Companies 43
  37. Proprietary and Confidential Package and progressively disclose value Examples? @mjskok startupsecrets.comTurning Products Into Companies 44
  38. Proprietary and Confidential Easy to use and apply  “OOBE!” • Out Of the Box Experience • Delight & entrance users @mjskok startupsecrets.comTurning Products Into Companies 46
  39. Proprietary and Confidential  Example Salesforce vs SIEBEL VS. Easy to use and apply @mjskok startupsecrets.comTurning Products Into Companies 47
  40. Proprietary and Confidential ROI is Obvious  Quantifiable • Increase revenue • Reduce time, resources, costs  Or • Reduce risk • Drives competitive advantage (ties to fast payback) @mjskok startupsecrets.comTurning Products Into Companies 48
  41. Proprietary and Confidential ROI is Obvious (Supported by Self Proving Value)  Example: Unidesk @mjskok startupsecrets.comTurning Products Into Companies 49
  42. Proprietary and Confidential StickY  Your customers can’t live without it! • Avoids Churn  Leaves customers wanting more ! • Encourages Upsell @mjskok startupsecrets.comTurning Products Into Companies 50
  43. Proprietary and Confidential • Simple • Low to no initial cost • Installs easily • Proves value quickly • Plays well with others • Easy to use • ROI is obvious • Your customers can’t live without it – it’s stickY Friction Free, SLIPPERY products @mjskok startupsecrets.comTurning Products Into Companies 51 Think of how this improves the Gain/Pain Ratio in our Value Proposition Workshop Gain Pain
  44. Proprietary and Confidential Thank you! @underscorevc #startupsecrets

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