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Ⓒ Innovation Labs Asia
@scottebales #innovationronin
FINDING PRODUCT
MARKET FIT Innovation Labs Asia
Scott Bales
Managing Director
@scottebales
@scottebales
/scottebales
PRODUCT
MARKET FIT
FINDING
SCOTTEBALES.COM
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Working with over 100 companies in
various stages of the innovation journey
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
#1 Crowd Funded in Asia
JULY 2018
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
#innovationronin
@scottebales
+
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
OBJECTIVES
accept fail = lesson
what is Lean
what are the tools
explore customer discovery
designing experiments
making decisions
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Lean 101
Product Market Fit
PRACTICAL Homework
1-on-1
“Give a Man a Fish,
and You Feed Him
for a Day. Teach a
Man to Fish, and
You Feed Him for a
Lifetime”
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
ERIC RIES
The Lean Startup method
teaches you how to drive a
startup-how to steer, when to
turn, and when to persevere,
and grow a business with
maximum acceleration.
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
99%
IS IT THE RIGHT IDEA?
FAIL
OF VENTURES
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
WHAT MOST PEOPLE THINK WHAT SUCCESSFUL PEOPLE KNOW
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
PIVOT OR PERSEVERE
DIFFERENCE BETWEEN SUCCESS & FAILURE IS THE ABILITY TO BUILD MEASURE, LEARN & ADAPT
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
YOUR SKILLS ARE KEY TO YOUR STARTUP SUCCESS
NONE 1 2 3 4 AVG 6 7 8 9
ROCK
STAR
BUSINESS MODELING
PERSONA DEVELOPMENT
CUSTOMER DISCOVERY & DEVELOPMENT
MINIMUM VIABLE EXPERIMENTS
PRODUCT / MARKET FIT
PIVOT VS PERSEVERE
PITCHING
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
WHO ARE YOU?
WHAT ARE
...YOUR PASSIONS?
...YOUR EXPECTATIONS?
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
WHO ARE YOU?
VERB STARTING WITH THE SAME LETTER AS YOUR NAME Spontaneous Scott
Guiding innovative entrepreneurs
Enable entrepreneurs to build products that
make a difference in the world
WHAT ARE YOU PASSIONATE ABOUT SOLVING...
WHAT DO YOU WANT TO GET OUT OF TODAY?
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
TREVOR OWENS
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
ACCEPT YOU KNOW NOTHING
Neither you, nor the customer, may know what the product
requirements are until after they’ve played with the product
PRINCIPLES OF LEAN
TEST SMART
Failure friendly firms don’t fail, they either confirm or reject
hypotheses
MEASURE SMART
Lean Enterprises measure the right things
ITERATE AT SPEED
Lean Enterprises don’t throw good money after bad. But
neither are they fickle. Whatever the case, they pivot or
persevere quickly
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
CUSTOMER & PROBLEM
ASSUMPTIONS
MVP
VALIDATED LEARNING
CUSTOMER DISCOVERY
PIVOT OR PERSEVERE
BRAINSTORMING
SOLUTION
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
BUSINESS DESIGN
CUSTOMER PROBLEM SOLUTION
SEARCH & EXECUTE
CUSTOMER
DISCOVERY
CUSTOMER
VALIDATION
CUSTOMER
CREATION
COMPANY
BUILDING
MALKOVICH BIAS
THE TENDENCY TO BELIEVE THAT EVERYONE
USES TECHNOLOGY THE SAME WAY YOU DO
ANDRES GLUSMAN
YOU ARE NOT THE CUSTOMER
ONLY THROUGH RESEARCH CAN WE UNCOVER PEOPLE’S
PAINS, NEEDS, AND GOALS, IN THEIR CONTEXT
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
IF YOU DON’T TALK TO YOUR CUSTOMERS,
HOW WILL YOU KNOW HOW TO TALK TO YOUR CUSTOMERS? WILL EVANS
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
WHICH CUSTOMER?
1 2 3 4
CUSTOMER
ADDRESSABLE MARKET
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
PERSONA DEVELOPMENT
fictional characters to represent different user
types in a targeted, attitude and/or behaviour
set to drive empathy
CUSTOMER
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Facts
Factual information about your target customer
Pain
State the problem you believe your target customers have, that
your solution intends to solve for
Behavior
Existing behavior they exhibit now, because they don’t have your
solution
Goals
What goals are they trying to accomplish through the behavior,
that your solution will do better?
GREG
37 years of age, married(7 years).
Two kids (3 & 5)
Employed by Coca-Cola to manage regional
marketing
Tech savvy, loves his Gadgets. Always keen
to learn more
Reads The Economist Online
Enjoys the outdoors with his kids
Regular traveller in the region, both work
and personal
Greg is a bit of a perfectionist, so he has tried multiple video blog solutions
But hasn’t found any that allow him to express himself in the way he wants.
He finds each tool hard to earn, and really isn’t sure if he is getting the best
out of each tool
He has tried reading through forums, but finds it difficult reading a tutorial
and applying it to his material
Has been reading video blog tips in the hope of creating is own travel video blog
Purchased a pirated copy of Final Cut Pro to explore, but quickly purchased a license
Always has his video camera out when traveling, both on work travels and personal
travel
Purchased the domain www.gregsworld.com
Has tried Vimeo, Wordpress and TypePad in attempts to create a blog
Greg loves to travel, he loves to explore new places, culture, people and food
Greg would love to share his experiences with friends, family and colleagues
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Facts
Factual information about your target customer
Pain
State the problem you believe your target customers have, that
your solution intends to solve for
Behavior
Existing behavior they exhibit now, because they don’t have your
solution
Goals
What goals are they trying to accomplish through the behavior,
that your solution will do better?
TEMPLATE: innovationlabs.asia/personas
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Facts
Factual information about your target customer
Pain
State the problem you believe your target customers have, that
your solution intends to solve for
Behavior
Existing behavior they exhibit now, because they don’t have your
solution
Goals
What goals are they trying to accomplish through the behavior,
that your solution will do better?
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Facts
Factual information about your target customer
Pain
State the problem you believe your target customers have, that
your solution intends to solve for
Behavior
Existing behavior they exhibit now, because they don’t have your
solution
Goals
What goals are they trying to accomplish through the behavior,
that your solution will do better?
Facts + Behavior = Customer
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Facts
Factual information about your target customer
Pain
State the problem you believe your target customers have, that
your solution intends to solve for
Behavior
Existing behavior they exhibit now, because they don’t have your
solution
Goals
What goals are they trying to accomplish through the behavior,
that your solution will do better?
Pain + Goals = Problem
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Facts
Factual information about your target customer
Pain
State the problem you believe your target customers have, that
your solution intends to solve for
Behavior
Existing behavior they exhibit now, because they don’t have your
solution
Goals
What goals are they trying to accomplish through the behavior,
that your solution will do better?
(Behavior + Goals) - Pain = Solution
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
CUSTOMER PROBLEM SOLUTION
Facts + Behavior
= Customer
Pain + Goals
= Problem
(Behavior + Goals) - Pain
= Solution
hypothesis design
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
CUSTOMER PROBLEM (SOLUTION) HYPOTHESIS
Who specifically has this
problem?
How do you intent to solve
this problem?
What problem are you
trying to solve?
CUSTOMER PROBLEM SOLUTION
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
CUSTOMER PROBLEM (SOLUTION) HYPOTHESIS
Passionate travelling executives,
who want to share their travel
experiences
An educative video blog
platform
Lack of skills, and/or
technology to share their
experiences simply
CUSTOMER PROBLEM SOLUTION
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
HOW DOES IT SCALE?
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
MULTIPLE PERSONAS
PROBLEM
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
CUSTOMER & PROBLEM
ASSUMPTIONS
MVP
VALIDATED LEARNING
CUSTOMER DISCOVERY
PIVOT OR PERSEVERE
BRAINSTORMING
SOLUTION
List core assumptions about
the problem.
Does the
problem
cause pain?
Is the
customer hypo
right?
Is there
behaviour to
fix?
does the
problem exIST?
ASSUMPTIONS
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
MINIMUM VIABLE PRODUCT
Customer Discovery/Development
Pitch
Concierge
EXPERIMENT
EXPLORATION
PITCH
CONCIERGE
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
CUSTOMER VALIDATION
investigating their problems to
understand past behaviour
attempts to sell to a customer in
exchange for currency: time,
money or work
deliver the product as a
service to see is delivery
matches expectations
CUSTOMER
DISCOVERY
PITCH CONCIERGE
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Field Observation
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Coffee Shop Test
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Role Play
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Facebook Page
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Landing Page
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
CUSTOMER & PROBLEM
ASSUMPTIONS
MVP
VALIDATED LEARNING
CUSTOMER DISCOVERY
PIVOT OR PERSEVERE
BRAINSTORMING
SOLUTION
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
WHAT DO THE NUMBERS SAY?
ONE ACTIONABLE METRIC THAT TIES SPECIFIC &
REPEATABLE ACTIONS TO OBSERVED RESULTS
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
CUSTOMER & PROBLEM
ASSUMPTIONS
MVP
VALIDATED LEARNING
CUSTOMER DISCOVERY
PIVOT OR PERSEVERE
BRAINSTORMING
SOLUTION
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
PIVOT
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
PIVOT
ZOOM-IN
A SINGLE FEATURE BECOMES THE
WHOLE PRODUCT
CUSTOMER NEED
REPOSITIONING, OR A
COMPLETELY NEW PRODUCT
ZOOM-OUT
THE WHOLE PRODUCT BECOMES A
SINGLE FEATURE
CUSTOMER SEGMENT
GOOD PRODUCT, BAD CUSTOMER
SEGMENT
PLATFORM
CHANGE FROM AN APPLICATION
TO A PLATFORM, OR VICE VERSA
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
WHAT
WOULD
YOU
DO NEXT?
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
SILENCE
CUSTOMER DISCOVERY TIPS
REFLECT BACK
HAVE
EMPATHY
ASK FOR STORIES
ASK OPEN QUESTIONS
NO LEADING QUESTIONS
OBSERVATIONS VS. INSIGHTS
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
HOMEWORK
DEVELOP TWO CUSTOMER PERSONAS
THEN INTERVIEW 20 OF EACH
YOUR GOAL
CONTINUOUS VALIDATED LEARNING
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
24.87% CAGR for cards &
payments industry
60% YOY growth in internet
users
Wing : pioneer of Mobile
Money in Cambodia
significantly contributed to
nation’s economic growth
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Knowledge is having the right answer
Intelligence is asking the right question
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
WORK SMARTER
NOT HARDER
SUCCESS
YOU TOO CAN OWN THIS FACE OF ACCOMPLISHMENT
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
YOUR SKILLS ARE KEY TO YOUR STARTUP SUCCESS
NONE 1 2 3 4 AVG 6 7 8 9
ROCK
STAR
BUSINESS MODELING
PERSONA DEVELOPMENT
CUSTOMER DISCOVERY & DEVELOPMENT
MINIMUM VIABLE EXPERIMENTS
PRODUCT / MARKET FIT
PIVOT VS PERSEVERE
PITCHING
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Financial
Services
Insurance
Education
Media
Healthcare
It takes weeks, not years,
of inaction to be disrupted
Key industries
under threat
“The increasingly crowded unicorn club”
Source: CB Insights
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
The Innovation Journey
• Barriers to Innovation
• Persona Modelling
• Hypothesis Design
• Experiment Design
• Customer Development
• Innovation Culture
• Business Models
• Opportunity Framing
• Peer Review
Equipping teams with consistent proven methods for innovation
Innovation
Practitioner
Innovation
Bootcamp
Innovation
Accelerator
• Product Market Fit
• Advanced Experiment
Methods
• Experiment Design & Metrics
• Scaling Problem/Market Fit
• Opportunity Identification &
Validation
• Venture Accounting model
• Pitch a Venture
• Growing A User Base
• Support Frameworks
• Can we measure demand
prior to launch?
• How does the customer
want to experience the
product or service?
• Rapid prototyping and
acceptance testing
Who & How Should We
Innovate?
Should & Can we solve this
problem?
Is There A Problem Worth
Solving?
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Returns
Short term priorities that lead to
long-term Innovation Goals
Collaboration
CapabilityCulture
Context
Innovation
Acceleration
Innovation Bootcamp
Innovation
Practitioner
Executive Inspiration
Session
Inspiring action
around
opportunity,
threats &
barriers to
innovation.
Horizon 1 | ROI in 0-12 months
12 weeks
acceleration
program
3 days Innovation
practitioner workshop
5 days
bootcamp
6 weeks situational
Analysis Report
Proof of
Value
Proof of
Concept
Enabled
Innovation
Innovation
Education
Discovery
& Planning
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
Enabled Innovation
Executive
Advisory
Strategic
Advisory
Field
Research
Product
Development
Rapid
Prototyping
Market Entry
Strategy
Disruptive
Innovation
Ⓒ Innovation Labs Asia
@scottebales #innovationronin
It is not the strongest of the species that
survive, nor the most intelligent, but the
ones most responsive to change.
Start your innovation journey
with Innovation Labs Asia, today
/ Charles Darwin
Contact Us:
Innovation Labs Asia
hello@innovationlabs.asia
Lvl 4, 101c Telok Ayer Street, Singapore, 068574
FEEDBACK: innovationlabs.asia/event-feedback

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Innovate Series - Finding Product Market Fit

  • 1. Ⓒ Innovation Labs Asia @scottebales #innovationronin FINDING PRODUCT MARKET FIT Innovation Labs Asia Scott Bales Managing Director @scottebales @scottebales /scottebales
  • 3. Ⓒ Innovation Labs Asia @scottebales #innovationronin
  • 4. Ⓒ Innovation Labs Asia @scottebales #innovationronin Working with over 100 companies in various stages of the innovation journey
  • 5. Ⓒ Innovation Labs Asia @scottebales #innovationronin #1 Crowd Funded in Asia JULY 2018
  • 6. Ⓒ Innovation Labs Asia @scottebales #innovationronin #innovationronin @scottebales +
  • 7. Ⓒ Innovation Labs Asia @scottebales #innovationronin OBJECTIVES accept fail = lesson what is Lean what are the tools explore customer discovery designing experiments making decisions
  • 8. Ⓒ Innovation Labs Asia @scottebales #innovationronin Lean 101 Product Market Fit PRACTICAL Homework 1-on-1
  • 9. “Give a Man a Fish, and You Feed Him for a Day. Teach a Man to Fish, and You Feed Him for a Lifetime”
  • 10. Ⓒ Innovation Labs Asia @scottebales #innovationronin ERIC RIES The Lean Startup method teaches you how to drive a startup-how to steer, when to turn, and when to persevere, and grow a business with maximum acceleration.
  • 11. Ⓒ Innovation Labs Asia @scottebales #innovationronin 99% IS IT THE RIGHT IDEA? FAIL OF VENTURES
  • 12. Ⓒ Innovation Labs Asia @scottebales #innovationronin WHAT MOST PEOPLE THINK WHAT SUCCESSFUL PEOPLE KNOW
  • 13. Ⓒ Innovation Labs Asia @scottebales #innovationronin
  • 14. Ⓒ Innovation Labs Asia @scottebales #innovationronin PIVOT OR PERSEVERE DIFFERENCE BETWEEN SUCCESS & FAILURE IS THE ABILITY TO BUILD MEASURE, LEARN & ADAPT
  • 15. Ⓒ Innovation Labs Asia @scottebales #innovationronin
  • 16. Ⓒ Innovation Labs Asia @scottebales #innovationronin YOUR SKILLS ARE KEY TO YOUR STARTUP SUCCESS NONE 1 2 3 4 AVG 6 7 8 9 ROCK STAR BUSINESS MODELING PERSONA DEVELOPMENT CUSTOMER DISCOVERY & DEVELOPMENT MINIMUM VIABLE EXPERIMENTS PRODUCT / MARKET FIT PIVOT VS PERSEVERE PITCHING
  • 17. Ⓒ Innovation Labs Asia @scottebales #innovationronin WHO ARE YOU? WHAT ARE ...YOUR PASSIONS? ...YOUR EXPECTATIONS?
  • 18. Ⓒ Innovation Labs Asia @scottebales #innovationronin WHO ARE YOU? VERB STARTING WITH THE SAME LETTER AS YOUR NAME Spontaneous Scott Guiding innovative entrepreneurs Enable entrepreneurs to build products that make a difference in the world WHAT ARE YOU PASSIONATE ABOUT SOLVING... WHAT DO YOU WANT TO GET OUT OF TODAY?
  • 19. Ⓒ Innovation Labs Asia @scottebales #innovationronin
  • 20. Ⓒ Innovation Labs Asia @scottebales #innovationronin TREVOR OWENS
  • 21. Ⓒ Innovation Labs Asia @scottebales #innovationronin ACCEPT YOU KNOW NOTHING Neither you, nor the customer, may know what the product requirements are until after they’ve played with the product PRINCIPLES OF LEAN TEST SMART Failure friendly firms don’t fail, they either confirm or reject hypotheses MEASURE SMART Lean Enterprises measure the right things ITERATE AT SPEED Lean Enterprises don’t throw good money after bad. But neither are they fickle. Whatever the case, they pivot or persevere quickly
  • 22. Ⓒ Innovation Labs Asia @scottebales #innovationronin
  • 23. Ⓒ Innovation Labs Asia @scottebales #innovationronin CUSTOMER & PROBLEM ASSUMPTIONS MVP VALIDATED LEARNING CUSTOMER DISCOVERY PIVOT OR PERSEVERE BRAINSTORMING SOLUTION
  • 24. Ⓒ Innovation Labs Asia @scottebales #innovationronin BUSINESS DESIGN CUSTOMER PROBLEM SOLUTION
  • 26. MALKOVICH BIAS THE TENDENCY TO BELIEVE THAT EVERYONE USES TECHNOLOGY THE SAME WAY YOU DO ANDRES GLUSMAN
  • 27. YOU ARE NOT THE CUSTOMER ONLY THROUGH RESEARCH CAN WE UNCOVER PEOPLE’S PAINS, NEEDS, AND GOALS, IN THEIR CONTEXT
  • 28. Ⓒ Innovation Labs Asia @scottebales #innovationronin IF YOU DON’T TALK TO YOUR CUSTOMERS, HOW WILL YOU KNOW HOW TO TALK TO YOUR CUSTOMERS? WILL EVANS
  • 29. Ⓒ Innovation Labs Asia @scottebales #innovationronin WHICH CUSTOMER? 1 2 3 4 CUSTOMER ADDRESSABLE MARKET
  • 30. Ⓒ Innovation Labs Asia @scottebales #innovationronin PERSONA DEVELOPMENT fictional characters to represent different user types in a targeted, attitude and/or behaviour set to drive empathy CUSTOMER
  • 31. Ⓒ Innovation Labs Asia @scottebales #innovationronin Facts Factual information about your target customer Pain State the problem you believe your target customers have, that your solution intends to solve for Behavior Existing behavior they exhibit now, because they don’t have your solution Goals What goals are they trying to accomplish through the behavior, that your solution will do better? GREG 37 years of age, married(7 years). Two kids (3 & 5) Employed by Coca-Cola to manage regional marketing Tech savvy, loves his Gadgets. Always keen to learn more Reads The Economist Online Enjoys the outdoors with his kids Regular traveller in the region, both work and personal Greg is a bit of a perfectionist, so he has tried multiple video blog solutions But hasn’t found any that allow him to express himself in the way he wants. He finds each tool hard to earn, and really isn’t sure if he is getting the best out of each tool He has tried reading through forums, but finds it difficult reading a tutorial and applying it to his material Has been reading video blog tips in the hope of creating is own travel video blog Purchased a pirated copy of Final Cut Pro to explore, but quickly purchased a license Always has his video camera out when traveling, both on work travels and personal travel Purchased the domain www.gregsworld.com Has tried Vimeo, Wordpress and TypePad in attempts to create a blog Greg loves to travel, he loves to explore new places, culture, people and food Greg would love to share his experiences with friends, family and colleagues
  • 32. Ⓒ Innovation Labs Asia @scottebales #innovationronin Facts Factual information about your target customer Pain State the problem you believe your target customers have, that your solution intends to solve for Behavior Existing behavior they exhibit now, because they don’t have your solution Goals What goals are they trying to accomplish through the behavior, that your solution will do better? TEMPLATE: innovationlabs.asia/personas
  • 33. Ⓒ Innovation Labs Asia @scottebales #innovationronin Facts Factual information about your target customer Pain State the problem you believe your target customers have, that your solution intends to solve for Behavior Existing behavior they exhibit now, because they don’t have your solution Goals What goals are they trying to accomplish through the behavior, that your solution will do better?
  • 34. Ⓒ Innovation Labs Asia @scottebales #innovationronin Facts Factual information about your target customer Pain State the problem you believe your target customers have, that your solution intends to solve for Behavior Existing behavior they exhibit now, because they don’t have your solution Goals What goals are they trying to accomplish through the behavior, that your solution will do better? Facts + Behavior = Customer
  • 35. Ⓒ Innovation Labs Asia @scottebales #innovationronin Facts Factual information about your target customer Pain State the problem you believe your target customers have, that your solution intends to solve for Behavior Existing behavior they exhibit now, because they don’t have your solution Goals What goals are they trying to accomplish through the behavior, that your solution will do better? Pain + Goals = Problem
  • 36. Ⓒ Innovation Labs Asia @scottebales #innovationronin Facts Factual information about your target customer Pain State the problem you believe your target customers have, that your solution intends to solve for Behavior Existing behavior they exhibit now, because they don’t have your solution Goals What goals are they trying to accomplish through the behavior, that your solution will do better? (Behavior + Goals) - Pain = Solution
  • 37. Ⓒ Innovation Labs Asia @scottebales #innovationronin CUSTOMER PROBLEM SOLUTION Facts + Behavior = Customer Pain + Goals = Problem (Behavior + Goals) - Pain = Solution hypothesis design
  • 38. Ⓒ Innovation Labs Asia @scottebales #innovationronin CUSTOMER PROBLEM (SOLUTION) HYPOTHESIS Who specifically has this problem? How do you intent to solve this problem? What problem are you trying to solve? CUSTOMER PROBLEM SOLUTION
  • 39. Ⓒ Innovation Labs Asia @scottebales #innovationronin CUSTOMER PROBLEM (SOLUTION) HYPOTHESIS Passionate travelling executives, who want to share their travel experiences An educative video blog platform Lack of skills, and/or technology to share their experiences simply CUSTOMER PROBLEM SOLUTION
  • 40. Ⓒ Innovation Labs Asia @scottebales #innovationronin HOW DOES IT SCALE?
  • 41. Ⓒ Innovation Labs Asia @scottebales #innovationronin MULTIPLE PERSONAS PROBLEM
  • 42. Ⓒ Innovation Labs Asia @scottebales #innovationronin CUSTOMER & PROBLEM ASSUMPTIONS MVP VALIDATED LEARNING CUSTOMER DISCOVERY PIVOT OR PERSEVERE BRAINSTORMING SOLUTION
  • 43. List core assumptions about the problem. Does the problem cause pain? Is the customer hypo right? Is there behaviour to fix? does the problem exIST? ASSUMPTIONS
  • 44. Ⓒ Innovation Labs Asia @scottebales #innovationronin MINIMUM VIABLE PRODUCT Customer Discovery/Development Pitch Concierge EXPERIMENT EXPLORATION PITCH CONCIERGE
  • 45. Ⓒ Innovation Labs Asia @scottebales #innovationronin CUSTOMER VALIDATION investigating their problems to understand past behaviour attempts to sell to a customer in exchange for currency: time, money or work deliver the product as a service to see is delivery matches expectations CUSTOMER DISCOVERY PITCH CONCIERGE
  • 46. Ⓒ Innovation Labs Asia @scottebales #innovationronin
  • 47. Ⓒ Innovation Labs Asia @scottebales #innovationronin Field Observation
  • 48. Ⓒ Innovation Labs Asia @scottebales #innovationronin Coffee Shop Test
  • 49. Ⓒ Innovation Labs Asia @scottebales #innovationronin Role Play
  • 50. Ⓒ Innovation Labs Asia @scottebales #innovationronin Facebook Page
  • 51. Ⓒ Innovation Labs Asia @scottebales #innovationronin Landing Page
  • 52. Ⓒ Innovation Labs Asia @scottebales #innovationronin CUSTOMER & PROBLEM ASSUMPTIONS MVP VALIDATED LEARNING CUSTOMER DISCOVERY PIVOT OR PERSEVERE BRAINSTORMING SOLUTION
  • 53. Ⓒ Innovation Labs Asia @scottebales #innovationronin WHAT DO THE NUMBERS SAY? ONE ACTIONABLE METRIC THAT TIES SPECIFIC & REPEATABLE ACTIONS TO OBSERVED RESULTS
  • 54. Ⓒ Innovation Labs Asia @scottebales #innovationronin CUSTOMER & PROBLEM ASSUMPTIONS MVP VALIDATED LEARNING CUSTOMER DISCOVERY PIVOT OR PERSEVERE BRAINSTORMING SOLUTION
  • 55. Ⓒ Innovation Labs Asia @scottebales #innovationronin PIVOT
  • 56. Ⓒ Innovation Labs Asia @scottebales #innovationronin PIVOT ZOOM-IN A SINGLE FEATURE BECOMES THE WHOLE PRODUCT CUSTOMER NEED REPOSITIONING, OR A COMPLETELY NEW PRODUCT ZOOM-OUT THE WHOLE PRODUCT BECOMES A SINGLE FEATURE CUSTOMER SEGMENT GOOD PRODUCT, BAD CUSTOMER SEGMENT PLATFORM CHANGE FROM AN APPLICATION TO A PLATFORM, OR VICE VERSA
  • 57. Ⓒ Innovation Labs Asia @scottebales #innovationronin WHAT WOULD YOU DO NEXT?
  • 58. Ⓒ Innovation Labs Asia @scottebales #innovationronin SILENCE CUSTOMER DISCOVERY TIPS REFLECT BACK HAVE EMPATHY ASK FOR STORIES ASK OPEN QUESTIONS NO LEADING QUESTIONS OBSERVATIONS VS. INSIGHTS
  • 59. Ⓒ Innovation Labs Asia @scottebales #innovationronin HOMEWORK DEVELOP TWO CUSTOMER PERSONAS THEN INTERVIEW 20 OF EACH
  • 61. Ⓒ Innovation Labs Asia @scottebales #innovationronin 24.87% CAGR for cards & payments industry 60% YOY growth in internet users Wing : pioneer of Mobile Money in Cambodia significantly contributed to nation’s economic growth
  • 62. Ⓒ Innovation Labs Asia @scottebales #innovationronin
  • 63. Ⓒ Innovation Labs Asia @scottebales #innovationronin Knowledge is having the right answer Intelligence is asking the right question
  • 64. Ⓒ Innovation Labs Asia @scottebales #innovationronin WORK SMARTER NOT HARDER
  • 65. SUCCESS YOU TOO CAN OWN THIS FACE OF ACCOMPLISHMENT
  • 66. Ⓒ Innovation Labs Asia @scottebales #innovationronin YOUR SKILLS ARE KEY TO YOUR STARTUP SUCCESS NONE 1 2 3 4 AVG 6 7 8 9 ROCK STAR BUSINESS MODELING PERSONA DEVELOPMENT CUSTOMER DISCOVERY & DEVELOPMENT MINIMUM VIABLE EXPERIMENTS PRODUCT / MARKET FIT PIVOT VS PERSEVERE PITCHING
  • 67. Ⓒ Innovation Labs Asia @scottebales #innovationronin Financial Services Insurance Education Media Healthcare It takes weeks, not years, of inaction to be disrupted Key industries under threat “The increasingly crowded unicorn club” Source: CB Insights
  • 68. Ⓒ Innovation Labs Asia @scottebales #innovationronin The Innovation Journey • Barriers to Innovation • Persona Modelling • Hypothesis Design • Experiment Design • Customer Development • Innovation Culture • Business Models • Opportunity Framing • Peer Review Equipping teams with consistent proven methods for innovation Innovation Practitioner Innovation Bootcamp Innovation Accelerator • Product Market Fit • Advanced Experiment Methods • Experiment Design & Metrics • Scaling Problem/Market Fit • Opportunity Identification & Validation • Venture Accounting model • Pitch a Venture • Growing A User Base • Support Frameworks • Can we measure demand prior to launch? • How does the customer want to experience the product or service? • Rapid prototyping and acceptance testing Who & How Should We Innovate? Should & Can we solve this problem? Is There A Problem Worth Solving?
  • 69. Ⓒ Innovation Labs Asia @scottebales #innovationronin Returns Short term priorities that lead to long-term Innovation Goals Collaboration CapabilityCulture Context Innovation Acceleration Innovation Bootcamp Innovation Practitioner Executive Inspiration Session Inspiring action around opportunity, threats & barriers to innovation. Horizon 1 | ROI in 0-12 months 12 weeks acceleration program 3 days Innovation practitioner workshop 5 days bootcamp 6 weeks situational Analysis Report Proof of Value Proof of Concept Enabled Innovation Innovation Education Discovery & Planning
  • 70. Ⓒ Innovation Labs Asia @scottebales #innovationronin Enabled Innovation Executive Advisory Strategic Advisory Field Research Product Development Rapid Prototyping Market Entry Strategy Disruptive Innovation
  • 71. Ⓒ Innovation Labs Asia @scottebales #innovationronin It is not the strongest of the species that survive, nor the most intelligent, but the ones most responsive to change. Start your innovation journey with Innovation Labs Asia, today / Charles Darwin Contact Us: Innovation Labs Asia hello@innovationlabs.asia Lvl 4, 101c Telok Ayer Street, Singapore, 068574 FEEDBACK: innovationlabs.asia/event-feedback