Class 3 / 12
February 23, 2015
Jen van der Meer | jd1159 at nyu dot edu
Josh Knowles | chasing at spaceship dot com
LEAN LAUNCHPAD AT NYU ITP
6:30 – 7:30
Team presentations
7:30 – 8:00
Overview and User Profiles
8:00-8:15
Break
8:15-8:45
Customer Exercise
8:45 – 9:15
Value Proposition Exercise
TODAY:
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CLASS TIMEFRAME 2015
2/2Business ModelsCustomer Development
2/9Value Proposition Research tools
2/16President’s Day
2/23Customer SegmentsResearch Tools
3/23Spring Break
3/9Customer RelationshipsProduct Development
3/23ResourcesActivities + Costs
3/30Product DevelopmentUX and User InterfaceDesign
4/6UI UX Part 2
4/13Product DevelopmentUser test
4/20Product development
4/27Product MVP
May!Delicious CelebrationLessons Learned
3/2Revenue StreamsDistribution Channels
4
FOUNDERS DILEMMA
Founder’s Dilemma. Noam Wasserman.
CUSTOMERS
Business model hypothesis
CUSTOMER DISCOVERY: PHASE 1
MarketSize
Value Prop 1 Product
MVP
CustomersWho/
ProblemChannels
Value Prop 2
Key Resources
Partners
Revenue
Value Prop Low Fidelity
MVP
CustomersSource/Wiring
Channels
Market Type
Customer Relationship
Traffic Partners
Pricing
Phys
ical
Cha
nnel
Web
/Mob
ile C
hann
el
MARKET SIZE
TAM: Total Available MarketTotal Market Size Available TODAY
TAM: Total Available MarketTotal Market Size Available TODAY
MARKET SIZE
SAM: Servicable Available Market
Focus on Your Own Technology/Services
MARKET SIZE
Target Market: What realistic market share
can be obtained
Super user
Early evangelist
Willing to spend money for an incomplete, buggy, barely functional product
YOUR FIRST TARGET CUSTOMER
Where are they in life?
Where would you find them?
What are their needs? Why are these their needs?
How are they solving the problem now?
WHO IS HE/SHE?
Segments are clusters of customers with unique behaviors.
Before you are able to analyze buying, usage, and referral data, your segmentation will be a hypothesis, based on:
• Demographics
• Psychographics/
• Technographics
• Behavioral
CUSTOMER SEGMENTS
BEFORE THEWEB: SURVEY BASED SEGMENTATION
1. Define hypotheses of unique customer segments
2. Choose 2-3 to test
3. Develop a user story for each
4. Develop a value proposition for each
5. Determine profit potential for each
TESTING CUSTOMER SEGMENTS
VALUE PROPOSITION FIT
CUSTOMER SEGMENTS: WHAT ARE THEY SEEKING?
PRODUCT VISION
Ultimate Product Vision
Product Features and Benefits
MVP
A concise summary of the smallest possible group of features that will work as a standalone product while still solving at least the core problem and demonstrating the product’s value.
MVP is:
• A tactic for cutting back on wasted development hours
• A strategy to get the product into earlyvangelists hands as soon as possible
• A tool for generating maximum customer learning in the shortest possible time.
MVP
VALUE PROPOSITION CANVAS
WHAT CAME BEFORE STEVE AND ERIC
22
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NEXT WEEK PREP:
Watch Lecture Customer Relationships—take the quiz
Watch Lecture Partners
Read: Business Model Generation 180-225
Optional Reading: Lean Analytics by Alistair Croll and Ben Yoskovitz overview.
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NEXT WEEK PRESENTATION:
5 people customer discovery interviews
Prepare a presentation – guidelines below:
· Cover slide
· Latest version Business Model Canvas with changes marked
· Market size (TAM, SAM, Target Market)
Total addressable: how big is the universe
Served available market: how many can I reach with my sales channel?
Target market: who will be the most likely buyers?
· Propose experiments to test your value proposition. What constitutes a pass/fail signal for each
test?
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