POC2 course presentation - Market validation and customer discovery

Introduction into the importance and methods of proper market validation and customer discovery for startups.

1. Piaci validáció

2. Startupok 72 százaléka azért bukik el mert olyan terméket vagy szolgáltatás állít elő ami senkinek nem kell.

3. BUILDING A STARTUP

4. Startup Operations – Running a gig Idea Funding Product development Sales

5. Startup Operations – Running a gig ‹#›

6. Startup Operations – Running a gig – for success Problem or change in a market Prototype a solution Test and iterate Fund Scaling

7. Value = MUST HAVE’ or nice to have

8. Problems Customer segments Needs Problem– Solution Fit ‘Minimum Viable Product’

9. A legtöbb probléma már meg van oldva. Csak nem feltétlenül jól, olcsón vagy kényelmesen

10. “In a startup no facts exist inside the building, only opinions.” (Steve Blank)

11. A vállalkozás annyira könnyű vagy nehéz amennyire észreveszed és elfogadod a tényeket.

12. Korai fázisú üzleti tervek értékgörbéje

13. “We're easily convinced by the argument that all we need to do is “build it and they will come.” And when they don't come, well, we just try, try, again.” (Eric Ries)

14. The Lean Method + Testing your initial Hypotheses – keep them or pivot + Collective Wisdom of your Customers + Get out of the building + Obsessed with the customer + Open to learn and pivot + Avoid maximalists (they should come later) + Bias for speed

15. LEAN STARTUP PRINCIPLES Build (construct, prepare) Measure (structure, collect, collate) Learn (adjust, revise, repair, develop)

16. Startup development – a word about the co-founder + Dissolving dilemmas, doubts + Reality check + Minimum 1 maximum 2 + Reasoning practices + Do more if you work together

17. Customer Discovery: How to talk to customers And actually learn things

18. Teszteljük le mennyire tudunk tisztán gondolkodni!

19. A klímaszerelőm azt mondja, Jani az öccse. Jani azt mondja, neki nincs bátyja. ?

20. Focus on the Customer

21. Focus on the Customer

22. Focus on the Customer

23. VALUE PROPOSITION Value is material, emotional or abstract benefit to user or client ‹#›

24. VALUE PROPOSITION Value is material, emotional or abstract benefit to user or client ‹#›

25. VALUE PROPOSITION Value is material, emotional or abstract benefit to user or client ‹#›

26. PROPER CUSTOMER DISCOVERY

27. Üzleti modellek B2B B2C B2B2C B2G

28. Interview methods B2C (individual decision making) 0.5 Process other’s research 1 Online survey 2 Group interview 5 Phone interview 10 One-on-one interview with people you don’t know

29. Interview methods B2B (market research) 1 Process other’s research results 3 Online survey 5 Phone interview 10 One-on-one interview with a friendly source

30. FOGALMAZD MEG A ‘SIKER MONDATOT’ We believe that people/businesses/distributors like (customer type) have a need for / or problems doing)(need/action/behavior) . We will know we have succeeded when (quantitative/measurable outcome) , or (qualitative/observable outcome) , which will contribute to (KPI) .

31. COMMON MISTAKES OF CUSTOMER DISCOVERY INTERVIEWS ● Downplay resistance or indifference Explaining instead of listening Draw conclusion from fragmented info ● Not testing the problem but the solution ● Want to create the perfect interview … and being forgiving to oneself

32. ‘THE WHAT’ YOU WANT TO FIND OUT OR VALIDATE: How big is the market? Not today...eventually! ● Who’s the customer? ● What’s the product/service/need? ● Does the product solve the problem? Fill the need? ● Who else solves it? Cheaper? Better? Faster? ● How do you create demand? ● How do you deliver the product? ● Will the customer let you make money?

33. ‘THE HOW’ CUSTOMER DISCOVERY MUST BE: ● Done by Leaders, not researchers, no indirect intelligence You’re never selling, always asking ● Know the industry, issues, subject matter ● Let the customer steer the conversation ● No customer can answer every question ● ...charm them, keep’em talking longer

34. BASIC RULES OF CUSTOMER DISCOVERY No selling No talking (much) No ‘how do you like it..?’ Constant LISTENING to customer info Structure your data collection

35. DEFINE H YPOTHESES Define hypothesis “success” so you know it if you find it.. :) Develop your own metrics but here are some hints: ● Define discovery pass/fail tests - objectivity ● Results cannot be just anecdotes - data ● ...what does success look like? - specific outcome ○ 4 of ten get really excited/want to buy - data ○ One appointment in five calls - data ○ Half would tell >3 friends - data REMEMBER: recompute the financial model based on this feedback...it may change a lot

36. Before your First Interview Prefer in person meeting or conversation E-solutions create distortion ● Know your subject...memorize your questions - structure ● “Dress for success,” make them comfortable - preparation ● Consider/Rehearse your “Opening Line” - preparation ● ALWAYS stress “this is not a sales call” - structure, clean data ● NEVER get caught following a script - preparation ● Be curious, dig deeper, don’t push an agenda - objectivity ● Let the customer guide the conversation - reality check

37. PRIMARY MISSION is “ T est the problem” ● Anything else is gravy...get what you can - data ● Avoid details on product as much as you can - reality check ● ...how do you solve it now ● ...anyone solve it well for you ● ...problems with current solutions Mostly focus on: Do customers care?? - objectivity ● Do NOT do Discovery with friends, colleagues - objectivity ● Find consumers where they hang out - reality check ● “Attack” people in malls, Starbucks, cafes - in person is + ● Don’t worry about titles or the right person - reality check ● Can you really talk to anyone? - objectivity

38. Good outcomes Learn : Get facts, not opinions Talk about their life/work/context instead of your idea Ask about specifics in the past, not guesses about the future Talk less, listen more Confirm: Get commitments, not opinions Time Reputation Money

39. Exercise: Are these good questions? Do you think it’s a good idea? Would you buy a product which solved this problem? How do you currently deal with this problem?

40. Exercise: Are these good questions? Talk me through the last time you had this problem How much would you pay for this? How much money does this problem cost you?

41. What does bad data look like? Compliments “Sounds great, I love it!” "Looks great, keep me in the loop!" Fluff Generic claims Future promises Hypothetical maybes

42. How to get back on track

43. How to measure success of a meeting Worst endings to meeting: “ Sounds great! Let me know when it launches!” Better: “ There are a few people I can introduce you to when you’re ready” Validate by going for FULL COMMITMENT Meetings succeed when they advance to the next step

44. After the Interview: Debrief DUMP ● 1 idea per sticky ● “What I heard ● “What I saw ● “What stood out After first 3: What you have to do differently next time SORT ● Collect similar items ● Label groups ● Stack duplicates ● Note trends and exceptions

45. A Validált tudás Eszköze: MVP Minimum Viable Product

46. Combining ‘interviews’ with MVP 1. Validate basic hypotheses about problem & customer segment(s) via interviews 2. Build & measure MVP with specific customertype in mind. 3. Learn. 4. Iterate.

47. WHAT REALLY MATTERS …a nd is often the result of good customer discovery

48. An experiment on 200 startups

49. ANALYTICS ● Google Analytics ● KISS Metrics ● Mixpanel ● Flurry ● LocalLytics ● Stats Mix (just an api) CONVERSION TESTING ● Unbounce ● Optimizely UNMODERATED TESTS WITH VIDEO ● Usertesting.com ● TryMyUI ● Userlytics ● WhatUsersDo HEAT MAPPING ● Crazy Egg ● Click Tale ● Gaze Hawk MESSAGE RECALL ● ClueApp ● FiveSecondTest MICRO USABILITY ● Navflow ● Usabilia ● Clicktest ● Verify ● Intuition HQ ● UserZoom TOOLS

50. AYTM.com Ask Your Target Market

51. Make my persona The ideal buyer generator

52. PROLIFIC.CO

53. People.fish

54. Appinio

55. Statista Hint - they have Campus accounts...

56. https://www.slideshare.net/hildimre