New product or service + Eliminate Waste = low burn startup
Book - 4 steps to epiphany - Steve Blank
Running lean - e book from Ash
Build, Measure, Learn
Business model for the product - sketch out at a high level - based on lots of assumptions
focus groups, online surveys - break down the assumptions and create testable hypotheses. what are the top problems?
How do you establish the right metrics?
Turn ideas into products, how do customers respond?
Idea, build, product, measure, ...
Create testable and falsifiable hypothesis.
If it's not testable, it's a leap of faith.
create a dashboard tracking metrics, communicate learnings early and often.
Problem Solution/Fit ->build minimal viable product (focus - validated learning, pivot)-> Product/Market fit (ideal time to seek funding)-> scale (focus is growth and product optimization)
Are we solving the customer problem?
How do you find the minimum viable product when customers disagree?
building a path to customers early on.
How do we get to customers?
Is there a model to monetize this?
Problem - the notion that you can skip over the hard work to structure the new organization on a solid footing.
WiFi startup - looking for a partner - visited everyone - lots of freaky people - clear from 1st day - the VC brought in a professional CEO, tech people - a team in multiple spaces to address big problems of a product to go to the enterprise. Had nothing, but structured with all the team necessary
could get scooped up - bought by Cisco.
Customer segments - whose problem are you trying to solve? What is the cost structure? What's the value proposition? How do you validate?
Book - business Model Generation
Alex Osterwalder - business model canvas
Business model - OneHourToPlan.com Joe Calhoon
Who are your early adopters?
What are the top 3 problems to solve?
What do you think are the solutions to these problems?
Why are people interested in your solution?
What is your unique advantage?
What is your adoption plan?
How do you retain people?
How will you measure these?
What channels will you use?
How to "sneakily" bring the PM discipline to a lean startup - PMM brings the insights to the process, but doesn't "tell" leadership that's what is happening. Instead, brings the checklists systematically to attack the market needs and test hypotheses.
See The ChecklistManifesto
How do we know we're solving the "right" problems?
Are developers partnered with you on methodologies?
Customer interviews. Get out the door, face to face customer interviews. what are customers saying? Let the developers hear that. Engineer, Marketer, and designer meet with customer. (This is true in hardware design as well)
Each comes back with a different take - and collaborate on a better solution than one would discover and create.
What filters do we bring to the discussion?
Engineering should be a part of the process to discover the market need. Create a prototype. Get their hands on it. Get all teams involved in the overall process.
Ask "Is this right?" - get more customer feedback.
large org, bring a 3rd party. Bring internal and external designer resources. Helps people accept what 3rd party says. (Make sure your department is paying the 3rd party to assure you get what you want.) :)
Alternative: Use Quant Surveys (e.g. SurveyMonkey) to validate assumptions
Part art and part science - Geoffery Moore - pick representative customer base so that you don't develop the feature set for only one customer.
Throw up a signup launch page - unique value proposition
"A better way to get customer feedback"
"Faster Innovation" - sign up here to learn more
Take email addresses, email them ask for more info.
We're not selling anything. Can we interview you?
We'd like to learn more.
This is your early adopter and potential first customer list. Do this before the product exists.
37Signals did this for their basecamp - blogs early on to attract customers - lots of initial customers - became raving fans for basecamp.
How do you filter out requests from different stakeholders? Get ahead of the top 3 problems - systematically validated these problems - that's my minimal viable product.
Only add features when you know it solves a real business problem.
Tom Cooper, Principal
BrightHill Group LLC
(240) 668-4799 voice