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Business Model Workshop



Product / Market
    Tango
       Keith McGreggor
      Director of VentureLab @   ...
Business Model Generation


                    infrastructure              offer              customers



                                activities              relationships

              partners                        value
                                                                               segments
                                              prop.

                                resources               channels



                                             financial

                         cost structure                    revenue streams
the Canvas
    infrastructure              offer            customers



                 activities              relationships

partners                       value
                                                         segments
                               prop.

                resources                 channels



                              financial

           cost structure                  revenue streams
still fiction...
      infrastructure            offer                 customers


                   ?             ?
  ?              activities                   ?
                                         relationships
                                                                      ?
partners                        ?
                               value
                                                             segments
                               prop.                              ?
                   ?                          ?
                resources                 channels                ?
                                                  ?

                              financial
         ?                                ?
           cost structure                               ?
                                           revenue streams

                    ?                             ?
... and we want facts!
     infrastructure             offer               customers


                   ✔             ✔
 ✔               activities              relationships
                                             ✔                  ✔
partners                       ✔
                               value
                                                           segments
                               prop.                            ?
                  ✔                         ✔
                resources                 channels          ✔
                                                ?

                              financial
        ✔                                 ✔
           cost structure                               ?
                                           revenue streams

                    ?                         ✔
How?
pick one...
      infrastructure            offer                 customers


                   ?              ?
  ?              activities                   ?
                                         relationships
                                                                      ?
partners                        ?
                               value
                                                             segments
                               prop.                              ?
                   ?                          ?
                resources                 channels                ?
                                                  ?

                              financial
         ?                                ?
           cost structure                               ?
                                           revenue streams

                    ?                             ?
design experiment ...
  offer                 customers
                                            A controlled experiment

    ?                                       generally compares the results
                                            obtained from an experimental
                ?
           relationships
                                        ?
                                            sample against a control
                                            sample, which is practically
                                            identical to the experimental
  ?
 value
                               segments
                                            sample except for the one
 prop.                              ?       aspect whose effect is being
                                            tested (the independent
                ?                           variable).
            channels                ?
                    ?

financial
            ?
                          ?
             revenue streams

                    ?
run it in the world ...
  offer                 customers           A controlled
                                            experiment

    ?                                       generally
                                            compares the
                ?
           relationships
                                        ?
                                            results obtained
                                            from an

  ?
 value
                               segments
 prop.                              ?
                ?
            channels                ?
                    ?

financial
            ?
                          ?
             revenue streams

                    ?
... and iterate!
  offer                 customers           A controlled
                                            experiment
                                            generally
   ✔                                        compares the
                ?
           relationships
                                        ?
                                            results obtained
                                            from an

  ?
 value
                               segments
 prop.                              ?
                ?
            channels                ?
                    ?

financial
            ?
                          ?
             revenue streams

                    ?
innovation




             ©2006
the key idea



   There are
  NO FACTS
in the building!

                   12
the big secret



Conduct
 100+
Interviews
                  13
14
A man
   who carries
  a cat by the
    tail learns
 something he
  can learn in
no other way.

           15
Why do Startups fail?
Startups
   don’t fail
because they
 fail to make
something...
Startups don’t fail
  because they
   fail to make
   something.


Startups fail
because they
 fail to make
  something
   someone
wants to buy
  from them.
Business Model
    infrastructure              offer            customers



                 activities              relationships

partners                       value
                                                         segments
                               prop.

                resources                 channels



                              financial

           cost structure                  revenue streams
Product / Market Fit
    infrastructure              offer            customers



                 activities              relationships

partners                       value
                                                         segments
                               prop.

                resources                 channels



                              financial

           cost structure                  revenue streams
“If you build it, he will come...”
Tools for managing       Tools for managing

   Engineering Risk            Customer Risk

   Waterfall Development


                                       ?
    Porter’s Five Forces
       SWOT Analysis
    Project Management
 Baseline Risk Assessment
        Stress Testing
 Concentration Methodology
Quantitative Risk Management
              ...
innovation


Customer Discovery
Customer Discovery




Startups   Companies
 Search    Execute
Customer Discovery




 Understand the Problem
          then
  Develop the Solution
This may sound familiar...




Understand the Problem
         then
                      ... but it’s actually
 Develop the Solution
                           the inverse
MYTH

Customers want
your technology.
TRUTH

 Customers don’t care
about (your) technology.
Customers just want their
    problem solved.
Customer Discovery



  key idea
Customer POV
Customer Discovery



  WHO CARES?
WHY will they BUY?
video...
Business Model Workshop: Product Market Tango
Customer


           Gains


  Jobs
Problems
 Needs
             Pains
Customer


             Gains


  Jobs
Problems   Archetype
 Needs
               Pains
Something Makeable...


             Gain Creators


 Products
& Services


              Pain Killers
Value Proposition


             Gain Creators


Products &
 Services    MVP

              Pain Killers
Product / Market Fit
    infrastructure              offer            customers



                 activities              relationships

partners                       value
                                                         segments
                               prop.

                resources                 channels



                              financial

           cost structure                  revenue streams
Value Propositions

Customer Segments

   on Markets...
kinds of Customers




                     38
Value	
  Proposi6on
What Are You Building and For Who?
©	
  2012	
  Steve	
  Blank
a Value Proposition


             Gain Creators


Products &
 Services    MVP
             MVP

              Pain Killers
a Customer Segment


            Gains


  Jobs     Persona /
Problems   Archetype
 Needs
               Pains
Product/Market
                 Fit


     Gai                    Gai
Pr   M                      Pe
     Pa                      Pa
Product/Services
Value	
  Proposi6on	
  -­‐	
  Products
• Which are part of your value proposition?
  – (e.g. manufactured goods, commodities, produce, ...)
• Which intangible products are part?
  – (e.g. copyrights, licenses, ...)
• Which financial products?
  – (e.g. financial guarantees, insurance policies, ...)
• Which digital products?
  – (e.g. mp3 files, e-books, ...)
Value	
  Proposi6on	
  -­‐	
  Services
• Which core services are part of your value proposition?
  – (e.g. consulting, a haircut, investment advice, ...)
• Which pre-sales or sales services?
  – (e.g. help finding the right solution, financing, free delivery service, ...)

• Which after-sales services?
  – (e.g. free maintenance, disposal, ...)
Pain	
  Killers

 Reduce or eliminate wasted time, costs,
negative emotions, risks - during and after
           getting the job done
Pain	
  Killers	
  -­‐	
  Hypotheses
• Produce savings?
  – (e.g. time, money, or efforts, …)
• Make your customers feel better?
  – (e.g. kills frustrations, annoyances, things that give them a headache, ...)
• Fix underperforming solutions?
  – (e.g. new features, better performance, better quality, ...)
• Ends difficulties and challenges customers encounter?
  – (e.g. make things easier, helping them get done, eliminate resistance, ...)
• wipe out negative social consequences?
  – (e.g. loss of face, power, trust, or status, ...)...
• Eliminate risks
  – (e.g. financial, social, technical risks, or what could go awfully wrong, ...)
Pain	
  Killer	
  –	
  Is	
  it	
  a	
  Problem	
  or	
  Need?
• Are you solving a Problem?
• Are you fulfilling a Need?
• For who?
• How do you know?
Pain	
  Killer	
  -­‐	
  Ranking
• Rank each pain your products and services kill according
  to their intensity for the customer.
• Is it very intense or very light?
• For each pain indicate the frequency at which it occurs
Gain	
  Creators

 How do they create benefits the customer
expects, desires or is surprised by, including
   functional utility, social gains, positive
       emotions, and cost savings?
Gain	
  Creators-­‐	
  Hypotheses
• Create savings that make your customer happy?
  – (e.g. in terms of time, money and effort, ...)
• Produce expected or better than expected outcomes?
  – (e.g. better quality level, more of something, less of something, ...)
• Copy or outperform current solutions that delight customer?
  – (e.g. regarding specific features, performance, quality, ...)
• Make your customer’s job or life easier?
  – (flatter learning curve, usability, accessibility, more services, lower cost of
    ownership, ...)
• Create positive consequences that customer desires?
  – (makes them look good, produces an increase in power, status, ...).
Gain	
  Creator-­‐	
  Ranking
• Rank each gain your products and services create
  according to its relevance to the customer.
• Is it substantial or insignificant?
• For each gain indicate the frequency at which it occurs.
Things	
  to	
  Consider
Value	
  Proposi7on	
  –	
  Common	
  Mistakes

• It’s just a feature of someone else’s product
• It’s a “nice to have” instead of a “got to have”
• Not enough customers care
Key	
  Ques6ons	
  for	
  Value	
  Prop
Problem Statement: What is the problem?
Ecosystem: For whom is this relevant?
Competition: What do customers do today?
Technology / Market Insight: Why is the problem so
hard to solve?
Market Size: How big is this problem?
Product: How do you do it?
Technical vs Market Insight
Technical vs Market Insight

Technical Insight         Market Insight

    Moore’s Law         Value chain disruption
   New scientific            Deregulation
    discoveries            Changes in how
 Typically applies to    people work, live and
hardware, clean tech    interact and what they
    and biotech                 expect
Insight ➠ Value Propositions

          from Technical Insight             from Market Insight


           More Efficient
                                    Lower        Better
                                     cost                           Better
                                              Distribution
                                                                   Bundling
Smaller

           Faster                  Simpler


                                                  Better
                                                 Branding
Customer	
  Segments
     Who are they?
   Why would they buy?
Business Model Workshop: Product Market Tango
a Customer Segment


            Gains


  Jobs     Persona /
Problems   Archetype
 Needs
               Pains
Jobs	
  to	
  Be	
  Done
         Problems/Needs
What is the customer segment trying to get done?
            Is it a problem or a need?
Customer	
  Segments	
  –	
  Jobs/Needs
• What functional or social jobs are getting done?
  – (e.g. perform or complete a specific task, solve a specific problem or trying to look
    good, gain power or status, ...)
• What emotional jobs?
  – (e.g. esthetics, feel good, security, ...)
• What basic needs are you helping your customer satisfy?
  – (e.g. entertainment, communication, sex, ...)
Buyer/Co-­‐Creator/Transferor
• Are they a buyers
  – (e.g. comparing offers, deciding, buying, taking delivery of a product or
    service, ...)
• Are they co-creators
  – (e.g. co-designing with solution providers, contributing value to the solution, ...)
• Are they transferors
  – (how customers dispose of a product, transfer it to others, or resell, ...)
Customer	
  Segment	
  Jobs	
  -­‐	
  Rank
• Rank each job according to its significance to the
  customer.
• Is it crucial or is it trivial?
• For each job indicate the frequency at which it occurs.
• Outline in which specific context a job is done, because
  that may impose constraints or limitations
  – (e.g. while driving, outside, ...)
Customer	
  Pains

undesired costs and situations,
   risks, negative emotions
Customer	
  Segments	
  –	
  Pains
• What do your customers find too costly?
  – (e.g. takes a lot of time, costs too much, requires substantial efforts, ...)
• How are current solutions underperforming?
  – (e.g. lack of features, performance, malfunctioning, ...)
• What are the customers main difficulties and challenges?
  – (difficulties getting things done, resistance, ...)
• What’s keeping your customer awake at night?
  – (e.g. big issues, concerns, worries, ...)
Customer	
  Segments	
  –	
  Pains
• What barriers are keeping customers from adopting?
  – (e.g. upfront investment costs, learning curve, resistance to change, ...)
• What makes your customers feel bad?
  – (e.g. frustrations, annoyances, things that give them a headache, ...)
• What risks do customers fear?
  – (e.g. financial, social, technical risks, or what could go awfully wrong, ...
Customer	
  Gains

    benefits the customer expects, desires
               or is surprised by.
includes functional utility, social gains, positive
          emotions, and cost savings
Customer	
  Segments	
  –	
  Gains
• Which savings would make your customer happy?
  – (e.g. in terms of time, money and effort, ...)
• What outcomes do they expect and what would go beyond
  their expectations?
  – (e.g. quality level, more of something, less of something, ...)
• How do current solutions delight your customer?
  – (e.g. specific features, performance, quality, ...)
• What would make your customer’s job or life easier?
  – (e.g. flatter learning curve, more services, lower cost of ownership, ...)
Customer	
  Segments	
  –	
  Gains
• What positive social consequences do they desire?
  – (e.g. makes them look good, increase in power, status, ...)
• What are customers looking for?
  – (e.g. good design, guarantees, specific or more features, ...)
• What do customers dream about?
  – (e.g. big achievements, big reliefs, ...)
• How does your customer measure success and failure?
  – (e.g. performance, cost, ...)
• What would increase the likelihood of adopting a solution?
  – (e.g. lower cost, less investments, lower risk, better quality, performance, design, ...)
Customer	
  Persona/Archetype
Define	
  Customer	
  Archetype/Persona

• Who are they?
  – Position / title / age / sex / role
• How do they buy?
  – Discretionary budget (name of budget and amount)
• What matters to them?
  – What motivates them?
• Who influences them?
  – What do they read/who do they listen to?
• Draw a Day in the Life of the customer
Product/Market Fit




          Gai        Gai
     Pr   M          Pe
          Pa          Pa
on Markets...




                76
four kinds of Markets


Existing
Resegmented
New
Clone



                        77
ExisFng
Incumbents exist, customers can name the market
Customers want/need better performance
Usually technology driven

Positioning driven by product and how much value
customers place on its features

Risks:
• Incumbents will defend their turf
• Network effects of incumbent
• Continuing innovation
Resegmented	
  ExisFng
Low cost provider (Southwest)
Unique niche via positioning (Whole Foods)

What factors can:
• be eliminated that your industry has long competed on?
• be reduced well below the industry’s standard?
• should be raised well above the industry’s standard?
• be created that the industry has never offered? (blue ocean)
New
Customers don’t exist today
How will they find out about you?
How will they become aware of their need?
How do you know the market size is compelling?

Which factors should be created that the industry has
never offered? (blue ocean)
Clone
Takes foreign business model and adapts it to local
conditions
 • Language
 • Culture
 • Import restrictions
 • Local control/ownership


Need market large enough >100 million
kinds of Customers


B to B
B to C
B to B to ... to C




                     82
Business to Business (B to B)
What do they want you to do?

•   Increase revenue?
•   Decrease costs?
•   Get them new customers?
•   Keep up with or pass competitors?
•   How important is it?
Who’s the Customer in a Company?

•   User?
•   Influencer?
•   Recommender?
•   Decision Maker?
•   Economic Buyer?
•   Saboteur?
•   Archetypes for each?
How Do They Interact to Buy?

• Organization Chart
• Influence Map
• Sales Road Map
Pass/Fail Signals & Experiments
•   How do you test interest?
•   Where do you test interest?
•   What kind of experiments can you run?
•   How many do you test?
How Do They Hear About You?

• Demand Creation
• Network effect
• Sales
Business to Consumer (B to C)
What do they want you to do?

•   Does it entertain them?
•   Does it connect them with others?
•   Does it make their lives easier?
•   Does it satisfy a basic need?
•   How important is it?
•   Can they afford it?
Consumer Customers

• Do they buy it by themselves?
• Do they need approval of others?
• Do they use it alone or with others?
How Do They Decide to Buy?

•   Demand Creation
•   Viral?
•   SEO/SEM
•   Network effect?
•   AARRR (Dave McClure)
    – the “pirate” metrics
    – Acquisition, Activation, Retention, Referral, Revenue
Pass/Fail Signals & Experiments
•   How do you test interest?
•   Where do you test interest?
•   What kind of experiments can you run?
•   How many do you test?
The Consumer Sales Channel

• A product that’s bits can use the web
• But getting a physical consumer product into retail
  distribution is hard
• Is Wal-Mart a customer?
Business to Business to
      Consumer
     (B to B to C)
Who’s The Customer?

• Consumer End Users, Corporate Customers Pay
• Multiple Consumers
• Etc.
Multiple Customer Segments

• Each has its own Value Proposition
• Each has its own Revenue Stream
• One segment cannot exist without the other

• Which one do you start with?
exercise: how to
interview a customer




                       98

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Business Model Workshop: Product Market Tango

  • 1. Business Model Workshop Product / Market Tango Keith McGreggor Director of VentureLab @ ...
  • 2. Business Model Generation infrastructure offer customers activities relationships partners value segments prop. resources channels financial cost structure revenue streams
  • 3. the Canvas infrastructure offer customers activities relationships partners value segments prop. resources channels financial cost structure revenue streams
  • 4. still fiction... infrastructure offer customers ? ? ? activities ? relationships ? partners ? value segments prop. ? ? ? resources channels ? ? financial ? ? cost structure ? revenue streams ? ?
  • 5. ... and we want facts! infrastructure offer customers ✔ ✔ ✔ activities relationships ✔ ✔ partners ✔ value segments prop. ? ✔ ✔ resources channels ✔ ? financial ✔ ✔ cost structure ? revenue streams ? ✔
  • 7. pick one... infrastructure offer customers ? ? ? activities ? relationships ? partners ? value segments prop. ? ? ? resources channels ? ? financial ? ? cost structure ? revenue streams ? ?
  • 8. design experiment ... offer customers A controlled experiment ? generally compares the results obtained from an experimental ? relationships ? sample against a control sample, which is practically identical to the experimental ? value segments sample except for the one prop. ? aspect whose effect is being tested (the independent ? variable). channels ? ? financial ? ? revenue streams ?
  • 9. run it in the world ... offer customers A controlled experiment ? generally compares the ? relationships ? results obtained from an ? value segments prop. ? ? channels ? ? financial ? ? revenue streams ?
  • 10. ... and iterate! offer customers A controlled experiment generally ✔ compares the ? relationships ? results obtained from an ? value segments prop. ? ? channels ? ? financial ? ? revenue streams ?
  • 11. innovation ©2006
  • 12. the key idea There are NO FACTS in the building! 12
  • 13. the big secret Conduct 100+ Interviews 13
  • 14. 14
  • 15. A man who carries a cat by the tail learns something he can learn in no other way. 15
  • 17. Startups don’t fail because they fail to make something...
  • 18. Startups don’t fail because they fail to make something. Startups fail because they fail to make something someone wants to buy from them.
  • 19. Business Model infrastructure offer customers activities relationships partners value segments prop. resources channels financial cost structure revenue streams
  • 20. Product / Market Fit infrastructure offer customers activities relationships partners value segments prop. resources channels financial cost structure revenue streams
  • 21. “If you build it, he will come...”
  • 22. Tools for managing Tools for managing Engineering Risk Customer Risk Waterfall Development ? Porter’s Five Forces SWOT Analysis Project Management Baseline Risk Assessment Stress Testing Concentration Methodology Quantitative Risk Management ...
  • 24. Customer Discovery Startups Companies Search Execute
  • 25. Customer Discovery Understand the Problem then Develop the Solution
  • 26. This may sound familiar... Understand the Problem then ... but it’s actually Develop the Solution the inverse
  • 28. TRUTH Customers don’t care about (your) technology. Customers just want their problem solved.
  • 29. Customer Discovery key idea Customer POV
  • 30. Customer Discovery WHO CARES? WHY will they BUY?
  • 33. Customer Gains Jobs Problems Needs Pains
  • 34. Customer Gains Jobs Problems Archetype Needs Pains
  • 35. Something Makeable... Gain Creators Products & Services Pain Killers
  • 36. Value Proposition Gain Creators Products & Services MVP Pain Killers
  • 37. Product / Market Fit infrastructure offer customers activities relationships partners value segments prop. resources channels financial cost structure revenue streams
  • 38. Value Propositions Customer Segments on Markets... kinds of Customers 38
  • 39. Value  Proposi6on What Are You Building and For Who?
  • 40. ©  2012  Steve  Blank
  • 41. a Value Proposition Gain Creators Products & Services MVP MVP Pain Killers
  • 42. a Customer Segment Gains Jobs Persona / Problems Archetype Needs Pains
  • 43. Product/Market Fit Gai Gai Pr M Pe Pa Pa
  • 45. Value  Proposi6on  -­‐  Products • Which are part of your value proposition? – (e.g. manufactured goods, commodities, produce, ...) • Which intangible products are part? – (e.g. copyrights, licenses, ...) • Which financial products? – (e.g. financial guarantees, insurance policies, ...) • Which digital products? – (e.g. mp3 files, e-books, ...)
  • 46. Value  Proposi6on  -­‐  Services • Which core services are part of your value proposition? – (e.g. consulting, a haircut, investment advice, ...) • Which pre-sales or sales services? – (e.g. help finding the right solution, financing, free delivery service, ...) • Which after-sales services? – (e.g. free maintenance, disposal, ...)
  • 47. Pain  Killers Reduce or eliminate wasted time, costs, negative emotions, risks - during and after getting the job done
  • 48. Pain  Killers  -­‐  Hypotheses • Produce savings? – (e.g. time, money, or efforts, …) • Make your customers feel better? – (e.g. kills frustrations, annoyances, things that give them a headache, ...) • Fix underperforming solutions? – (e.g. new features, better performance, better quality, ...) • Ends difficulties and challenges customers encounter? – (e.g. make things easier, helping them get done, eliminate resistance, ...) • wipe out negative social consequences? – (e.g. loss of face, power, trust, or status, ...)... • Eliminate risks – (e.g. financial, social, technical risks, or what could go awfully wrong, ...)
  • 49. Pain  Killer  –  Is  it  a  Problem  or  Need? • Are you solving a Problem? • Are you fulfilling a Need? • For who? • How do you know?
  • 50. Pain  Killer  -­‐  Ranking • Rank each pain your products and services kill according to their intensity for the customer. • Is it very intense or very light? • For each pain indicate the frequency at which it occurs
  • 51. Gain  Creators How do they create benefits the customer expects, desires or is surprised by, including functional utility, social gains, positive emotions, and cost savings?
  • 52. Gain  Creators-­‐  Hypotheses • Create savings that make your customer happy? – (e.g. in terms of time, money and effort, ...) • Produce expected or better than expected outcomes? – (e.g. better quality level, more of something, less of something, ...) • Copy or outperform current solutions that delight customer? – (e.g. regarding specific features, performance, quality, ...) • Make your customer’s job or life easier? – (flatter learning curve, usability, accessibility, more services, lower cost of ownership, ...) • Create positive consequences that customer desires? – (makes them look good, produces an increase in power, status, ...).
  • 53. Gain  Creator-­‐  Ranking • Rank each gain your products and services create according to its relevance to the customer. • Is it substantial or insignificant? • For each gain indicate the frequency at which it occurs.
  • 55. Value  Proposi7on  –  Common  Mistakes • It’s just a feature of someone else’s product • It’s a “nice to have” instead of a “got to have” • Not enough customers care
  • 56. Key  Ques6ons  for  Value  Prop Problem Statement: What is the problem? Ecosystem: For whom is this relevant? Competition: What do customers do today? Technology / Market Insight: Why is the problem so hard to solve? Market Size: How big is this problem? Product: How do you do it?
  • 58. Technical vs Market Insight Technical Insight Market Insight Moore’s Law Value chain disruption New scientific Deregulation discoveries Changes in how Typically applies to people work, live and hardware, clean tech interact and what they and biotech expect
  • 59. Insight ➠ Value Propositions from Technical Insight from Market Insight More Efficient Lower Better cost Better Distribution Bundling Smaller Faster Simpler Better Branding
  • 60. Customer  Segments Who are they? Why would they buy?
  • 62. a Customer Segment Gains Jobs Persona / Problems Archetype Needs Pains
  • 63. Jobs  to  Be  Done Problems/Needs What is the customer segment trying to get done? Is it a problem or a need?
  • 64. Customer  Segments  –  Jobs/Needs • What functional or social jobs are getting done? – (e.g. perform or complete a specific task, solve a specific problem or trying to look good, gain power or status, ...) • What emotional jobs? – (e.g. esthetics, feel good, security, ...) • What basic needs are you helping your customer satisfy? – (e.g. entertainment, communication, sex, ...)
  • 65. Buyer/Co-­‐Creator/Transferor • Are they a buyers – (e.g. comparing offers, deciding, buying, taking delivery of a product or service, ...) • Are they co-creators – (e.g. co-designing with solution providers, contributing value to the solution, ...) • Are they transferors – (how customers dispose of a product, transfer it to others, or resell, ...)
  • 66. Customer  Segment  Jobs  -­‐  Rank • Rank each job according to its significance to the customer. • Is it crucial or is it trivial? • For each job indicate the frequency at which it occurs. • Outline in which specific context a job is done, because that may impose constraints or limitations – (e.g. while driving, outside, ...)
  • 67. Customer  Pains undesired costs and situations, risks, negative emotions
  • 68. Customer  Segments  –  Pains • What do your customers find too costly? – (e.g. takes a lot of time, costs too much, requires substantial efforts, ...) • How are current solutions underperforming? – (e.g. lack of features, performance, malfunctioning, ...) • What are the customers main difficulties and challenges? – (difficulties getting things done, resistance, ...) • What’s keeping your customer awake at night? – (e.g. big issues, concerns, worries, ...)
  • 69. Customer  Segments  –  Pains • What barriers are keeping customers from adopting? – (e.g. upfront investment costs, learning curve, resistance to change, ...) • What makes your customers feel bad? – (e.g. frustrations, annoyances, things that give them a headache, ...) • What risks do customers fear? – (e.g. financial, social, technical risks, or what could go awfully wrong, ...
  • 70. Customer  Gains benefits the customer expects, desires or is surprised by. includes functional utility, social gains, positive emotions, and cost savings
  • 71. Customer  Segments  –  Gains • Which savings would make your customer happy? – (e.g. in terms of time, money and effort, ...) • What outcomes do they expect and what would go beyond their expectations? – (e.g. quality level, more of something, less of something, ...) • How do current solutions delight your customer? – (e.g. specific features, performance, quality, ...) • What would make your customer’s job or life easier? – (e.g. flatter learning curve, more services, lower cost of ownership, ...)
  • 72. Customer  Segments  –  Gains • What positive social consequences do they desire? – (e.g. makes them look good, increase in power, status, ...) • What are customers looking for? – (e.g. good design, guarantees, specific or more features, ...) • What do customers dream about? – (e.g. big achievements, big reliefs, ...) • How does your customer measure success and failure? – (e.g. performance, cost, ...) • What would increase the likelihood of adopting a solution? – (e.g. lower cost, less investments, lower risk, better quality, performance, design, ...)
  • 74. Define  Customer  Archetype/Persona • Who are they? – Position / title / age / sex / role • How do they buy? – Discretionary budget (name of budget and amount) • What matters to them? – What motivates them? • Who influences them? – What do they read/who do they listen to? • Draw a Day in the Life of the customer
  • 75. Product/Market Fit Gai Gai Pr M Pe Pa Pa
  • 77. four kinds of Markets Existing Resegmented New Clone 77
  • 78. ExisFng Incumbents exist, customers can name the market Customers want/need better performance Usually technology driven Positioning driven by product and how much value customers place on its features Risks: • Incumbents will defend their turf • Network effects of incumbent • Continuing innovation
  • 79. Resegmented  ExisFng Low cost provider (Southwest) Unique niche via positioning (Whole Foods) What factors can: • be eliminated that your industry has long competed on? • be reduced well below the industry’s standard? • should be raised well above the industry’s standard? • be created that the industry has never offered? (blue ocean)
  • 80. New Customers don’t exist today How will they find out about you? How will they become aware of their need? How do you know the market size is compelling? Which factors should be created that the industry has never offered? (blue ocean)
  • 81. Clone Takes foreign business model and adapts it to local conditions • Language • Culture • Import restrictions • Local control/ownership Need market large enough >100 million
  • 82. kinds of Customers B to B B to C B to B to ... to C 82
  • 84. What do they want you to do? • Increase revenue? • Decrease costs? • Get them new customers? • Keep up with or pass competitors? • How important is it?
  • 85. Who’s the Customer in a Company? • User? • Influencer? • Recommender? • Decision Maker? • Economic Buyer? • Saboteur? • Archetypes for each?
  • 86. How Do They Interact to Buy? • Organization Chart • Influence Map • Sales Road Map
  • 87. Pass/Fail Signals & Experiments • How do you test interest? • Where do you test interest? • What kind of experiments can you run? • How many do you test?
  • 88. How Do They Hear About You? • Demand Creation • Network effect • Sales
  • 90. What do they want you to do? • Does it entertain them? • Does it connect them with others? • Does it make their lives easier? • Does it satisfy a basic need? • How important is it? • Can they afford it?
  • 91. Consumer Customers • Do they buy it by themselves? • Do they need approval of others? • Do they use it alone or with others?
  • 92. How Do They Decide to Buy? • Demand Creation • Viral? • SEO/SEM • Network effect? • AARRR (Dave McClure) – the “pirate” metrics – Acquisition, Activation, Retention, Referral, Revenue
  • 93. Pass/Fail Signals & Experiments • How do you test interest? • Where do you test interest? • What kind of experiments can you run? • How many do you test?
  • 94. The Consumer Sales Channel • A product that’s bits can use the web • But getting a physical consumer product into retail distribution is hard • Is Wal-Mart a customer?
  • 95. Business to Business to Consumer (B to B to C)
  • 96. Who’s The Customer? • Consumer End Users, Corporate Customers Pay • Multiple Consumers • Etc.
  • 97. Multiple Customer Segments • Each has its own Value Proposition • Each has its own Revenue Stream • One segment cannot exist without the other • Which one do you start with?
  • 98. exercise: how to interview a customer 98