The Lean Entrepreneur: Embrace the Unknown to Go Big

Published Feb 2013
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Wednesday, December 5, 12

Innovation Spectrum


your market

• Product-Market ﬁt is driven by nailing core value
proposition for hyper segmented markets
• Growth is determined by pursuing multiple
segments over time.
• Size of opportunity is determined by size &
number of segments


Bowling Pin Strategy


market segmentation

• People who share the same pain and speak the
same language.

segment clues
• Different level pain or passion
• Seek to solve problem differently
• Require different marketing
• Require different distribution
• Require different sales
• Not necessarily demographic-based
• Not “verticals”

Segment Matrix
Criteria Depth of Market Time to
Budget Reach Values
Segment Pain Size MVP

Sole Chef H M M H M H

Team ind. H H M H M H

Small Corp M H H M L M

Big Corp M H H L L L


Pain or Passion

Who Impact of
Inﬂuences Market Segment addressing
them? pain/passion

Where do they
“hang out?”


Value Stream
Discovery
Aware

Passionate Intrigued

Customer
Satisﬁed
Segment Trusting

Hopeful Convinced


Business Model
Passionate Satisﬁed Hopeful Convinced Trusting Intrigued Aware

Growth
MVP Conversion Funnel Acquisition
Engine


Why

Company Customer Desired
Activity Behavior
State

Metric


CUSTOMER is
passionate because:
Own business grows

Having used the product for
several months, the customer
is seeing her own company
grow. Your product has
COMPANY: helped her achieve this.
CUSTOMER
Over achieves
BEHAVIOR: She is PASSIONATE about
on value prop; Passionate Refers product; your product.
Offers referral
resubscribes
incentive She resubscribes to your
product AND takes you up on
your offer to get a month free
if she refers the product to
others and they buy.
METRIC:
Referrals;
MustHaveScore
Lifetime value (LTV)


CUSTOMER is satisfied
because: is able to see
market signal for own
product

The customer is using the
product on a regular basis and
COMPANY:
RESULTING it is doing what was promised.
Provides
BEHAVIOR:
wizard, survey She is SATISFIED with your
Continues to product.
tool, Satisfied use the product
dashboard; She uses the assumption
in a specific way
“instruments” wizard, the survey tool, and
over time the dashboard on a regular
product basis.

METRIC:
Engagement -
Sends survey every 2 wks;
Views dashboard daily


CUSTOMER is hopeful
because: wants speciﬁc
problem solved, eg
wants to track
market signal
The customer has purchased.
She is eager to get started, but
also may have feelings of
COMPANY: regret, wondering if it was the
Overcome RESULTING right decision.
‘blank slate’; BEHAVIOR:
Offers free Hopeful Uses wizard,
She is HOPEFUL your
product works as promised
‘getting started’ sends survey and addresses her need.
support
To test, she logs in, documents
her assumptions, creates
survey, and sends it out.
METRIC:
Activation
Creates and Sends survey


CUSTOMER is convinced
when:
Has demo’d the product
and believes it is a good
ﬁt

COMPANY: The customer successfully
demo’d the product and
Allows customer believes the product will work
to use demo RESULTING for her.
features; Convinced BEHAVIOR:
She is CONVINCED your
FAQ allays last Purchases product will work.
minute fears;
Final phone call She buys the product.

METRIC:
Pays


CUSTOMER is trusting
when:
Impressed with
testimonials and reference
was glowing.

COMPANY:
The customer reads
Inside Sales
RESULTING testimonials and TRUSTS your
calls customer; business.
BEHAVIOR:
offers reference; Trusting Wants to try She wishes to demo the
talks about
product product.
demo program

METRIC:
Signs up for trial


CUSTOMER is intrigued
when:
Product sounds like it’s
positioned for her;
Beneﬁts sounds right
Having read the messaging
that states that this will help
her business grow, she
believes the product might be
COMPANY: RESULTING a good ﬁt.
Messaging/ BEHAVIOR:
Positioning Intrigued Requests
She is INTRIGUED about the
product.
Video Contact
She would like to speak with a
sales person and talk to a
reference.

METRIC:
Sales Call


CUSTOMER:
Reads ﬁrst learns product
reading about it on a
blog.

Having discovered the product
via a blogger she respects, she
COMPANY:
BEHAVIOR: is INTRIGUED about the
Reach out to product.
3rd party Aware Visits company
Web Site She visits your web site to
blogger read more.

METRIC:
Unique Visitors by
referral


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The Lean Entrepreneur: Embrace the Unknown to Go Big

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