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Product Market Development - GEW Qatar 2014

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Product & Market Development 
Emad Saif Center For Entrepreneurship, Qatar University 
Strategyzer.com/vpd
CHALLENGE: Product-Market-Fit 
AGENDA 
TOOL: Value Proposition Canvas 
METHODOLOGY: Making it FIT
MIKE 
• 
Sales Manager 
• 
Age: 28 
• 
Always on the road Cares about efficiency & speed 
MARYAM 
• 
Fashion Designer 
• 
...

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Product Market Development - GEW Qatar 2014

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Taking a closer look at Product & Market Development to address the challenge of product market fit, utilize a new tool called "Value Proposition Canvas" and finally putting everything in context of the Lean Start Up Methodology.

Online Course: https://t.co/g2O0nNBV52

Taking a closer look at Product & Market Development to address the challenge of product market fit, utilize a new tool called "Value Proposition Canvas" and finally putting everything in context of the Lean Start Up Methodology.

Online Course: https://t.co/g2O0nNBV52

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Product Market Development - GEW Qatar 2014

  1. 1. Product & Market Development Emad Saif Center For Entrepreneurship, Qatar University Strategyzer.com/vpd
  2. 2. CHALLENGE: Product-Market-Fit AGENDA TOOL: Value Proposition Canvas METHODOLOGY: Making it FIT
  3. 3. MIKE • Sales Manager • Age: 28 • Always on the road Cares about efficiency & speed MARYAM • Fashion Designer • Age: 35 • Shows her work portfolio to clients in &outside office MAHER • Senior Accountant • Age: 48 • Works at office on spreadsheets • multi-tasks a lot What should they use to send emails? 2,1 6,5,4 3
  4. 4. Product Market Value proposition Customer profile Product Market Development Fit
  5. 5. Many products FAIL! Strategyzer.com/vpd
  6. 6. Tool to clarify customer needs & how to create value for them. Strategyzer.com/vpd
  7. 7. Business Model Canvas
  8. 8. The set of value proposition benefits that you design to attract customers The set of customer characteristics that you assume, observe and verify in the market
  9. 9. Value Proposition Canvas
  10. 10. Value Map & Customer Profile Customer Profile Value Map
  11. 11. Customer Profile choose CUSTOMER SEGMENT first
  12. 12. Customer Jobs Jobs describe the things your customers are trying to get done in their work or in their life Functional jobs (tasks) Social jobs (e.g. gain power / status) Personal/Emotional jobs (e.g. feel good) Supporting jobs (e.g. communication)
  13. 13. Customer Pains Pains describe anything that annoys your customers before, during, and after trying to get a job done or simply prevents them from getting a job done. Undesired Costs & Situations (time, money, underperformance, mistakes) Negative Emotions (frustrations) Risks (technical, social, financial)
  14. 14. Customer Gains Gains describe the outcomes and benefits your customers want. Some gains are required, expected, or desired by customers, and some would surprise them. Required gains Expected gains Desired gains Unexpected gains (functional utility, social gains, positive emotions and cost savings)
  15. 15. Step into your customer shoes Jobs Pains Gains
  16. 16. Ranking
  17. 17. Customer Profiling Summary Strategyzer.com/vpd
  18. 18. Value Map
  19. 19. Products & Services This is simply a list of what you offer Physical / tangible (e.g. manufactured goods, face-to-face customer service) Intangible (e.g. copyrights, quality assurance) Digital (e.g. downloads, online recommendations) Financial (e.g. investment funds, financing services)
  20. 20. Pain Relievers Pain relievers describe how exactly your products and services alleviate specific customer pains How do your products / services eliminate or reduce negative emotions, undesired costs and situations and risks?
  21. 21. Gain Creators Gain Creators describe how your products and services create customer gains How do your products / services create benefits your customer expects, desires or would be surprised by?
  22. 22. Map how your products & services create value Products & Services Pains Relievers Gains Creators
  23. 23. Ranking Products & Services Rank products & services from nice to have to essential Pain Relievers Rank pains from nice to have to essential Gain Creators Rank gains from nice to have to essential
  24. 24. Value Mapping Summary Strategyzer.com/vpd
  25. 25. create a VALUE PROPOSITION CANVAS GEW Attendees EXERCISE ???
  26. 26. Socialize Attend Seminars Take Notes Eat Promote self/org. Pain of Multi-tasking Hands full (bags & items) Finding room location Too Much Info to process Seminars Too Long Boring Seminars Answer calls & emails Make good connections Get Inspired Learn new things Gain new skills Free food Free giveaways Discover new opportunities Escape Work Fear time wasted Engaging Seminars Downloadable presentations Pens & notepads Spacious venue Public Attendees List Great topics & speakers Directions & ushers to help Meeting corners to meet and rest Coffee Breaks Event smartphone app High profile speakers Good food Prizes Internet Access Interesting topics Tweet signs to share thoughts Tweet GEW Attendees GEW Smartphone App Carry bags Drop-off service
  27. 27. the
  28. 28. PRODUCT: Home inspection device Cracks in Foundation Mold Defective Electrical Wiring Hidden Moisture Startup Story CUSTOMER SEGMENT: Home inspectors • 20% Time saving • 80% Cheaper tool • Better quality inspection
  29. 29. Startup Story [After Customer Validation] NO Product-Market FIT  The GOOD • 20% Time saving • 80% Cheaper tool • Better quality inspection The BAD Home inspectors are GENERALISTS so the device increases their RISK!!
  30. 30. Listen to Customers • Interviews • Surveys • Questionnaires • Presentations • Direct observations
  31. 31. Types of Fit Problem-Solution Fit Identify relevant customer jobs, pains, and gains you believe you can address with your value proposition Product-Market Fit Customers positively react to your value proposition and it gets traction in the market Business Model Fit You find a business model that is scalable & profitable 1. 2. 3. Strategyzer.com/vpd
  32. 32. Check Your FIT
  33. 33. Strategyzer.com/vpd Personal Items Drop-off Service GEW Attendees Secure their personal items (jackets, bags …etc.) Avoiding Burden of carrying or losing enabling Peace of mind to focus on the event Other chaotic events
  34. 34. MVP
  35. 35. is minimum features of solution to solve customer problem Minimal Viable Product (MVP)
  36. 36. MVP Example Square offers the Square Reader, which allows users to accept credit card payments through their smart phones, is actually given to the customer for free. In turn, they receive 2.75% of the exchange.
  37. 37. Lean Startup Methodology
  38. 38. Summary 1. Use Value Proposition Canvas to guess the customer profile and the value map 2. Validate by talking to customers 3. Create MVP 4. Pivot
  39. 39. Further Reading strategyzer.com/vpd
  40. 40. THANK YOU! Emad Saif Center for Entrepreneurship QATAR UNIVERSITY emadsaif@qu.edu.qa Strategyzer.com/vpd

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