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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.
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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 • 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
Product Market
Value proposition
Customer profile
Product Market Development
Fit
Many products FAIL!
Strategyzer.com/vpd
Tool to clarify
customer needs & how to
create value for them.
Strategyzer.com/vpd
Business Model Canvas
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
Value Proposition Canvas
Value Map & Customer Profile
Customer Profile Value Map
Customer Profile choose CUSTOMER SEGMENT first
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)
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)
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)
Step into your customer shoes
Jobs
Pains
Gains
Ranking
Customer Profiling Summary
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Value Map
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)
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?
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?
Map how your products & services create value
Products & Services
Pains Relievers
Gains Creators
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
Value Mapping Summary
Strategyzer.com/vpd
create a VALUE PROPOSITION CANVAS
GEW Attendees
EXERCISE
???
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
the
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
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!!
Listen to Customers
• Interviews
• Surveys
• Questionnaires
• Presentations
• Direct observations
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
Check Your FIT
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
MVP
is minimum features of solution to solve customer problem
Minimal Viable Product (MVP)
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.
Lean Startup Methodology
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
Further Reading
strategyzer.com/vpd
THANK YOU!
Emad Saif
Center for Entrepreneurship
QATAR UNIVERSITY emadsaif@qu.edu.qa
Strategyzer.com/vpd
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