Saturday - LaunchWeekend - Session 2 - Problem-Solution fit

PROBLEM-SOLUTION FIT8:30 TO 9:00

HOW TO GET A PRODUCT-MARKET FIT? (AKA THE WEEKEND PLAN)

1. Customers with big problem!

2. Customers will buy!

3. Customers will keep buying!

4. Cost effective marketing

?

OBJECTIVE: PRE-SELL YOUR PRODUCT *

* If you can’t pre-sell change your pitch or your product

HOW MOST STARTUPS LAUNCH

Business Plan LaunchProduct Development

Learning happens here!Months / Years

WARNING!!! WHAT HAPPENS IF YOU DON’T PRE-SELL?

0 /1700

Series1

0 50 100 150 200 250 300 350 400

1 day

365 days

DO YOU WANT TO WASTE 365 DAYS?

HOW MOST STARTUPS LAUNCH

Pre-sell ProductDevelopment

Business Model

Learning happens here! Months / Years

PRE-SELL SUCCESS CASE STUDIES

EXAMPLE 1: DROPBOX 75,000 EMAILS

EXAMPLE 3: BUSINESS MODEL GENERATION470 STRATEGY PRACTITIONERS CO-AUTHORED $250 EACH

$117 800 IN PRE-ORDERS

THE KEY TO PRE-SELLINGNAIL THE PROBLEM & FIND EARLY ADOPTERS

SIMPLE SOLUTIONBIG PROBLEM

PRE-SELL:HOW TO TEST IF YOUR CUSTOMERS WILL BUY?

THE LAUNCH MAP (ONE EXPERIMENT AT A TIME)

FIND A CUSTOMER PROBLEM

(Must have an exciting number

of customers with a problem)

CUSTOMERS WILL BUY

(Only start these experiments once you have reached

customer-problem fit)

HOW TO USE THE CANVAS

1 Plan your experiment

2 Plan your offer

3 Run your experiment

4 Record your result & insights

5 Make decision

6 Repeat

PRODUCT ASSUMPTIONDescribe

your target customer

CUSTOMER ASSUMPTION

• Be as specific as possible • Target customers easy to reach

Describe customer segment

PRODUCT ASSUMPTIONDescribe

your target customer

Describe your product

offering

Describe your

product

Describe your value

propositions

Pricing Structure

List your credibility indicators

A GREAT OFFER

Simple jargon free line explain

what you are selling

Credibilityindicators

Value Propositions

Price

PRODUCT ASSUMPTIONDescribe

your target customer

Describe your product

offering

Solution Interview

EXPERIMENT ASSUMPTION

EXPERIMENT ASSUMPTION

Interview technique (4Is)INTRODUCE INDICATORS INTERVIEWINTRODUCTIONS

INTERVIEW (PPPC)PRODUCT PRICEPROPOSITION CREDIBILITY

EXPERIMENT ASSUMPTION

Hi my name is {Your name} from {your company name}. Right now, we’re starting a company to {problem that you're trying to solve}.

We're currently in the development phase and was hoping you might provide us some insight into the market.

I would just like to understand your perceptions of {problem you're trying to solve}. In exchange I’d be happy to tell you about some recent innovations in the {name of industry that your problem is trying to solve}.

Is there a time and date that we can sit down and have a chat?

EXPERIMENT ASSUMPTION

Headline

Call-to-action

Propositions

Credibility

HEADLINE & CALL TO ACTION

VALUE PROPOSITIONS

Tip: As few words as possible

CALL-TO-ACTIONS

Tip: Explain what will happen if you hit the button

CREDIBILITY & CALL-TO-ACTION

Tip: Start collecting

quotes asap

HEADLINE & CALL-TO-ACTION

Tip: Describe your business in a single line

CREDIBILITY

PROPOSITIONS

Tip: No more than 4 value propositions per page

CREDIBILITY

HEADLINE & CALL-TO-ACTION

Tip: 2 x value propositions and product description in 6 words

PROPOSITIONS

Tip: Value propositions described in 2 or 3 words

CREDIBILITY & CALL-TO-ACTION

Tip: Partner with companies to use there logos for credibility

GOOGLE FORMS

GOOGLE FORMS

PHOTOS

PHOTOS

USING LANDING PAGES TO PRE-SELL

DRIVING TRAFFICS TO YOUR SITE

Personal contacts • Customer interview emails • Email friends and family • Share on Facebook • Share on Twitter Cold calling • Phone numbers and emails • Facebook messages • Twitter messages Paid • Facebook ads • Google ads • Twitter ads

EXPERIMENT ASSUMPTION

PRODUCT ASSUMPTIONDescribe

your target customer

Describe your product

offering

Solution Interview

Metric i.e. 7 / 10 Currency

i.e. Emails

EXCITEMENT METRIC & CURRENCY

1. Could I have your email/phone number to notify you when we

launch?

2. Could I have a meeting with relevant

stakeholders?

3. Will you be a pilot customer?

4. Would you pre-order and pay to

help use build it?

Metric i.e. 7 / 10Currency

i.e. Emails

CANVAS CASE STUDYCASE STUDIES

PRE-SELLHospital Administrators

Pulse Oximetry

$300

Solution Interview

Pre-orders 5 / 10

Pre-orders 0 / 10PIVOT

*Too expensive* User is not customer

Mothers (0 to 6 months)

Pulse Oximetry

$300

Solution interviews

Emails 7 / 10

Emails80 / 105

PROCEED

* Is a demand for it

Mothers (0 to 6 months)

Pulse Oximetry

$300

Landing page, Demo

Video & Emails

Email sign ups 30 / 50

500 emailsPROCEED

* If they can built it they can sell it

Mothers (0 to 6 months)

Pulse Oximetry

$300

Demo “Paper

prototype”

Choose our product10 / 80

15 / 80Choose our

productPROCEED

* Learnt there are 2 distinct

market segments

SESSION TO DO LIST (9:30 TO 14:00)

Goals • Run 1 to 2 experiments• At least 5 to 30 customer interactions

Prepare to announce • Number of experiments run • Number of customer surveyed / interviewed • Learnings