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DO PEOPLE WANT YOUR SH*T? WES WORSFOLD ASSOC. DIR. VELOCITY GARAGE WES.WORSFOLD@UWATERLOO.CA LINKEDIN: HTTP://LINKD.IN/1ZRNBFTHTTP://LINKD.IN/1ZRNBFT 519.895.6174 @WORS

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DO PEOPLE WANT YOUR SH*T? Segment your customers How do you find them? Start the conversation Carry the conversation End the conversation Track what you promised/learned

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WHAT HAVE YOU LEARNED SO FAR? Whats your big idea? Whats your problem? Whats your Business model? and,

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Does anyone want it? How big is your market?

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5 P KEY QUESTIONS Who are the PEOPLE who will buy your product or service? What is the right PRODUCT or service to provide? What is the right PRICE to charge? How should you PROMOTE your product or service? What PLACE should you distribute your product/service from?

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STEVE BLANK ON THE TOPIC http://bit.ly/1vtrL UThttp://bit.ly/1vtrL UT

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STEVE BLANK

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4 TYPES OF MARKET RESEARCH Research Market Demographics Client Characteristics Competitor Analysis Environmental Influences The Opportunity

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TYPE OF RESEARCH Primary focus groups, interviews, surveys, observation, testing and phone, competitor analysis (SWOT) Secondary (TAM) demographics, environmental influences

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STEP 1 Define your products and/or services

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STEP 2 Define your potential customers

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STEP 3 What you need / want to know?

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B2C B2B B2C Talk to potential customers Surveys, focus groups etc. B2B Key informants Industry thought leaders Industry research and publications

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THE STORY OF KUE http://getkue.ca/ Kamyar Ghofrani CEO & Founder

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SEGMENT YOUR CUSTOMERS Look for early adopters Vitamin vs. painkiller Timeframe to close Influencers Ability to deliver product Users vs. customers

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HOW DO YOU FIND THEM? Think about channels Use your Personal Network Get help with introductions Look at Clubs and Organizations Leverage LinkedIn

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START THE CONVERSATION Introductions Follow up as soon as possible Respect for person who introd you Cold emails BCC the introducer (be explicit) Write out your cold email template GET FEEDBACK! Cold calls Write out elevator pitch and questions Dont use a script

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CARRY THE CONVERSATION Ask open-ended questions Listen, dont talk Encourage but dont influence Follow your nose and drill down Parrot back to confirm Ask about pricing

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END THE CONVERSATION Thank them! Clarify follow up tasks Ask to add them to your mailing list Ask for additional introductions Ask where they would hear about your product

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TRACK WHAT YOU LEARNED AND PROMISED Systems vs. spreadsheets Finding holes Filtering out the noise Use it to validate assumptions You will operating under assumptions GET USED TO IT!

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QUESTIONS? FEEDBACK?

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ADDITIONAL RESOURCES

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ONLINE SURVEYS A few examples on online survey services to consider are: Survey MonkeySurvey Monkey Zoomerang eSurveyPro SurveyGizmo QuestionPro Google Drive Forms

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SURVEY TIPS Use a combination of open, closed, scaled and ranking - Survey Question TypesSurvey Question Types Test your surveys before completing them you need to be able to reach the people you will survey Be sure to include a question related to how people would find out about your program or business the answers help determine your marketing and promotion strategies Leave personal questions to the end of the survey Think about how youll report results when creating the survey statistical results are best e.g. 78% said creating a resume is very important

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STARTUP CHECKLIST https://drive.google.com/file/d/0B4mKM Rq2pFIHTEdXRHNnRlVsdHc/view?usp =sharinghttps://drive.google.com/file/d/0B4mKM Rq2pFIHTEdXRHNnRlVsdHc/view?usp =sharing Source: The Startup Owners Manual, Steve Blank and Bob Dorf

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WHATS NEXT? Feb 11 th @ 7:30 PM EV3 4412 How Not to Run Your Company into the Ground (By People Who Ran their Company into the Ground) velocity.uwaterloo.ca/events