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Customer Development Week 3. Agenda 5:30 – Team Stand Up 5:40 – Market Segments and Customer Development 6:30 – Activity 7:25 – Review.

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Presentation on theme: "Customer Development Week 3. Agenda 5:30 – Team Stand Up 5:40 – Market Segments and Customer Development 6:30 – Activity 7:25 – Review."— Presentation transcript:

1 Customer Development Week 3

2 Agenda 5:30 – Team Stand Up 5:40 – Market Segments and Customer Development 6:30 – Activity 7:25 – Review

3 Objectives Introduce Market Segments Introduce Customer Development

4 Market Segments & Customer Development Speaker Name Title Credentials

5 Market Segments New Market Existing Market Resegmented Market Niche Lower cost

6 Why does it matter? Your approach will be different depending on the market segment.

7 What is your Market Segment? If there is no established or well defined market and there are no existing competitors you are in a NEW market

8 New Market Requires a lot of time and money to create the market. Need to find early adopters and educate them on the value of the solution.

9 What is your Market Segment? If there is an established and well defined market with lots of customers, but you offer something better (performance, features, service) you are in an EXISTING market

10 Existing Market Competing based on performance differences. Requires branding to differentiate from competitors + lots of money! vs

11 Existing Market An existing market but offer virtually the same features at a LOWER COST. vs

12 Resegmented Market If you are carving out a small part of a bigger market to offer something with a uniquely more compelling value you are in RESEGMENTED (or niche) market. Communication tools for business people vs. Communication tools for architects

13 What is YOUR Market Segment? In your group, take a few minutes to talk about what market segment your app idea falls under.

14 Customer Development Process Problem / Solution Hypothesis Market Research Personas Get Out of the Building Problem / Solution Fit MVP - Minimally Viable Product

15 Customer Development Customer development isnt asking customers what they wantits seeking to understand what they need, how they work, where their pain points and highest priorities are. Cindy Alvarez

16 Customer Development What will I learn? The short answer: how people are really getting a task done, who is doing what, and why it sucks. How long will it take? I dont know. Sorry, but thats the truth. How can I find customers before Ive even built a product? How were you planning on finding them after youve built a product? Source:

17 Customer Development In Market Research you uncovered places where people that should be interested in your product live on the internet Customer development is the process of connecting with them to learn from them As your relationship to the problem/solution and market changes and evolves, so will what you need to know. Source:

18 Customer Development One goal of customer development is to survey people to find out if what you think it true about them is actually true about them Another goal is to find out if there are ways people are solving that problem that you are unaware of Source:

19 Get Out of the Building There are a number of ways you can do customer development, and they all require you to get out of the building either physically or virtually! Source:

20 Twitter Search An effective way of reaching people…plus it is free! Summarize your idea and build a survey to capture feedback. Reach out to people who have already discussed a similar product, problem, or solution and address a tweet directly to them. Source:

21 Sample Tweet: @username Would love yr feedback on [product/problem/solution] – shd only take 2mins [URL] thanks! Source:

22 Email Templates Request email templates Referral Request email template Tweet Request email template Source:

23 Surveys Your surveys will be different depending on how you found people and whether you have found problem/solution fit. Your first survey may need to focus on qualifying the subject and asking for contact information Another survey will begin to ask them about their behavior / needs Your third survey might ask them to test or give feedback on your MVP Source:

24 Survey Best Practices No survey should have more that 10 questions. Use multiple choice questions that can be answered by checkboxes so people dont have to think too hard to participate Using multiple choice you can also allow for more than one answer Source:

25 Asking for Data When you are searching for problem/solution fit you will be asking questions about your problem and/or solution hypothesis Find out if your subjects have the problem Find out how they are solving it Ask about their behavior and needs Get contact information so you can ask for the interview Source:

26 Asking the Right Questions When you write down your problem/solution hypothesis you will have made some assumptions about people who will use or buy your product. State your assumptions Prioritize in order of highest risk to lowest You want to test the riskiest assumptions first Source:

27 Asking for an Interview You have three main goals with this survey: Communicate your idea in 10 seconds or less Offer something interesting to the people who visit Get contact information so you can ask for the interview Source:

28 Sample Survey Source:

29 Activity Brainstorm Personas Write Interview Questions Set up SurveyMonkey Create Surveys Plan Outreach

30 Brainstorm Personas Find the Persona tab in your teams Technovation Workspace on Google Docs

31 Interview Questions Write the interview questions before you write the survey intro Phrase questions in a relevant way to the subject Make sure the questions get you information that is useful – dont waste their time! Use formatting options for questions to get more information in fewer questions. Check for typos, spelling and grammatical errors. Test the survey before making a public request!

32 Sticky Note Activity Write as many questions as you can for the potential customer of your product Write each question on a sticky note You have 5 minutes!

33 Survey Intro 10 seconds to get attention Your survey introduction must persuade them to contribute Who are you persuading? What are you persuading them of?

34 Survey You will likely do many surveys, so dont stress over it. You are looking for people who will be your customer or has influence over your customer. Ask only whether they meet the criteria you are looking forone of the right people.

35 Go to to sign up for a new account Choose sign up with your Google account on the right Click Create Survey Choose Create a new survey and title your survey Choose Market Research as the Category Create questions Preview survey Email to mentor and teammates to test and double check that it is going to get you what you want in the way of information.

36 Customer Development Create your first survey Send the surveyin person, by phone, or online If you are doing phone interviews have the survey in front of you and fill it out. In-person interviews you should print out a survey so you can be consistent in data capture and collection. ALWAYS: transcribe the data back into your team Workspace

37 Measure and Learn Example Survey A Results Find the Example Survey A tab in your teams Technovation Workspace on Google Docs

38 Measure and Learn Example Survey B Results Find the Example Survey B tab in your teams Technovation Workspace on Google Docs

39 Reminder: Weekly Reflections What did your team like about this week? What challenges did your team have this week? Anything else your team would like to share?

40 Technovation Challenge Google Group

41 Share with us on Twitter & Facebook Tweet us: @_technovation_ #technovation Like us on Facebook: Technovation Challenge

42 Ongoing Offsite Activities Customer Development Evaluate Data Continue learning with App Inventor

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