DO PEOPLE WANT YOUR SH*T? WES WORSFOLD ASSOC. DIR. VELOCITY GARAGE LINKEDIN:

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

WHAT HAVE YOU LEARNED SO FAR? What’s your big idea? What’s your problem? What’s your Business model? and,

Does anyone want it? How big is your market?

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?

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

STEVE BLANK

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

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

STEP 1 Define your products and/or services

STEP 2 Define your potential customers

STEP 3 What you need / want to know?

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

THE STORY OF KUE Kamyar Ghofrani CEO & Founder

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

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

START THE CONVERSATION Introductions –Follow up as soon as possible –Respect for person who intro’d you Cold s –BCC the introducer (be explicit) –Write out your cold template GET FEEDBACK! Cold calls –Write out elevator pitch and questions –Don’t use a script

CARRY THE CONVERSATION Ask open-ended questions Listen, don’t talk Encourage but don’t influence Follow your nose and drill down Parrot back to confirm Ask about pricing

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

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!

QUESTIONS? FEEDBACK?

ADDITIONAL RESOURCES

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

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 you’ll report results when creating the survey – statistical results are best e.g. 78% said creating a resume is very important

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

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