Jeff Nock shares that challenging times there are often the best times to launch new companies and products. In 2008-2009 Uber and Airbnb were launched. This presentation covers some new product development basics as you consider your new product launch. Topics covered include Alexander Osterwalder's Business Model Canvas, Steve Blank's thoughts on Minimum Viable Product, customer discovery, customer personas, competitive analysis, product market fit and customer segments.
3. WE NEED TO ADDRESS SOME
FUNDAMENTAL QUESTIONS:
• PRODUCT MARKET FIT
• WHAT ARE YOU BUILDING AND FOR WHO?
• MINIMUM VIABLE PRODUCT
• COMPETITION
• IS ANYONE ALREADY MEETING THIS NEED? HOW? WHAT ARE
THOSE LIMITATIONS
Jeff Nock
6. VALUE PROPOSITION
• STEVE BLANK BUSINESS MODEL CANVAS VALUE PROPOSITION VIDEO
• HTTPS://WWW.YOUTUBE.COM/WATCH?V=JZN6CUIEUOQ&LIST=PLW540WQ5
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10. THE PROCESS
• DECOMPOSE VALUE PROPOSITION & CUSTOMER SEGMENTS
• MAKE HYPOTHESES
• TEST YOUR HYPOTHESES
• IS THERE A FIT?
• REASSESS YOUR HYPOTHESES
Minimum Viable Product Persona/Archetype
Jeff Nock
12. CUSTOMER DISCOVERY FOR VALUE PROPOSITION
• COMPETITION: WHAT DO CUSTOMERS DO TODAY?
• TECHNOLOGY / MARKET INSIGHT: WHY IS THE PROBLEM
SO HARD TO SOLVE?
• MARKET SIZE: HOW BIG IS THIS PROBLEM?
• PRODUCT: HOW DO YOU DO IT NOW?
Jeff Nock
13. TYPES OF VALUE PROPOSITIONS
Technical Insight Market Insight
Smaller
More Efficient
Faster
Simpler
Lower
cost Better
Bundling
Better
Branding
Better
Distribution
Jeff Nock
14. DEFINE MINIMUM VIABLE PRODUCT
• FIRST, TEST YOUR UNDERSTANDING OF THE PROBLEM (PAIN)
• NEXT TEST YOUR UNDERSTANDING OF THE SOLUTION (GAIN)
• PROVES THAT IT SOLVES A CORE PROBLEM FOR CUSTOMERS
• THE MINIMUM SET OF FEATURES NEEDED TO LEARN FROM EARLY
EVANGELISTS
- INTERVIEWS, DEMOS, PROTOTYPES, ETC.
- AVOID BUILDING PRODUCTS NOBODY WANTS
- MAXIMIZE THE LEARNING PER TIME SPENT
- LOTS OF EYEBALL CONTACT
Jeff Nock
15. THE ART OF THE MVP
• A MVP IS NOT A MINIMAL PRODUCT
• “BUT MY CUSTOMERS DON’T KNOW WHAT THEY WANT!”
• AT WHAT POINT OF HEARING “I DON’T GET IT!” WILL WE
PIVOT?
Jeff Nock
17. CUSTOMER SEGMENT/TARGET MARKET
• STEVE BLANK BUSINESS MODEL CANVAS CUSTOMER SEGMENT VIDEO
• HTTPS://WWW.YOUTUBE.COM/WATCH?V=YLMZYWHUUPE&LIST=PLW540WQ5
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Jeff Nock
18. TARGET MARKET CUSTOMER DISCOVERY
• DEMOGRAPHICS: AGE/SEX/INCOME LEVEL/NICHE
• HOW DO YOU FIND PEOPLE IN YOUR TARGET MARKET
• COMMUNITY
• SECONDARY RESEARCH (GOOGLE ETC)
• COLD EMAILS WARMER CUSTOMER DISCOVERY CALLS
• INDUSTRY ASSOCIATIONS
• MENTORS
• NETWORKING
Jeff Nock
19. COMPETITION
• THERE ARE ALWAYS COMPETITORS!
• DIRECT COMPETITORS
• FORD VS GM
• INDIRECT COMPETITORS
• FORD VS UBER
• FORD VS SUBWAYS-PLANES
• FUTURE DISRUPTORS
• FORD VS TESLA
• NEED TO EDUCATE?
• SELF DRIVING CARS?
Jeff Nock
