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NEW PRODUCT DEVELOPMENT
PRESENTER:
JEFF NOCK
FOUNDER & CEO
PRESCIENT CONSULTING
BUSINESS MODEL CANVAS
(CREDITS TO ALEXANDER OSTERWALDER & STEVE BLANK)
Jeff Nock
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
WHAT WE USUALLY SEE…
Jeff Nock
PRODUCT MARKET FIT:
WHAT ARE YOU BUILDING AND FOR WHO?
VALUE PROPOSITION
• STEVE BLANK BUSINESS MODEL CANVAS VALUE PROPOSITION VIDEO
• HTTPS://WWW.YOUTUBE.COM/WATCH?V=JZN6CUIEUOQ&LIST=PLW540WQ5
KAY866M6A6XI7KOWE_AH7IS4M
Jeff Nock
Jeff Nock
VALUE PROPOSITION CANVAS:
SYSTEMATIC WAY TO EVALUATE PRODUCT MARKET FIT
Jeff Nock
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
THE VALUE PROPOSITION
Minimum Viable
Product
Jeff Nock
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
TYPES OF VALUE PROPOSITIONS
Technical Insight Market Insight
Smaller
More Efficient
Faster
Simpler
Lower
cost Better
Bundling
Better
Branding
Better
Distribution
Jeff Nock
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
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
THE CUSTOMER SEGMENT
Customer Persona/
Archetype
Jeff Nock
CUSTOMER SEGMENT/TARGET MARKET
• STEVE BLANK BUSINESS MODEL CANVAS CUSTOMER SEGMENT VIDEO
• HTTPS://WWW.YOUTUBE.COM/WATCH?V=YLMZYWHUUPE&LIST=PLW540WQ5
KAY9XCIUXJJCBAKIDK-6ZCHO3
Jeff Nock
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
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
CUSTOMER PERSONA/ARCHETYPE
Market Type
Jeff Nock

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Jeff Nock of Prescient Consulting on New Product Development

  • 1. NEW PRODUCT DEVELOPMENT PRESENTER: JEFF NOCK FOUNDER & CEO PRESCIENT CONSULTING
  • 2. BUSINESS MODEL CANVAS (CREDITS TO ALEXANDER OSTERWALDER & STEVE BLANK) Jeff Nock
  • 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
  • 4. WHAT WE USUALLY SEE… Jeff Nock
  • 5. PRODUCT MARKET FIT: WHAT ARE YOU BUILDING AND FOR WHO?
  • 6. VALUE PROPOSITION • STEVE BLANK BUSINESS MODEL CANVAS VALUE PROPOSITION VIDEO • HTTPS://WWW.YOUTUBE.COM/WATCH?V=JZN6CUIEUOQ&LIST=PLW540WQ5 KAY866M6A6XI7KOWE_AH7IS4M
  • 9. VALUE PROPOSITION CANVAS: SYSTEMATIC WAY TO EVALUATE PRODUCT MARKET FIT Jeff Nock
  • 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
  • 11. THE VALUE PROPOSITION Minimum Viable Product 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
  • 16. THE CUSTOMER SEGMENT Customer Persona/ Archetype Jeff Nock
  • 17. CUSTOMER SEGMENT/TARGET MARKET • STEVE BLANK BUSINESS MODEL CANVAS CUSTOMER SEGMENT VIDEO • HTTPS://WWW.YOUTUBE.COM/WATCH?V=YLMZYWHUUPE&LIST=PLW540WQ5 KAY9XCIUXJJCBAKIDK-6ZCHO3 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