customer discovery techstars seattle 2017.01.25

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Copyright DKParker, LLC 2015 Customer Discovery Dave Parker @DaveParkerSEA www.dkparker.com/blog [email protected]

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Page 1: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Customer DiscoveryDave Parker

@DaveParkerSEA

www.dkparker.com/blog

[email protected]

Page 2: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Agenda

About Dave Customer Discovery

What to do What not to do

+5 Hypotheses Iterations/Pivots Q&A – Your questions

Page 3: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Where to start?

You have opinionsYou have Data You get money!

Investors have opinionsThey have money

Page 4: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

You are not Henry Ford

Page 5: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Customer Discovery Goals

Acute focus on problem – not product Find out if customers care? What do they want? Determines the difference your product at launch and

at scale Feature priorities & Product Roadmap Market Timing – see Bill Gross Ted Talk

Page 6: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Customer Development Steve Blank – Four Steps to the Epiphany

Customer Discovery Customer Validation Customer Creation Company Building

Eric Reis – Lean Startup Learn - Ideas Build – Code Measure – Data

Page 7: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

What To Do

YOU get out of the building and interview prospects (they aren’t customers until they use or pay) 50 B2B interviews 100 B2C

Standard set of questions Google form – you fill it in

1) Face to face 2) Skype or hangout Watch

Ask the next question – Five Whys?

Page 8: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

What Not To Do

You are not the customer Don’t tolerate a small sample set – this could delay

your success by Years Avoid “Selection Bias”

“Isn’t our product amazing”

No rhetorical questions No blind surveys Can’t outsource

Page 9: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

What do you want to know?

Negatives If you have a fatal flaw in

your assumptions – when do you want to know?

If it was to fail why would it fail?

Positive Do they really want it

Pain Pill Vitamin

What will they pay

¯\_(ツ )_/¯

Page 10: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Tooth Brush Test

Page 11: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

+5 Hypotheses

Page 12: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

What can you test?

Price Sales Model Hypothesis – how will you sell it? Demand Hypothesis – is anyone looking Business Model Hypothesis – how will you make money Customer Acquisition Cost (CAC) /Life Time Value (LTV)

Hypothesis

All of these are required for your forecast

Page 13: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Price

Value based pricing vs. cost base pricing Monthly Recurring Revenue Packaging 90% startups start too low

Page 14: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Sales Model Hypothesis Known Market

Unknown Market

Low Price Point

High PricePoint

Known Search Words

Unknown Search words

Web Direct ✔ ✔ ✔

Direct ✔ ✔ ✔ ✔ ✔

Indirect ✔ ✔ ✔

Licensing ✔ ✔

Retail

Page 15: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Demand Hypothesis

Is anyone looking for what you are doing Key word/phrases

SEO – long time to build SEM

AdWords Key Word Planner Display Ads

This gives you top of funnel/marketing spend

Page 16: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Business Model Hypothesis

B2B 9 Model Market Metric

B2C 10 Models Market Metrics

http://dkparker.com/businessmodels/

Page 17: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Customer Acquisition Hypothesis

The following apply regardless of models Cost of Customer Acquisition (CAC) Lifetime value of Customer (LTV)

36 month calculation in a mature business, 12 months for you

Time to close sale How does this change with product/market

maturity? Churn/Retention Word of mouth vs. Virality

Page 18: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Iterations & Pivots

Page 19: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Iterations and Pivots

Iterations Features

Target customers

Pricing

Pivots Are painful – Tires to

Airplanes

Mike Maples – Thunder Lizards

Five Famous Pivots Odeo become Twitter

Page 20: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Repeat after me…

I’m an entrepreneur Half my ideas are amazing Half are crap We need to find out which one this is!

Page 21: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

Q&A – Your Questions

Page 22: Customer Discovery Techstars Seattle 2017.01.25

Copyright DKParker, LLC 2015

[email protected] www.dkparker.com @DaveParkerSEA