lean itp 1.13.2016
TRANSCRIPT
Lean @ ITPAn experiential 2 week workshop
TAM, SAM, TM, Personas and Value Propositions
Jan 13, 2016 Jen van der Meer + Christin Roman
NYU ITP
We Are Here
Intro Team
Formation
Why + Personas + How to Interview
Personas + Value Props
+ Generative Design Vision + Story + Oz Test
Relationships Channels +
First Test
How to listen, interpret, decide
Cost/Revs +Activities/Resources/
Partners
Indie vs. VC? Motivation +
Team Story x 2
Lessons Learned
Jan 11 Jan 12 Jan 13 Jan 14 Jan 15
Jan 19 Jan 20 Jan 21 Jan 22
Today’s Lecture + Workshops
• What did you learn?
• Where to aim: big TAM, small niche
• Integrate customer research findings with the Persona
• Value prop madlibs
• Shaping your idea (3 iterations) - generative concept development
Aim at TAM, Start with Niche
TAM, SAM, TMTAM =
Total Addressable Market
“people who live paycheck-to-paycheck in the US”
How do you find TAM data?Academic / Government sources
3rd party market research
Bottoms up analysis
Top down analysis
What is an incredible source?
What if you get different estimates from different sources?
TAM, SAM, TMSAM =
Served Addressable Market
“people who live paycheck to paycheck in the US”
“with smartphones”
TAM, SAM, TMTM = Target Market
“people who live paycheck to paycheck in the US”
“with smartphones”
“a specific segment, or niche, with the most need, that we are targeting in the first 1-2 years”
Point of confusion:
“If we serve that tiny group, that specific need - are we setting ourselves up to be small, and not scale (and not get funding?”
Aim:1) Find a deep painpoint for a highly targeted group, and serve them well
2) Directing you towards a larger potential addressable market
(in that order)
Personas
You can’t aim at everyone, first
“Serve a unique customer segment”
“Target a specific niche”“Aim for your most
profitable segment” “It’s better to dominate a micro segment than to aim
for everyone and hit nobody”
“Define your Archetypes”
Use Personas to Find the Pain
From: Business Model Canvas, Value Proposition Design, Alexander Osterwalder, The Innovators’s Solution, Clay Christensen and Michael Raynor
Uncover the “job to be done”
Fast Food Milkshake
40% of milkshakes purchased by commuters in
the morning - to go
What job customers hire milkshakes to do: On a a long, boring commute, customers “needed something to keep that extra hand busy and to make the
commute more interesting.” - Clayton Christensen, HBR
http://hbswk.hbs.edu/item/clay-christensens-milkshake-marketing
Uncover the “job to be done”
Soylent
Uncover the “job to be done”
DIY Soylent
Discovering Pain:
Plans Known needs
Behavior
Values Norms Assumptions
Taboo BeliefsUnknown Needs
Go deeper to find unmet needs, hidden pains:
Persona ToolContext:
#stillathome #notanadultyet
Name: Peyton
Age: 24
Living with Mom at home
Motivations/Goals: Independence Freedom Apartment Bike to work Pay off college loan
Interests: Roller derby Raising money for breast cancer Jewelry making
Pains: Can’t seem to save At breakeven/loss each month Bad credit rating
Fears + Secrets: Afraid of getting rejected for an apartment Really likes mom’s support
Persona ToolContext:
Name:
Age:
Living:
Motivations/Goals:
Interests:
Pains:
Fears + Secrets:
Draw pic
Tribes/Hashtags
Value Proposition(s)
KEY PARTNERS
KEY ACTIVITIES
VALUE PROPOSITION
CUSTOMER RELATIONSHIPS
CUSTOMER SEGMENTS
KEY RESOURCES
CHANNELS
COST STRUCTURE
REVENUE STREAMS
STRATEGYZER + OSTERWALDER BUSINESS MODEL CANVAS
Product Market Fit
Value Proposition Silicon Valley / Tech Version
“Who do you want to create value for and what jobs need to be done?”
Value proposition(s) outline how exactly your products and services create value for one or more of your customer segments.
- Alexander Osterwalder, Value Proposition Design.
Madison Avenue / Branding
“A statement of the benefits delivered by the brand that provide value to the customer.
Communicates the benefits that add value, why we are different, the brand-customer relationship, and gives customers an “RTB” - reason to buy (or believe).
-David Aacker, Building Strong Brands.
Value PropositionMy company __(company name)______________
is developing _(defined offering)______________
to help __(a target audience)_________________
_(solve this problem / pain) __________________
(with this secret sauce)____________________
(with this proof point to the customer)_______
Lean ITP Value Prop Madlibs
Let’s Commercialize!Researchers use chemicals to manipulate the behavior of mice
with effects that last up to an hour…
to control the hunger and activity levels of mice
The Scientist, 2015.
http://www.the-scientist.com/?articles.view/articleNo/42878/title/Mouse-Mind-Control/
Value PropositionMy company __MINDTETHER_________________
is developing _a mind tether spray_____________
to help __busy moms_________________________
_compel their children to complete homework____
with our proprietary mind control chemicals____
effects last up to an hour with minor side effects!Lean ITP Value Prop Madlibs
For tomorrow
Present
What are your core hypotheses?
What tests did you run?
What do you believe will be true?
What did you find out?