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Preparing for / Reporting Contacts

Preparing for / Reporting Contacts. Agenda: Updates on events I need your presentations for feedback Preparing for contacts For next class: 3/4: Discuss L2, making an MVP Coming Up : 3/6 : Group work outside of class – watch L3 3/11 : Report on L2; Discuss L3

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Preparing for / Reporting Contacts

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  1. Preparing for / Reporting Contacts • Agenda: • Updates on events • I need your presentations for feedback • Preparing for contacts • For next class: • 3/4: Discuss L2, making an MVP • Coming Up: • 3/6: Group work outside of class– watch L3 • 3/11 : Report on L2; Discuss L3 • 3/13: Quiz 1 (may have speaker)

  2. BMC Feedback • Hypotheses were mostly complete • Some not sufficiently detailed. Use categories as prompts, but provide detail. • Human resources vs. programmers • Experiments and GOTB Plan • Different experiments for different components • Focus on pains/gains first, not your solution • Market Size • Make some estimates on reducing TAM to SAM to target market

  3. Business Model Canvas Weakness • False sense of security • Does not show: • Environment • Competitors/competing products • Easy to gloss over: • Inability to acquire “key resources” (drawing on BMC does not equal execution)

  4. Learn from others • Identify competitors (past/present) • What are they doing right? • Why are they competing well/failing? • http://www.noveda.com/media/resources/iQuatic_Water_Monitoring_Platform.pdf • http://www.4moms.com/origami#top • http://www.bikesbelong.org/resources/stats-and-research/research/bike-sharing-in-the-united-states/ • http://wheresthepartyatapp.com/ • http://betabeat.com/2011/07/brom-ly-is-building-the-ultimate-event-engine/ • http://nowaitapp.com/why-nowait/pagers/restaurant-pager-alternative • http://mashable.com/2011/01/12/diner-connection/ • Easiest place to find this information? • Online reviews by experts • Reviews by users – what do they complain/rave/comment about?

  5. Preparing for Contacts • The purpose of contacts • not about whether they love your product (solution) • About understanding the problem and how urgent it is • First goal – shoot for 50 • People with time, loosely fit profile of customers • No big names (you don’t know enough yet) • Ask for references

  6. Next Steps • Develop a Reference Story • Hi, this is _________ • Referred by ________ • “We’re trying to start a company to solve the __________ problem, and we’re building ______.” • “I don’t want to sell you anything. I just want twenty minutes of your time to understand the ______ problem and learn how you deal with it.” • “I’ll be happy to share what I’ve been learning and other product trends in the industry.”

  7. Referred Contact E-mail • Hi, this is _________ • “________ said you are the smartest person in the industry.” • “___We’re trying to start a company to solve the __________ problem, and we’re building ______.” • “I don’t want to sell you anything. I just want twenty minutes of your time to understand the ______ problem and learn how you deal with it.” • “I’ll be happy to share what I’ve been learning and other product trends in the industry.”

  8. Additional pointers • Motion does not equal action • Keep trying • Prepare ahead of time • Bring something to take notes • With permission, you can record the interview

  9. We Made Students Blog Their Progress It Changed Everything

  10. How? • Narrative – describe what you did, and who did it • Your major goal for the week – what were you trying to do? • Describe Interviews, Surveys • Illustrate with Videos, photos • Describe making and testing Prototypes • Any other detail that is helpful • Describe major insights • Show updated Business Model Canvas (Scorekeeping) and reasons for changes

  11. Interview

  12. Photos Videos

  13. Surveys

  14. Interview & Photos

  15. Competitive Analysis

  16. Key Findings

  17. A/B Test Results

  18. Key Question

  19. Strategy

  20. Business Model Canvas as the Scorecard

  21. How to • Visit wordpress.com • Follow the sign-up steps • Get an e-mail, and log back in • Change Settings • Go to Settings, Discussion • Unclick “Comment author must have a previously approved comment”

  22. Ongoing • For all presentations • Post updated canvas and presentation • a summary of activities related to each • Check in before every class • Sign in • Click on comments • Approve or reply to comments • There may be spam comments (send them to spam)

  23. Value Proposition Presentation • Show 1-page BMC • What were your value proposition hypotheses? • Customer development: • What did potential customers think about your value proposition hypotheses? • Report # of customers (>5 customers/team member) interviewed • Follow-up with Survey Monkey (or similar service) to get more data • Report key insights (what needs to change on BMC?)

  24. Wrap-up • Key Take-aways: • Plan customer development – talk to people • Report customer development – • Share with others • Helps learning • For next class: • 3/4: Discuss L2, making an MVP • Coming Up: • 3/6: Group work outside of class – watch L3 • 3/11 : Report on L2; Discuss L3 • 3/13: Quiz 1 (may have speaker)

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