Applied Flashcards
What is applied research in contrast to basic research?
- Focus on actionable insights
- Utilizes knowledge to adress real world issues
- Drive innovation in real world contexts
- Identification of new questions
What is the motivation in Basic and applied research?
- Intellectual curiosity
- Solving problems
What are the key questions asked in basic and applied research?
- is it true
- does it work?
Where is the Innovation sweetspot?
In the middle of:
- Feasability (technologically possible)
- Desirability (user needs)
- Viability (does it meet business goals)
What is the driver of innovation?
- Insights
What is the process of innovating?
- Proof there is a problem
- Prove your solution solves it
- Prove they will pay
- Prove you can scale
What is part of secondary research?
- Desk research
- Literature research
- Trend research
What is part of primary research?
- Observations
- Interviews
- Surveys
- Experiments
What is the beginners mind?
- staying open and curious
What is the purpose of secondary research?
- Understanding the problem
What are you trying to find out with secondary research?
- Key trends (regulations, technology, social)
- Industry forces (Comepetition, Stakeholders, Suppliers)
- Market forces (market segments, Switching costs, Needs and demands)
- Macro economic forces (Global market conditions, capital markets, infrastructure)
What are the steps in secondary research?
- Plan research (mindmapping, listing key questions)
- Conduct research
- Organize and cluster (affinity mapping)
What does applied research seek to answer?
- Does it work?
What does it mean to fall in love with the problem?
- Focusing on customer needs and challanges
Why do primary research?
- Get emotionally involved
- Reduce risk
- Gaining understanding of user value
- Evidence and facts
What does one look for in primary research?
- External: What people Say or Do
- Internal: What people Think or Feel
What is the AEIOU Framework?
Observation framework
- Activities: what activities are they engaged in
- Environment: spaces and locations both virtually and physically
- Interactions: Whos interacting with the users
- Objects: Any object being used?
- Users: Interviwe users to get a better understanding of what they need
What are experiments?
- Create scenarios for your users
- Empathy experiments (for yourself to understand user better)
What is the point of interviews?
- Understand users views and feelings
- Understand user status quo
- Find out which customer may be a target
- Specify idea based on data
What should one do in interviews
- Ask openended questions
- Ask for specific moments
- Build trust
What is the analogy of an interview?
- Relationship building
- Promt, Probe & Observe
- Dig deeper and finale
What should you not do in interviews?
- Ask people what they want
- Don’t pitch your idea
- Don’t give your opinion
- Don’t ask biased questions
What are answers to avoid in interviews?
- Compliments
- Fluff (generic claims, future tense
- Ideas
When should surveys be done?
- After doing initial interviews
Dos for surveys
- Short direct questions
- Scales
- How much how often questions
- Avoid leading or biased questions
- Speak your respondands language
What are advantages of surveys?
- Scalable
- Structured data
- Anonymity
- Consistency
- Cost efficient
What are disadvantages of surveys?
- Limited depth
- Bias and interuption
- Non-response bias
- Questionaire design
Response rate
What are the ways to structure data
- thematic analyses
- Affinity mapping
- Brainstorms
- Content analyses
What is thematic analysis used for?
- Finding patterns of meaning in thoughts, beliefs and opinions
- Uncovering categories or themes
What is content analysis used for?
- Validate relevance through frequency of the content
What are insights?
- The main conclusions derived from research
What are assumptions
- Help fill gaps in information
- Guide further research in exploration
What are hypotheses
- Testable statements that lead us to question our assumptions
How are insights extracted ?
- Find insights
- Create assumptions
- Build hypotheses
What is the traditional linear approach to customer development
- Vision Plan Excecute
What is the iterative test and learn approach?
- Hypothesis Design experiments Test insight/ assumption
What does the customer development process look like
- Search: Customer discovery Customer validation
- Execute: Customer creation company building
What are the customer development principles?
- Proposed values (customer problems and needs)
- User segmentation (whoa re your users)
- Channels (how are u going to reach them)
- Source of income (Business model)
- Recources needed
- Partners (which stakeholders do you need?)
- Activity (what steps should the team make to implement the plan
- Cost structure (what is the total cost of the product)
What are the first things you want to validate?
- Problem space
- Solution space
What does the value proposition canvas consist of
- Customer profile
- Value proposition
What is a customer segment?
- Comprised of like people who share a common interest, who have access to each other and look to each other as trusted reference
Which customer segment should be started with?
- Most profitable and big
- Easy to reach
- Personally rewarding one
What is included in a customer profile ?
- Customer job (what customer tries to get done)
- Customer Pain (what annoys customer)
- Customer gain (benefits for customer)
What other tools for customer profiling are there?
- Empathy map
- Personas
- Customer journeys
What does the empathy map consist of?
- Who are the customers?
- What do they need to do?
- What do they see?
- What do they say?
- What do they do?
- What do they hear?
What are personas used for?
- Personas are used to help us understand key traits behaviours and goals of a specific user
What is included in a persona?
- Age, location, education
- Socioeconomic status
- Goals and dreams
- Challenges frustrations and fears
Which phases does the customer journey include?
- search
- Discovery
- Purchase
When do you achieve a fit between value map and customer profile?
When:
- Check if pain and gain fit a customer job, pain or gain
- Value map aligns with your customer profile
What are the three stages of fit?
- Customer problem stage (Problem-Solution Fit)
- Solution stage (Product market fit)
- Sales stage (Business model fit)
What is meant by Problem-Solution Fit:
- Identify customer needs (jobs, pains, and gains).
- Design a value proposition to address those needs.
- No proof yet that customers care about the solution.
- Focus on gathering evidence of customer interest in the value proposition.
What is meant by Product-Market Fit?
- Prove that your product creates customer value and gains traction in the market.
- Validate assumptions behind the value proposition.
- Many early ideas may not work and will require redesign.
- Achieving this fit is a gradual process.
What is meant by Business Model Fit?
- Show that your value proposition can be scaled profitably.
- A strong value proposition needs a sustainable business model.
- The search involves iterative adjustments between the value proposition and the business model.
- You achieve fit when revenue from the value proposition exceeds the costs.
What is the lean start-up principle?
Build a minimum viable product test it learn from it make decisions based on it repeat
How is the. Business idea testes?
- extract hypotheses
- prioritize hypotheses
- design test
- prioritize test
- run test
- capture learnings
- make progress
What should be tested in experiments?
- Interest and relevance
- Priorities and preferences (which do customers care most about)
- Willingness to pay
What are the three risks when testing a business modell?
- Desirability risk (customer not interested)
- Feasability risk (inability to build product)
- Viability risk (not profitable
What is experimentation?
- Means to reduce your risk and uncertainty
What are the rules of thumb when testing?
- Go cheap and fast at the beginning
- Multiple experiments for the same hypothesis
What are ways to test a business Idea
- Search trend analyses
- Discussion Forums
- Web traffic analyises
- Online ads
- Feature tabs on website
- 3D print
- Virtual models
- Storyboards
What are validation experiments?
- Expirements to validate the direction you have taken
What validation experiments are there?
- Clickable prototype
- Concierge (do manually what you plan to automate and see reactions)
- Wizard of Oz (Concierge but people arent visible)
- Life sized prototype
- Crowdfunding
- Split test/A&B testing (compare two versions)
- Multivariete test (sale but customers cant pay yet)
- Presale (gauging the market first)
- Pop up store
