Class 4 Flashcards
Where/how do you start:
Find your beachhead market, your first sub-segment of customers who buy similar products, have similar expectations of value, use word of mouth to communicate to other customers.
Create a quality product (early adopters will accept defects, early majority will not), position the product by emphasizing its value.
How do you gain momentum:
The bowling alley– early customers influence later customers.
The tornado– when customers start recommending your product to others, demand will grow rapidly.
Main street– fulfilling the spike in demand, you must focus on continual enhancements to retain customers.
Why is it important to experiment:
Great ideas must be– desirable feasible and viable to customers.
Experiments help assess feasibility and viability by– testing assumptions, collecting feedback, determining what does and does not work.
Experiments also help you to– fail early with lower opportunity costs, improve value proposition and business model.
How to get the most out of your experiments:
Provide the most realistic experience possible (tell/show/let people use product/service).
Watch and listen (watch peoples reactions and be prepared to hear what you don’t want to hear).
Read between the lines (what they are saying, what they are not saying, what they are saying by not saying).
Tips for collecting feedback:
Prioritize what you want to learn, create a plan before you meet with customers, identify success metrics in advance to avoid misinterpreting feedback.
Low-risk methods for collecting feedback:
Interviews– meet with stakeholders throughout the process.
Paper testing– design mockups (drawings, storyboards, wireframe).
Advertising/pre-selling– selling others on the upcoming product.
High-risk methods for collecting feedback:
Button to nowhere- links to pages that don’t exist.
Landing page- creating a home page with no supporting functionality.
Concierge and Wizard of Oz- making customers believe your product is automated while providing services manually.
Prototypes as MVP’s:
MVP- Minimum viable product (prototype for feedback).
Non-functioning prototype- visualization like mock-up or storyboard.
Functioning prototype- demonstration with high fidelity.
Pilot experiment- testing the product in a small market.
Importance of storyboards:
Strong storyboards answer important questions- what is the problem, how are you solving problem, what is the benefit to customer.
Levels of storyboards- back of napkin, sketches on page, four-quadrant framework.
Targeting your stakeholders:
Targeting your market helps you create a product customers want. To create a meaningful solution, you must understand your customer.
Practice:
Starting with a product: who are the likely users, purchasers, and influencers of the following.
