guest lecture - Funke-Braun Flashcards
Market types
characteristics regarding market entry
- low awareness of of the company and the product
- limited resources
- > utilising resources to its highest effectiveness and efficiency
- existing market
- new market
- > approach each market with different strategies
targeting and segmentation / positioning
important for
- product / market fit
- packaging and pricing
- channels, distribution
- messaging, communication
p.ex. starbucks: more a lifestyle than just coffee
product development
- planning
- development
- testing
- launching
customer development
- customer discovery (assumptions)
- customer validation ( validation of assumptions)
- customer creation
- company building
some reasons start up’s fail
- no market need
- ran out of cash
- not the right team
- outcompeted
- ignore customers
avoiding failure
- > finding a product the market wants
- > optimising the product for the market
customer development
1. customer discovery
- find a problem worth solving
- find a potential solution
- getting information through
interview / observation ; questionnaire
-> main challenges
customers don’t know about their needs
misleading information due to politeness
sticky information
knowledge of customers often limited and based on experiences
customer development
2. customer validation
- validate the problem
do they care? do they need it? do they have budget for? - validate the solution
does our solution solve their problem? would they pay for it?
the MOM test
- knowing who your customer is
- asking them the right way
- understand their feedback
- iterate or kill the idea
-> people are lying bastards
they tell us what they want to hear, if you ask the wrong questions
customer interviews
set-up
- find out if they are the customers
- explore their world view
- get commitment or advancement
customer interviews
rules
- “did or do” - but never would”
- don’t assume problems
- don’t ask for opinions, rather let them speak about experiences
- opinions are worthless
the interview process
1.validating the solution
- talk to people in person, don’t be awkward
- never tell them that you are on customer development
- > looking for expert feedback / doing a survey
- ask open questions
- let them speak
- interviews should be done by the
- make notes
the interview process
- find customers
- validate the problem
- validate the solution
- learn & iterate
the interview process
3. validating the solution
- come back to the interviewees
- show mockups, prototypes
- get improvement feedback
- review in the team
- understand their answers
disciplined entrepreneurship
6 important steps
- who is your customer?
- what can you do for them?
- how do they can acquire your product?
- how do you make money off your product?
- how do you design and build it?
- how do you scale?
