Discuss L3, Customer Segments Agenda: – Discuss Customer Segments (L3) Coming up: Report on Value Proposition (L2) Report on L3 Discuss Channels (L4)

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Presentation transcript:

Discuss L3, Customer Segments Agenda: – Discuss Customer Segments (L3) Coming up: Report on Value Proposition (L2) Report on L3 Discuss Channels (L4)

Deliverable Recommendations Follow the format – Answer all the questions Look for where you were WRONG Meet ahead of time to discuss to plan so that you follow the lean startup process – This is not just a data dump – Good evidence and clear insights are the goal

Types of Markets – They Matter Clone Market – Copy of a U.S. business model Existing Market – Faster/Better = High end Resegmented Market – Niche = marketing/branding driven – Cheaper = low end New Market – Cheaper/good enough, creates a new class of product/customer – Innovative/never existed before Clone MarketExisting MarketResegmented Market New Market

Market Type determines:  Rate of customer adoption  Sales and Marketing strategies  Cash requirements Market Type ExistingResegmentedNew CustomersKnownPossibly KnownUnknown Customer Needs PerformanceBetter fitTransformational improvement CompetitorsManyMany if wrong, few if right None RiskLack of branding, sales and distribution ecosystem Market and product re- definition Evangelism and education cycle ExamplesGoogleSouthwestGroupon

Who are you building this for? Name, draw out, and describe the customer archetype of the payer (economic buyer) – Develop several very quickly – focus on #’s – Identify facts and demographics – Brainstorm common behaviors – Find needs & goals that your product will solve – Consolidate your ideas as a team – Of the many archetypes, focus on one – Identify key assumptions that, if wrong, will cause your business to fail

Archetypes

Multiple Customer Segments Each has its own Value Proposition Each has its own Revenue Stream One segment cannot exist without the other Which one do you start with?

Customer Types Can you create an archetype for each?

Customer Problem

How Do They Interact to Buy? Diagram it! – Organization Chart – Influence Map – Sales Road Map

MammOptics Private practice purchasing decision tree

Pass/Fail Signals & Experiments How do you test interest? Where do you test interest? What kind of experiments can you run? How many do you test?