Understanding your Customer Product Opportunity Gap

How the Customer Explained it and How the Project Leader Understood it Listen to your customer’s voice

How the Programmer Wrote it and How the Consultant Described it Listen to your customer’s voice

How the Customer was billed!! How the Operations Installed

What the Customer REALLY Needed!!!! Listen to your customer’s voice

Opportunity Recognition A Business idea arises in response to the opportunities in the market: Meeting the customer’s need and want for products or services Solving customer’s problem Creating a want that does not exist

How do you do utilize this opportunity? New market / existing product New market/ new product Existing market / existing product Existing market/ new product Bringing a new product into a new market Bringing a new product into an existing market Bringing a new product into an existing market as a low-cost entrant Bringing a new product into an existing market as a niche entrant

Customer Discovery Customer = Market Understand who you are selling your product to and why they will buy it.

Customer Discovery Do you really know your customer ? What are the problems that your product solves? Do customers perceive these problems that as important or “must have?” Why would someone buy your product /service? Cheaper Better Faster

What is the customer buying? PRICE HIGH Ability to provide unique product/ service ?? LOW LOW HIGH Value to customer

How good is your market ? What is your estimate about the size of your market ? No. of customers , Total size of the market Average spend per customer Monthly , Quarterly , Annually Will you have more and more customers buying from you even in the future? Economic Conditions , Demographic Changes , Technology Shifts , Regulations – Do they matter?

Fundamental and, in fact, fatal error. Startups don’t fail because they lack a product; they fail because they lack customers and a proven financial model.

Customer Value Statement - Exercise   For [customer] who has [wants, need, opportunities], the [product name] is a [product category] that [compelling reason for customer to buy/key benefit to customer]. This product [unique ways it is better and different from others].