Market Testing, The Agile Way

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Market Testing, The Agile Way The Market Sprint @explorics Aggressive Market Testing

Transcript of Market Testing, The Agile Way

Page 1: Market Testing, The Agile Way

Market Testing, The Agile Way

The Market Sprint

@explorics

Aggressive Market Testing

Page 2: Market Testing, The Agile Way

@exploricswww.explorics.co

m

@[email protected]

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better market testing

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time to release first

product

cost to create first product

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we’re spending less time we’re spending less time getting to know our getting to know our

customercustomer

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involve the

user!

involve the

user!

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but what about the buyer?

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what you want to avoid

6 12 18 24 30 36

first release

expanded

features

major pivot

1 major pivot

2

traction… finally

stagnation

Use

rs /

Revenu

e

Time In Business

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lean startup / customer development

Customer Discovery– Stop selling, start listening– Test your hypothesis

Customer Validation– Develop a repeatable sales

process– Only earlyvangelists are crazy

enough to buy

Steven Blank

Eric Ries

Market Sprint

=

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what the market sprint is

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the market sprint

Process for quickly and inexpensively testing & validating go-to-market strategy

•Demand-driven•Risk-reducing•Evidence-based•Monetization-focused

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start with demand.

deliver what

people want.

Market Sprints are demand-driven

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finding demand vs. creating demand

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start with your biggest unknown. figure it out. then

move on.

Market Sprints are risk-reducing

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Market Sprints are evidence-based

research testingresearch testing

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get outside. get dirty.get outside. get dirty.

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there is a big difference there is a big difference between “would you buy” and between “would you buy” and

“will you buy”“will you buy”

there is a big difference there is a big difference between “would you buy” and between “would you buy” and

“will you buy”“will you buy”

Market Sprints are monetization-focused

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how the market sprint works

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we developed the market sprint concept

based on agile

(review market observations)

repeatable demand gen engine (at limited scale)

Program artifacts

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3. Execute IterateAnalyze

4. Next Highest Risk

1. Assess & Plan

2. Design a Test

The Market Sprint Process

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phase 1: assessing your market & planning your sprint

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3 variables, 3 unknowns

Target Customer

& Pain Point

Channel & Message

Compelling Offer

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one variable is your anchor

hold it steady throughout the sprint

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one variable is your pushpin

doesn’t need to be optimal, just good enough

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you iterate on the last variable

change parameters, run experiments, gather results

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examples: 4-8 week sprints

Anchor Pushpin IterateTarget:

HR reps at small & mid-sized companies

Channel:Google Adwords

Offer:Range of

engagement programs &

trials

Channel:Telemarketing

Offer:Meeting with in-house thought

leadership

Target:Who at target

companies bites, why?

Target:Data analysts

Offer:Downloadable

software

Channel:Various

communities & online ad platforms

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the sprint

map

Targ

et C

usto

mer

Pain

Poi

nt

Channel

Message

Conversion

Offer

Interest tracking progress & demonstrating results

ANCHOR

PUSHPIN

ITERATE

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discovering your targetsegment analysis

market sizing

buyer/user personas

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discovering your channelchannel map

credit to B2B Lead Blog

elevator pitch

funnel analysis

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discovering your offer

competitive & landscape analysis

conversation roadmap

credit to Corporate Visions, Inc.

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preparing the sprint

map

Targ

et C

usto

mer

Pain

Poi

nt

Channel

Message

Conversion

Offer

Interest

ANCHOR

PUSHPIN

ITERATE

Gen Counsel

Sales/Mktg

Execs

ProdMgrs

Telemktg

Meeting

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phase 2:designing the test

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define an experience, starting with demand

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Page 34: Market Testing, The Agile Way

identify risks concentrate on the biggest

one

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not enough search volume

not enough search volume

poor conversion

poor conversion

lacks credibility –

people don’t

download

lacks credibility –

people don’t

download

instructions too

difficult

instructions too

difficult

registration

cancelled

registration

cancelled

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eliminate complexity everywhere else

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Landing Page

Instructions

Forum

WEBWEB

focus herefocus here

don’t need a download yet…

just need to know if they click the

link

don’t need a download yet…

just need to know if they click the

link

“we’re almost ready to launch” page, engage on forum anyway

“we’re almost ready to launch” page, engage on forum anyway

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maximum flexibilityminimum cost

• track in salesforce.com

• conduct a transaction

• create documents, landing pages, graphics

• acquire a list

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• 50%+ conversion

• No angry users!

• 50%+ conversion

• No angry users!

vaporware, bait & switchin the name of learning

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know exactly what you are going to measure, what

success means

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phase 3:executing, iterating, and analyzing

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preparing the sprint

map

Targ

et C

usto

mer

Pain

Poi

nt

Channel

Message

Conversion

Offer

Interest

ANCHOR

PUSHPIN

ITERATE

Gen Counsel

Sales/Mktg

Execs

ProdMgrs

Telemktg

Meeting

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toss stuff out that

isn’t working

Targ

et C

usto

mer

Pain

Poi

nt

Channel

Message

Conversion

Offer

Interest

ANCHOR

PUSHPIN

ITERATE

Gen Counsel

Sales/Mktg

Execs

ProdMgrs

Telemktg

Meeting

not reachable

no urgen

cy

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advance stuff that

is working

Targ

et C

usto

mer

Pain

Poi

nt

Channel

Message

Conversion

Offer

Interest

ANCHOR

PUSHPIN

ITERATE

Gen Counsel

Sales/Mktg

Execs

ProdMgrs

Telemktg

Meeting

revenue recovery

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build connectio

ns

Targ

et C

usto

mer

Pain

Poi

nt

Channel

Message

Conversion

Offer

Interest

ANCHOR

PUSHPIN

ITERATE

Gen Counsel

Sales/Mktg

Execs

ProdMgrs

Telemktg

Meeting

revenue recovery

10-25% more $

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converge on

conversion

Targ

et C

usto

mer

Pain

Poi

nt

Channel

Message

Conversion

Offer

Interest

ANCHOR

PUSHPIN

ITERATE

Gen Counsel

Sales/Mktg

Execs

ProdMgrs

Telemktg

Meeting

revenue recovery

10-25% more $

rev assess-

ment

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DRIVE LEADS!

Targ

et C

usto

mer

Pain

Poi

nt

Channel

Message

Conversion

Offer

Interest

ANCHOR

PUSHPIN

ITERATE

Gen Counsel

Sales/Mktg

Execs

ProdMgrs

Telemktg

Meeting

revenue recovery

10-25% more $

rev assess-

ment

leads

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phase 4:go after your next biggest risk

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identify risks concentrate on the biggest

one

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Landing Page

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Instructions

Forum

WEBWEB

DESKTOPDESKTOP

not enough search volume

not enough search volume

lacks credibility –

people don’t

download

lacks credibility –

people don’t

download

instructions too

difficult

instructions too

difficult

registration

cancelled

registration

cancelled

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usually, switch

pushpin &

iteration

Targ

et C

usto

mer

Pain

Poi

nt

Channel

Message

Conversion

Offer

Interest

ANCHOR

ITERATE

PUSHPIN

ProdMgrs

Telemktg

revenue recovery

10-25% more $

Meeting

custom report

SaaS product

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some lessons learned

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don’t be don’t be afraid to go afraid to go out on a out on a limblimb

• people won’t flame you publiclypeople won’t flame you publicly• people won’t be pissed at people won’t be pissed at

shortcomingsshortcomings• people won’t challenge your messagepeople won’t challenge your message• people won’t REMEMBER!people won’t REMEMBER!

you you don’t don’t

have far have far to fallto fall

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set expectations

Leads come late.

Help people understand you are building an

engine.

Otherwise they will only look for leads.

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use the expertise of use the expertise of partnerspartners

– SEOSEO– PPCPPC– EmailEmail– Copy writing / Copy writing /

editingediting– Marketing Marketing

automationautomation– TelemarketingTelemarketing– Indirect marketingIndirect marketing– BloggingBlogging– Social mediaSocial media– PR / PR 2.0PR / PR 2.0– Influencer relationsInfluencer relations

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choosing partnerschoosing partners

make sure they make sure they can support you can support you with:with:•tight test cyclestight test cycles•rapid changesrapid changes•communicationcommunication•metrics, analysismetrics, analysis

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Thank you!

Questions?Feel free to reach out.

@briangladstein – [email protected]