Market validation (by Sylvain Chery)
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Transcript of Market validation (by Sylvain Chery)
Luxembourg Internet Days – 22 Nov. 2016 – All right reserved
64,2 % of Kickstarter projects are not successfully funded (since 2009)
46 % on KissKissBankBank(since 2010)
35 % on Ulule (since 2012)
Luxembourg Internet Days – 22 Nov. 2016 – All right reserved
« Life is too short to keep building something
nobody (or not enough people) want »
Ash Maurya
Luxembourg Internet Days – 22 Nov. 2016 – All right reserved
To win in established markets, the modern marketing model is
ProductPricePlacePromotion
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You must adopt a new lean approach
To open new markets with disruptive products/services
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Ideas
Build
Product
Measure
Data
Learn
Lean Startup
Source: Eric Ries
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Understand Problem
Define Solution
Validate Qualitatively
Verify Quantitatively
Market Validation = Validated Learning
Problem / Solution Fit Product / Market Fit
Source: Ash Maurya
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CONVERSATIONS OBSERVATIONS
In early stage, prefer qualitative learningover quantitative tests
« Don’t ask what the customers want, measure what they do »
Understand whyRich Communication
Open to explore and discoverNo group thinking bias
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Form a pair
Think about a challenge for settling down in Luxembourg
Decompose it into 3 concrete problems
Let’s try it!5 minutes
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Change peer (find someone else on customer side)
1. Welcome
2. Learn about your interviewee
3. Tell a story (set the problem context)
4. Rank the 3 problems
5. For each problem, explore existing alternatives
6. Close
Talk to a potential customer12 minutes
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We want to learn about
• Customer segment
• Problem
• Existing alternatives
Problem Interviews
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We want to learn about
• Early adopters
• Solution demo
• Pricing fit
Solution Interviews
Source: Ash Maurya
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DESIGN SPRINT in a week
Source: http://www.thesprintbook.com/
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We want to learn about
• Unique Value Proposition
• Enough customers (channels)
• Revenue streams (pricing)
MVP Interviews
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Continue the conversation with beta users
…until launch
Refine your MVP
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Iterative & Incremental
1. Partial Rollout, usability interviews…
2. Full Rollout, usage metrics…
Agile Product Development
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Sample Techniques and Tools
Testing the problem
Customer interviews
Landing page
AdWords
Testing the solution
Explainer video
Mockups
Interviews
“Sell it before your build it”
Crowdfunding
Testing the market
Wizard or Oz
Concierge
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How would you feel if you could no longer use [product]?
1. Very disappointed
2. Somewhat disappointed
3. Not disappointed (it isn’t really that useful)
4. N/A – I no longer use [product]
If over 40% of users respond to the survey saying they'd be "Very disappointed" to stop using your product, there's a great chance your solution has found Product/Market Fit.
Product/Market Fit – the Sean Ellis Test
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Continuously identify and test your riskiest assumptions
Market Validation
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Sylvain CHERY – Director
• [email protected] ; @sylchery ; +352 691 555 221
Follow us on:
Corporate Web Site : http://www.agilepartner.net
Blog: http://blog.agilepartner.net
Facebook Page : http://www.facebook.com/agilepartner
Twitter Account: http://twitter.com/agilepartner
Slideshare: http://www.slideshare.net/agilepartner
LinkedIn: https://www.linkedin.com/company/agile-partner-s.a.
Contacts
Luxembourg Internet Days – 22 Nov. 2016 – All right reserved
25-27 November 2016
Technoport Esch Belval
More info and registration: http://www.up.co/communities/luxembourg/luxembourg/startup-weekend/10005