New version page

UNLV MGT 709 - On Customers

Upgrade to remove ads
Upgrade to remove ads
Unformatted text preview:

On CustomersAgendaAdams On CustomersMarket ValidationStage 0-1Stage 2Stage 3Entrepreneurial MarketingEM QuestionsJuice GuysRelayHealthEpilogueOn CustomersOn CustomersMGT 709 New Venture CreationMGT 709 New Venture CreationAgendaAgendaReadingsReadingsJuice GuysJuice GuysRelayHealthRelayHealthAdams On CustomersAdams On CustomersBefore you build it, validate the marketBefore you build it, validate the marketDon’t have a solution looking for a problem (like me)Don’t have a solution looking for a problem (like me)The ready-fire-aim approachThe ready-fire-aim approachCommon illusion – I know my customersCommon illusion – I know my customersLimited feedback and personal experience generate the Limited feedback and personal experience generate the illusionillusionWhy validate?Why validate?Get the product right the first timeGet the product right the first timeA beta community emergesA beta community emergesYou generate a ready-made contact list of first You generate a ready-made contact list of first customerscustomersYou can more easily raise smart investment capitalYou can more easily raise smart investment capitalYou use capital more efficientlyYou use capital more efficientlyYou clarify your competitionYou clarify your competitionMarket ValidationMarket ValidationYou cannot sell to everybodyYou cannot sell to everybodyA target market is a limited, discrete subset of A target market is a limited, discrete subset of companies or individuals whose pain is so great companies or individuals whose pain is so great without the product that they will readily buy itwithout the product that they will readily buy itYour solution should be a “must-have” for your targetsYour solution should be a “must-have” for your targetsPyramid of influencePyramid of influenceStage 0: Secondary researchStage 0: Secondary researchStage 1: Primary market researchStage 1: Primary market researchStage 2: Quality influencersStage 2: Quality influencersStage 3: Leverage influencersStage 3: Leverage influencersStage 0-1Stage 0-1Secondary researchSecondary researchMarket size, trends, growthMarket size, trends, growthResearch competitors, customersResearch competitors, customersRead the industry press & specialized reportsRead the industry press & specialized reportsRemember that secondary research is not validationRemember that secondary research is not validationPrimary researchPrimary researchWho needs the product most? Who needs the product most? Who has the worst pain?Who has the worst pain?What does this market look like?What does this market look like?Test at least 3 hypotheses with dataTest at least 3 hypotheses with dataBe prepared to revise hypotheses and start againBe prepared to revise hypotheses and start againInterview at least 100 customersInterview at least 100 customersUnderstand the customers and develop a sense of their painUnderstand the customers and develop a sense of their painMake it everyone’s job to interview – even engineers!Make it everyone’s job to interview – even engineers!Get a professional firm to develop questions and analyze dataGet a professional firm to develop questions and analyze dataEliminate temptation to lead customers or offer solutionsEliminate temptation to lead customers or offer solutionsStage 2Stage 2Quality influencersQuality influencersHave high pain, interested in a solution, a Have high pain, interested in a solution, a willingness to be contacted againwillingness to be contacted againAlso use thought leaders (speakers, writers, Also use thought leaders (speakers, writers, analysts) who also understand the painanalysts) who also understand the painPresentation & prototypePresentation & prototypeOutline the pain, the target segment, and solutionOutline the pain, the target segment, and solutionDemo a prototypeDemo a prototypeResults:Results:Feedback on essential product featuresFeedback on essential product featuresCultivate core customersCultivate core customersFine-tune presentation and prototypeFine-tune presentation and prototypeStage 3Stage 3Leverage influencersLeverage influencersAnalysts, thought leaders, editors, consultantsAnalysts, thought leaders, editors, consultantsGet them excited!Get them excited!Results:Results:Visibility in analyst reports & publicationsVisibility in analyst reports & publicationsRevenue possibilities (from consultants)Revenue possibilities (from consultants)Easier financingEasier financingCustomers change – keep validatingCustomers change – keep validatingBuild what the customers want and only what they wantBuild what the customers want and only what they wantEntrepreneurial MarketingEntrepreneurial MarketingEM isEM isBalancing an obsession with the customer with the Balancing an obsession with the customer with the allocation of the firm’s scarce resourcesallocation of the firm’s scarce resourcesMatching the right subset of possible customers Matching the right subset of possible customers with the right subset of possible products to with the right subset of possible products to maximize valuemaximize valueKnowledge of the market and ability to assemble Knowledge of the market and ability to assemble people and partners with specific relationships and people and partners with specific relationships and know-how is the keyknow-how is the keyMoore “Crossing the chasm” Moore “Crossing the chasm” Visionaries versus pragmatistsVisionaries versus pragmatistsSpeaker exampleSpeaker exampleEM QuestionsEM QuestionsCustomersCustomersWho is the perfect (pragmatist) customer and Who is the perfect (pragmatist) customer and what do they want?what do they want?What do “relevant” visionaries want?What do “relevant” visionaries want?What is the right backward path from What is the right backward path from pragmatist to visionary (risk/reward)?pragmatist to visionary (risk/reward)?Are your resources allocated to the right projects Are your resources allocated to the right projects and visionary customers?and visionary customers?Visionaries are high maintenance!Visionaries are high maintenance!Who are the people and partners you need to Who are the people and partners you need to assemble and deliver the pragmatist product?assemble and deliver the pragmatist product?Do your people


View Full Document
Download On Customers
Our administrator received your request to download this document. We will send you the file to your email shortly.
Loading Unlocking...
Login

Join to view On Customers and access 3M+ class-specific study document.

or
We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view On Customers 2 2 and access 3M+ class-specific study document.

or

By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?