lean startup machine mvps - founders space · 2014-11-19 · from problem to solution an...

F R O M P R O B L E M T O S O L U T I O N A N I N T R O D U C T I O N T O T H E M I N I M U M V I A B L E P R O D U C T ( M V P )

L E A N S TA RT U P M A C H I N E

Pete Oliver-Krueger Lean Startup Academy @petekrueger

M A K I N G T H E T R A N S I T I O N

After you've proved your Problem Hypothesis...

!

Do the people who match your problem hypothesis

want your solution?

H O W D O Y O U K N O W ?

They must give up something...

Eric Ries' 4 Forms of Value • Social Credibility • Time • Information • Money

!

They must do something to STIMulate your business

B E G I N W I T H T H E M E T R I C I N M I N D

What determines success?What determines failure?You must measure both!

What's your business model?

• Do you only need a few big clients?10 emails every 100 page views might be OK.

• Do you need high turnover for success? 10% response is failure.

• Do you need referrals for success?Measure social sharing rates.

C R A F T I N G Y O U R P I T C H

• Start With Why

• Include Your Problem Hypothesis

• Show that you understand them

• All Marketers Tell Stories

• What stories are they already telling themselves?

• What stories do you fit into?

T H E L A N D I N G PA G E

• Components

• Headline

• Graphic

• Key Benefits

• Testimonial

• Call to Action

• Services

• QuickMVP.com

• Unbounce.com

G R A P H I C

T I T L E

• C O N N E C T W I T H P R O B L E M

• K E Y B E N E F I T S • U S E B U L L E T S !

" T E S T I M O N I A L " - Q U O T E

Call to Action" T E S T I M O N I A L " - Q U O T E

T H E C A L L T O A C T I O N

• Need customers to stick around?Get someone to give an email, create an account, etc. (Information)

• Need customers to make impulse-buys?Get someone to give you money. (Money)

• Do you have big customers?Get an executive to sign a Letter of Intent. (Social Credibility / Money)

If collecting email addresses include, “Your privacy is important to us. We will never share your email address with third parties.”

• Are you a non-profit?Get someone to volunteer for an event. (Time)

• High turnover?Get someone to share your page with their friends. (Social Credibility)

What's your business plan? What's your riskiest action?

T H I S I S N O T S H A R K TA N K !

S O L U T I O N I N T E R V I E W S

1. Establish Demographics: Your Customer?

2. Do they have your problem? 3. Past Experience first!

"Have you ever __________ like this before?"

4. Success AND Failure"How would this help you? How would this hurt you?"

5. "This is a test of me, not you."

At the END: "Would you like to be part of our Beta?"

Don't you dare ask,

"Would you buy this?"

"People are notoriously

bad at predicting

their own behavior!"

Simulations, not surveys!

F I N D I N G C U S T O M E R S

Where do your Biggest Fans hang out?

• Posts or Ads

• Google Adwords http://www.google.com/adwords/

• Facebook Ads https://www.facebook.com/advertising

• LinkedInhttps://www.linkedin.com/ads/

• Emails or Surveys, with Call to Action

• On-the-Street Solution Interviews

D R I V I N G T R A F F I C

• Search Engine Marketing

• Word Tracker http://wordtracker.com/

• Keyword Eyehttp://keywordeye.com/

• Keyword Spyhttp://keywordspy.com/

• Google Trendshttp://google.com/trends/

• Google Analyticshttp://google.com/analytics/

I T E R AT E

• Split Test

• Different headlines

• Different graphics

• Different Calls-to-Action

!

What works best for your customers?

Measure

LearnBuild