Henrik Berglund - WS - Startup Camp 2013
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Workshop at Chalmers Innovation Startup Camp 2013. This presentation is based on the Customer Development theory developed by Steve Blank and Bob Dorf (http://www.steveblank.com), and is based on slides developed by Steve Blank and Bob Dorf (http://www.slideshare.net/sblank/).
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Henrik Berglund - WS - Startup Camp 2013
- 1. Business Models + Customer D evelopment Henrik Berglund Chalmers University of Technology Center for Business Innova8on henber@chalmers.se www.henrikberglund.com @khberglund 2013-‐02-‐15 1
- 2. Presenta8on based on by Steve Blank and Bob Dorf More info: www.steveblank.com Buy the book: hJp://www.amazon.com/gp/product/0984999302/
- 3. Using slides from developed by Steve Blank and Bob Dorf hJp://www.slideshare.net/sblank/
- 4. Agenda 1. Startups 2. Business Models (briefly) 3. Customer Development
- 5. Part 1 Startups (What We Used to Believe What We Now Know)
- 6. What We Used to Believe
- 7. Startups are a Smaller Version of a Large Company
- 8. What We Now Know
- 9. Startups ≠ Small companies
- 10. Startups Search Companies Execute
- 11. What We Used to Believe Strategy
- 12. Start by developing a Business Plan…
- 13. …make the financial forecasts…
- 14. …then Execute
- 15. What We Now Know Strategy
- 16. 5-‐Year Plans
- 17. Develop and Execute the Business Plan
- 18. Why?
- 19. No Business Plan survives first contact with customers
- 20. “Everybody has a plan un@l they get punched in the face” Mike Tyson
- 21. Searching for a Business Model comes before Executing a business plan
- 22. Business Models Key activities Value Customer proposition relationships Key partners Customer segments Cost Key Channels Revenue structure resources streams hJp://www.businessmodelalchemist.com/
- 23. Search Execu@on Business Model Opera@ng Plan + Strategy Hypotheses Financial Model
- 24. What We Used to Believe Process
- 25. We Built Startups by Managing Processes Product Management + Waterfall Engineering
- 26. Tradi8onal Development Process Concept Product Dev. Alpha/Beta Launch/ Test 1st Ship
- 27. Tradi8onal Development Process Has Two Implicit Assump8ons Customer Problem: known Concept Product Dev. Alpha/Beta Launch/ Test 1st Ship Product Features: known Works well for incremental development projects targe@ng exis@ng customers.
- 28. Tradi8on – Hire Marke8ng Concept Product Dev. Alpha/Beta Launch/ Test 1st Ship -‐ Create Marcom -‐ Hire PR Agency -‐ Create Demand Marke@ng Materials -‐ Early Buzz -‐ Launch Event -‐ Create Posi@oning -‐ “Branding”
- 29. Tradi8on – Hire Sales Concept Product Dev. Alpha/Beta Launch/ Test 1st Ship -‐ Create Marcom -‐ Hire PR Agency -‐ Create Demand Marke@ng Materials -‐ Early Buzz -‐ Launch Event -‐ Create Posi@oning -‐ “Branding” -‐ Hire Sales VP -‐ Build Sales Sales -‐ Hire 1st Sales Staff Organiza@on
- 30. Tradi8on – Hire Business Development Concept Product Dev. Alpha/Beta Launch/ Test 1st Ship -‐ Create Marcom -‐ Hire PR Agency -‐ Create Demand Marke@ng Materials -‐ Early Buzz -‐ Launch Event -‐ Create Posi@oning -‐ “Branding” -‐ Hire Sales VP -‐ Build Sales Sales -‐ Hire 1st Sales Staff Organiza@on Business -‐ Hire First Bus Dev -‐ Do deals for FCS Development
- 31. Examples -‐ Recognize these?
- 32. What’s wrong with this picture? Concept Product Dev. Alpha/Beta Launch/ Test 1st Ship • Both Customer Problems and Product Features are hypotheses • Emphasis on execu8on rather than learning and discovery • No relevant milestones for marke8ng and sales • Oeen leads to premature scaling and a heavy spending hit if product launch fails You do not know if you are wrong un@l you are out of money/business
- 33. Concept Product Dev. Alpha/Beta Launch/ Test 1st Ship -‐ Create Marcom -‐ Hire PR Agency -‐ Create Demand Marke@ng Materials -‐ Early Buzz -‐ Launch Event -‐ Create Posi@oning -‐ “Branding” -‐ Hire Sales VP -‐ Build Sales Sales -‐ Hire 1st Sales Staff Organiza@on Business -‐ Hire First Bus Dev -‐ Do deals for FCS Development
- 34. What We Now Know Process
- 35. Product and Customer Development Product Development Concept Product Dev. Alpha/Beta Launch/ Test 1st Ship + Customer Development Customer Customer Customer Company Discovery Validation Creation Building
- 36. Product and Customer Development Problem: unknown Solu8on: unknown
- 37. Search Execu@on Strategy Business Model Opera8ng Plan + Hypotheses Financial Model Process Customer & Product Management & Waterfall Development Agile Development
- 38. What We Used to Believe Organiza@on
- 39. Hire and Build a Functional Organization
- 42. What We Now Know Organiza@on
- 43. Founders run a Customer Development Team No sales, marketing and business development
- 44. Search Execu@on Strategy Business Model Opera8ng Plan + Hypotheses Financial Model Customer Development, Product Management Process Agile Development Agile or Waterfall Development Customer Func@onal Organiza@on Organiza@on Development Team, by Department Founder-‐driven
- 45. Part 2 Business Models
- 46. Business Model Key activities Value Customer proposition relationships Key partners Customer segments Cost Key Channels Revenue structure resources streams hJp://www.businessmodelalchemist.com/
- 47. Business Model Key activities Value Customer proposition relationships Key partners Customer segments Cost Key Channels Revenue structure resources streams A framework for making your assump@ons explicit
- 48. Customer Segments Who are the customers? Why would they buy?
- 49. Customer Segments Who is the customer? Mul8-‐sided market? Different from user? hJp://www.businessmodelalchemist.com/2012/08/achieve-‐product-‐market-‐fit-‐with-‐our-‐brand-‐ new-‐value-‐proposi8on-‐designer.html
- 50. Customer Segments -‐ jobs to be done What func8onal jobs is your customer trying get done? (e.g. perform or complete a specific task, solve a specific problem…) What social jobs is your customer trying to get done? (e.g. trying to look good, gain power or status…) What emo8onal jobs is your customer “What jobs are the customers you are trying get done? (e.g. esthe8cs, feel good, targe2ng trying to get done” security…)
- 51. Customer Segments -‐ customer pains What does your customer find too costly? (e.g. takes a lot of 8me, costs, effort) What makes your customer feel bad? (e.g. frustra8ons, annoyances) How are current solu8ons under-‐ performing for your customer? (e.g. lack of features, performance, malfunc8on) “What are the costs, nega2ve emo2ons, bad situa2ons etc. that your customer risks What nega8ve social consequences does experiencing before, during, and a>er ge?ng your customer encounter or fear? the job done.” (e.g. loss of face, power, trust, or status)
- 52. Customer Segments -‐ customer gains Which savings would make your customer happy? (e.g. in terms of 8me, money and effort) What would make your customer’s job or life easier? (e.g. flaJer learning curve, more services, lower cost of ownership) What posi8ve social consequences does your customer desire? (e.g. makes them look good, increase in power, status) “What are the benefits your customer expects, desires or would be surprised by.” What are customers looking for? (e.g. good design, guarantees, features) What do customers dream about? (e.g. big achievements, big reliefs)
- 53. Value Proposi@ons What are you building? For whom?
- 54. Value Proposi@ons What are your products and services? How do they create value for the customer segments?
- 55. Value Proposi@ons Can your product/service: • Produce savings? • Make your customers feel beJer? • Put an end to difficul8es? • Wipe out nega8ve social consequences?
- 56. Value Proposi@ons Can your product/service: • Outperform current solu8ons? • Produce outcomes that go beyond their expecta8ons? • Make your customer’s job or life easier? • Create posi8ve social consequences?
- 57. Product Market Fit Genng this right is essen8al!
- 58. Product Market Fit Genng this right is essen8al!
- 59. Channels How does your product get to customers?
- 60. How Do You Want Your Product to Get to Your Customer? " Yourself " Through someone else " Retail " Wholesale " Bundled with other goods or services 60
- 61. Web Channels 61
- 62. Physical Channels 62
- 63. How Does Your Customer Want to Buy Your Product from your Channel? " • Same day " • Delivered and installed • Downloaded " • Bundled with other " products " • As a service • … " 63
- 64. Customer Rela@onships How do you get/keep/grow customers?
- 66. Revenue Streams How do you make money?
- 67. Key Resources What are your most important assets?
- 68. Key Ac@vi@es What ac8vi8es are most important for the business?
- 69. Key Partnerships Who are your key partners and suppliers?
- 70. Cost Structure What are the costs of opera8ng the business model?
- 71. Key activities Value Customer proposition relationships Key partners Customer Visualiza@on of the segments business model framwork Cost Key Channels Revenue structure resources streams
- 74. What’s a Company? A business organiza@on, which sells a product or service in exchange for revenue and profit
- 75. How are Companies organized?
- 76. How are Companies organized? Companies are organized around Business Models
- 77. How are Companies organized? Companies are organized around Business Models
- 79. What’s a Startup? A temporary organiza8on designed to search for a repeatable and scalable business model
- 80. What’s a Startup? A temporary organiza8on designed to search for a repeatable and scalable business model
- 81. What’s a Startup? A temporary organiza8on designed to search for a repeatable and scalable business model
- 82. Guess Guess Guess Guess Guess Guess Guess Guess Guess
- 83. The goal is not to remain a startup Large Startup Transi@on Company The goal of a startup is to become a large company! Failure = failure to transi@on.
- 84. Part 3 Customer Development
- 85. To repeat
- 86. To repeat More startups fail from a lack of customers than from a failure of product development…
- 87. … because they think startups = small companies…
- 88. …they focus on execu8ng the plan… Concept Product Dev. Alpha/Beta Launch/ Test 1st Ship • Both Customer Problems and Product Features are hypotheses • Emphasis on execu8on rather than learning and discovery • No relevant milestones for marke8ng and sales • Oeen leads to premature scaling and a heavy spending hit if product launch fails You do not know if you are wrong un@l you are out of money/business
- 89. … so they scale on untested assump8ons…
- 90. … and end up going bust. “We have been too visionary. We wanted everything to be perfect, and we have not had control of costs" Ernst Malmsten (BBC News, May 18 2000)
- 91. So what to do?
- 93. Customer Development: Key Ideas • Parallel process to Product Development (agile) • Measurable checkpoints not @ed to FCS but to customer insights • Emphasis on itera@ve learning and discovery before execu@on • Must be done by small team including CEO/project leader
- 94. Customer Development Heuris8cs • There are no facts inside, so get out of the building! • Earlyvangelists make your company, and are smarter than you! • Develop a minimum viable product to maximize fast learning.
- 95. Customer Development: Four Stages search execu8on • Customer Discovery Ar8culate and Test your Business Model Hypotheses • Customer Valida@on Sell your MVP and Validate your MB & Sales Roadmap • Customer Crea@on Scale via relentless execu8on and fill the sales pipeline • Company Building (Re)build company’s organiza8on & management
- 96. Customer Discovery • Articulate and test your BM hypotheses (value prop/customers key) • No selling, just listening • Must be done by founder
- 97. building building block block building block building building building block block block building block building building block block build g ing building buildin block block block
- 98. But, Realize it’s just Hypotheses!
- 99. Guess Guess Guess Guess Guess Guess Guess Guess Guess
- 102. Test Customer Problem Hypotheses ”Do you have this problem?” 1. 2. 3.
- 103. Test Customer Problem Hypotheses ”Do you have this ”Tell me about it, how problem?” do you solve it today?” 1. 1. 2. 2. 3. 3.
- 104. Test Customer Problem Hypotheses ”Do you have this ”Tell me about it, how ”Does something like this problem?” do you solve it today?” solve your problem?” 1. 1. 1. 2. 2. 2. 3. 3. 3. Listen carefully to what they say at each step! Focus on learning -‐ Don’t try to sell them on your idea! In the process you find out about other BM parts as well: workflow, benefits (to users & others), preferred channels, cri@cal influencers, respected peers etc… You want to become a domain expert!
- 105. Finding people Introduc8ons (ask everyone you know) • Provide the exact text that they can copy and paste into a tweet or email (They’re doing you a favor! Make it as easy as possible for them) • Tell them exactly how you are going to communicate with their contacts (They’re risking a bit of social capital for you. Be very clear that you won’t spam or annoy people) • Tell them your goals (What do you think you’ll get/learn if they make this intro for you? People want to know that they’re contribu8ng to a bigger picture!)
- 106. Finding people AdWords, Facebook Ads, Promoted Tweets Summarize your idea and get it in front of people who have expressed an interest in it by having searched for your keywords and clicked your ad – get conversa8ons (and/or test hypotheses using landing pages). hJp://www.cindyalvarez.com/best-‐prac8ces/customer-‐ development-‐interviews-‐how-‐to-‐finding-‐people
- 107. Finding people TwiJer Search Look for people who have already discussed a similar product, problem, or solu8on and address a tweet directly to them: “@username Would love yr feedback on [product/ problem/solu2on] – shd only take 2mins [URL] thanks!”
- 108. Finding people Google Alerts Set up Google Alerts for your product/problem/solu8on – when it finds relevant blog posts or comments, email and ask for feedback: “I read your [post/comment] about [product/problem/ solu2on]. I’m currently working on a related idea and I think your opinion would be very valuable to me – could you take 2 minutes and check out [URL]? Thank you – I’d be happy to return the favor any 2me.”
- 110. Web Much faster to build => get quan8ta8ve feedback sooner. Use a low-‐fi landing page as subs8tute for – and introduc8on to – conversa8ons. Key to drive traffic through AdWords/ Facebook Ads/Promoted Tweets etc. Build (design test), measure (run test) and analyze (evaluate test)!
- 111. Landing page design hJp://blog.kissmetrics.com/landing-‐page-‐blueprint/
- 113. Reality check! CustDev and ProdDev teams meet and discuss the lessons learned from the field. ”Here is what we thought about customers and their problems, here is what we found out” BM hypotheses, product specs or both are jointly revised.
- 114. Test Solu8on Hypothesis 1) ”We believe you have this important problem” – listen (check). 2) Demo how your product solves the problem. Focusing on a few key features. Include workflow story: ”life before our product” and ”life aeer our product” – listen! 3) ”What would this solu8on need to have for you to purchase it?” Listen, ask follow up ques8ons.
- 116. Dropbox • 1st solu8on test: a three minute video made in the founder’s apartment before a complete code was wriJen. – Generated valuable feedback from visionary customers. • 2nd solu8on test: another video of the product that was posted on a social network. – Wai8ng list jumped from 5 000 to 75 000. • Dropbox’s original intent was to build and ship their product in eight weeks. • Instead, they gathered feedback and launched a public version 18 months later.
- 118. Test Product Hypotheses Aeer demoing, ask about other things: Posi8oning – how do they describe the product? Product category (new, exis8ng, resegmented) Compe8tors Features needed for first version Preferred revenue model Pricing Addi8onal service needs Marke8ng – how do they find this type of product? Purchasing process Who has a budget? etc.
- 119. Web Build out a high-‐fidelity web page with “func8oning” back-‐end, based on lessons learned. “Mechanical Turk”-‐solu8on. Ask for money: first “pre-‐order” then charging. Con8nue to test, measure and analyze!
- 121. Reality check! CustDev and ProdDev teams meet and discuss the lessons learned. ”Here is what we thought about product features and here is what we found out” BM hypotheses, product specs or both are again jointly revised.
- 122. Customer Discovery: Exit Criteria What are your customers top problems? How much will they pay to solve them? Does your product concept solve them? Do customers agree? How much will they pay for it? Can you draw a day-‐in-‐the-‐life of a customer? Before & aeer your product Can you draw the org charts of users, buyers and channels?
- 123. Customer Validation • Develop and sell MVP to passionate earlyvangelists • Validate a repeatable sales roadmap • Verify the business model
- 124. Minimal Viable Product Based on your insights from Customer Discovery, sell the smallest feature set customers are willing to pay for! • Purpose 1: Reduce wasted engineering hours (and wasted code) • Purpose 2: Get something into the hands of earlyvangelists as soon as possible => maximize learning!
- 125. The Apple I, Apple’s first product, was sold as an assembled circuit board and lacked basic features such as a keyboard, monitor and case.
- 126. The owner of this unit added a keyboard and a wooden case. hJp://en.wikipedia.org/wiki/Apple_Inc.
- 128. Minimal Viable Product The MVP is not the goal = Requires commitment to itera8on! • “A complex system that works is invariably found to have evolved from a simple system that worked.” • “A complex system designed from scratch never works and cannot be made to work. You have to start over, beginning with a working simple system.”
- 129. Types of earlyvangelists Not helpful 1. Has a problem 2. Understands he or she has a problem 3. Ac8vely searching for a solu8on 4. Cobbled together an interim solu8on 5. CommiJed and can quickly fund Jackpot! a solu8on
- 130. Customer Valida8on: Exit Criteria Do you have a proven sales roadmap? Organiza8on chart? Influence map? No staffing un8l roadmap is proven! Do you have a set of orders ($’s) of the product valida8ng the roadmap? Is the business model scalable? LTV > CAC, Cash
- 131. If yes – Start execu8ng
- 132. If no – Pivot! • The heart of Customer Development • Change without crisis (and without firing execu8ves) “The idea that successful startups change direc2ons but stay grounded in what they've learned”
- 135. YouTube - Customer Need Pivot
- 137. Pivot Adapt the Business Model un8l you can prove it works
- 138. search execu8on
- 139. Customer Crea8on • Grow customers from few to many • Comes aeer proof of sales • Inject $’s for scale • This is where you “cross the chasm” • “Growth Hacking”
- 140. Company Building • (Re)build company’s organiza8on & management • Dev.-‐centric ⇒ Mission-‐centric ⇒ Process-‐centric
- 141. Summary – Customer Development • Customer Discovery Ar8culate and Test your Business Model Hypotheses • Customer Valida@on Sell your MVP and Validate your BM & Sales Roadmap • Customer Crea@on Scale via relentless execu8on and fill the sales pipeline • Company Building (Re)build company’s organiza8on & management
- 142. Don’t do a Boo! Concept Product Dev. Alpha/Beta Launch/ Test 1st Ship “We have been too visionary. We wanted everything to be perfect, and we have not had control of costs" Ernst Malmsten (BBC News, May 18 2000)
- 143. Tack! Henrik Berglund Chalmers University of Technology Center for Business Innova8on henber@chalmers.se www.henrikberglund.com @khberglund 2013-‐02-‐15 143
- 144. Presenta8on based on by Steve Blank and Bob Dorf More info: www.steveblank.com Buy the book: hJp://www.amazon.com/gp/product/0984999302/
- 145. Using slides from developed by Steve Blank and Bob Dorf hJp://www.slideshare.net/sblank/