This presentation is an introduction to some of the key elements of Product Strategy for early-stage startup founders. Product people who are interested in saving time & money while gaining feedback quickly and validating their business model & product decisions early might be interested as well.
I am a consultant on Product Strategy for small & big enterprises. Find out more about my work & connect with me: about.me/marc.lange
This keynote presentation was given by me at Google Launchpad Munich on the 2nd of March. To find out more about Google Launchpad, the global, event-based micro-accelerator, check out this link: https://developers.google.com/startups/launchpad
I am a Google Head Expert on Product Strategy. See my profile here: https://developers.google.com/experts/people/marc-c-lange
2. 0 What to Expect From This Talk
Audience:
Early-stage startup founders
Content:
basic concepts
best practices
examples & tools
2
Pain Points, MVP, Customer Development
3. There are thousands of products out there that nobody asked for.
How can we make sure we build something people actually need?
3@mrclng
?
4. “I know the customer problem” and “I know the features to build”
are rarely true on day one in a startup
4@mrclng
!
6. 1 Pain Points / Core Problems / Customer Needs / …
basis for VP & MVP
pick one (!)
mind difference: „want“ vs. „need“
6@mrclng
7. 1 Pain Points: Some Questions
Do people know that this is a problem?
(How) are they expressing their frustration?
7@mrclng
8. 1 Pain Points: Some Questions
Who is solving the problem today?
Is it already a business case?
8@mrclng
9. 1 Pain Points: Some Questions
How are people solving the problem today?
There is always a solution.
9@mrclng
10. 10
Hi, I’m Marc
…and I make product teams more efficient through customers
@mrclng + startups, + big multinationals… …#productstrategy, #UX, #acceleration
11. Minimum Viable Product
aka building a product by learning from your customers
11
Product Strategy
@mrclng
13. 2 MVP / MLP / MDP / Core UX / …
Minimum viable product:
helps you test demand
does not have to be a product
does not have to be software
≠ your ‘final’ product
13@mrclng
14. 2 MVP / MLP / MDP / Core UX / …
A minimum viable product (MVP) is not necessarily the smallest
product imaginable, but whatever helps entrepreneurs start the
process of learning [from their customers] as quickly as possible.
@mrclng
“
Eric Ries,
Author of „The Lean Startup“
21. The scientific method:
1.Observe and describe a phenomenon (pain)
2.Formulate a causal hypothesis to explain the phenomenon
3.Use a hypothesis to predict the results of new observations
4.Measure prediction performance based on experimental tests
21@mrclng
Observe -> Formulate -> Predict -> Test -> Learn -> Repeat
3 Customer Development: Customer Discovery
22. The three phases of Customer Discovery:
1. Problem-Solution fit: validate with prospects that you solve their
problem to the degree that they will buy it
2. MVP: build an MVP/a product that achieves (1) above and have it
validated with prospects
3. Sales Funnel: establish the customer's buying process & what you
have to do to move your customer through the funnel
22@mrclng
3 Customer Development: Customer Discovery
23. Customer interview dos & don’ts:
1. Have a domain expert on your team
2. Observe, study, then ask - avoid the lab
3. Ask the right type of questions (H&W)
4. Don’t ask wether they like your product
5. Write it down & evaluate
6. No false opportunism
7. Rinse & repeat continuously
23@mrclng
3 Customer Development: Customer Discovery
24. • Business Model Canvas
• Value Proposition Canvas
• User research (incl. observation)
• Different types of user interviews
• Design Thinking
• Rapid prototyping (e.g. w/ POP)
• Method Acting
24@mrclng
3 Customer Development: Tools
26. Appendix: Featuritis / Creeping Featurism / Bloatware…
26@mrclng
unnecessary
core
nice to have
27. Some final takeaways
Don’t fall in love with your ideas
All you need: team & vision & science
Think hypotheses, not ideas
Test your assumptions
Get out & meet your users
Observe & ask the right questions
Accept that sales starts on day one
27@mrclng
28. Thanks…
Ever tried. Ever failed.
No matter. Try again.
Fail again. Fail better.
@mrclng
“
Samuel Beckett,
Author, Nobel Prize winner