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Product Market Development - GEW Qatar 2014

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Taking a closer look at Product & Market Development to address the challenge of product market fit, utilize a new tool called "Value Proposition Canvas" and finally putting everything in context of the Lean Start Up Methodology. Online Course: https://t.co/g2O0nNBV52

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Product & Market Development Emad Saif Center For Entrepreneurship, Qatar University Strategyzer.com/vpd
CHALLENGE: Product-Market-Fit AGENDA TOOL: Value Proposition Canvas METHODOLOGY: Making it FIT
MIKE • Sales Manager • Age: 28 • Always on the road Cares about efficiency & speed MARYAM • Fashion Designer • Age: 35 • Shows her work portfolio to clients in &outside office MAHER • Senior Accountant • Age: 48 • Works at office on spreadsheets • multi-tasks a lot What should they use to send emails? 2,1 6,5,4 3
Product Market Value proposition Customer profile Product Market Development Fit
Many products FAIL! Strategyzer.com/vpd
Tool to clarify customer needs & how to create value for them. Strategyzer.com/vpd
Business Model Canvas
The set of value proposition benefits that you design to attract customers The set of customer characteristics that you assume, observe and verify in the market
Value Proposition Canvas
Value Map & Customer Profile Customer Profile Value Map
Customer Profile choose CUSTOMER SEGMENT first
Customer Jobs Jobs describe the things your customers are trying to get done in their work or in their life Functional jobs (tasks) Social jobs (e.g. gain power / status) Personal/Emotional jobs (e.g. feel good) Supporting jobs (e.g. communication)
Customer Pains Pains describe anything that annoys your customers before, during, and after trying to get a job done or simply prevents them from getting a job done. Undesired Costs & Situations (time, money, underperformance, mistakes) Negative Emotions (frustrations) Risks (technical, social, financial)
Customer Gains Gains describe the outcomes and benefits your customers want. Some gains are required, expected, or desired by customers, and some would surprise them. Required gains Expected gains Desired gains Unexpected gains (functional utility, social gains, positive emotions and cost savings)
Step into your customer shoes Jobs Pains Gains
Ranking
Customer Profiling Summary Strategyzer.com/vpd
Value Map
Products & Services This is simply a list of what you offer Physical / tangible (e.g. manufactured goods, face-to-face customer service) Intangible (e.g. copyrights, quality assurance) Digital (e.g. downloads, online recommendations) Financial (e.g. investment funds, financing services)
Pain Relievers Pain relievers describe how exactly your products and services alleviate specific customer pains How do your products / services eliminate or reduce negative emotions, undesired costs and situations and risks?
Gain Creators Gain Creators describe how your products and services create customer gains How do your products / services create benefits your customer expects, desires or would be surprised by?
Map how your products & services create value Products & Services Pains Relievers Gains Creators
Ranking Products & Services Rank products & services from nice to have to essential Pain Relievers Rank pains from nice to have to essential Gain Creators Rank gains from nice to have to essential
Value Mapping Summary Strategyzer.com/vpd
create a VALUE PROPOSITION CANVAS GEW Attendees EXERCISE ???
Socialize Attend Seminars Take Notes Eat Promote self/org. Pain of Multi-tasking Hands full (bags & items) Finding room location Too Much Info to process Seminars Too Long Boring Seminars Answer calls & emails Make good connections Get Inspired Learn new things Gain new skills Free food Free giveaways Discover new opportunities Escape Work Fear time wasted Engaging Seminars Downloadable presentations Pens & notepads Spacious venue Public Attendees List Great topics & speakers Directions & ushers to help Meeting corners to meet and rest Coffee Breaks Event smartphone app High profile speakers Good food Prizes Internet Access Interesting topics Tweet signs to share thoughts Tweet GEW Attendees GEW Smartphone App Carry bags Drop-off service
the
PRODUCT: Home inspection device Cracks in Foundation Mold Defective Electrical Wiring Hidden Moisture Startup Story CUSTOMER SEGMENT: Home inspectors • 20% Time saving • 80% Cheaper tool • Better quality inspection
Startup Story [After Customer Validation] NO Product-Market FIT  The GOOD • 20% Time saving • 80% Cheaper tool • Better quality inspection The BAD Home inspectors are GENERALISTS so the device increases their RISK!!
Listen to Customers • Interviews • Surveys • Questionnaires • Presentations • Direct observations
Types of Fit Problem-Solution Fit Identify relevant customer jobs, pains, and gains you believe you can address with your value proposition Product-Market Fit Customers positively react to your value proposition and it gets traction in the market Business Model Fit You find a business model that is scalable & profitable 1. 2. 3. Strategyzer.com/vpd
Check Your FIT
Strategyzer.com/vpd Personal Items Drop-off Service GEW Attendees Secure their personal items (jackets, bags …etc.) Avoiding Burden of carrying or losing enabling Peace of mind to focus on the event Other chaotic events
MVP
is minimum features of solution to solve customer problem Minimal Viable Product (MVP)
MVP Example Square offers the Square Reader, which allows users to accept credit card payments through their smart phones, is actually given to the customer for free. In turn, they receive 2.75% of the exchange.
Lean Startup Methodology
Summary 1. Use Value Proposition Canvas to guess the customer profile and the value map 2. Validate by talking to customers 3. Create MVP 4. Pivot
Further Reading strategyzer.com/vpd
THANK YOU! Emad Saif Center for Entrepreneurship QATAR UNIVERSITY emadsaif@qu.edu.qa Strategyzer.com/vpd

More Related Content

Product Market Development - GEW Qatar 2014

  • 1. Product & Market Development Emad Saif Center For Entrepreneurship, Qatar University Strategyzer.com/vpd
  • 2. CHALLENGE: Product-Market-Fit AGENDA TOOL: Value Proposition Canvas METHODOLOGY: Making it FIT
  • 3. MIKE • Sales Manager • Age: 28 • Always on the road Cares about efficiency & speed MARYAM • Fashion Designer • Age: 35 • Shows her work portfolio to clients in &outside office MAHER • Senior Accountant • Age: 48 • Works at office on spreadsheets • multi-tasks a lot What should they use to send emails? 2,1 6,5,4 3
  • 4. Product Market Value proposition Customer profile Product Market Development Fit
  • 5. Many products FAIL! Strategyzer.com/vpd
  • 6. Tool to clarify customer needs & how to create value for them. Strategyzer.com/vpd
  • 8. The set of value proposition benefits that you design to attract customers The set of customer characteristics that you assume, observe and verify in the market
  • 10. Value Map & Customer Profile Customer Profile Value Map
  • 11. Customer Profile choose CUSTOMER SEGMENT first
  • 12. Customer Jobs Jobs describe the things your customers are trying to get done in their work or in their life Functional jobs (tasks) Social jobs (e.g. gain power / status) Personal/Emotional jobs (e.g. feel good) Supporting jobs (e.g. communication)
  • 13. Customer Pains Pains describe anything that annoys your customers before, during, and after trying to get a job done or simply prevents them from getting a job done. Undesired Costs & Situations (time, money, underperformance, mistakes) Negative Emotions (frustrations) Risks (technical, social, financial)
  • 14. Customer Gains Gains describe the outcomes and benefits your customers want. Some gains are required, expected, or desired by customers, and some would surprise them. Required gains Expected gains Desired gains Unexpected gains (functional utility, social gains, positive emotions and cost savings)
  • 15. Step into your customer shoes Jobs Pains Gains
  • 17. Customer Profiling Summary Strategyzer.com/vpd
  • 19. Products & Services This is simply a list of what you offer Physical / tangible (e.g. manufactured goods, face-to-face customer service) Intangible (e.g. copyrights, quality assurance) Digital (e.g. downloads, online recommendations) Financial (e.g. investment funds, financing services)
  • 20. Pain Relievers Pain relievers describe how exactly your products and services alleviate specific customer pains How do your products / services eliminate or reduce negative emotions, undesired costs and situations and risks?
  • 21. Gain Creators Gain Creators describe how your products and services create customer gains How do your products / services create benefits your customer expects, desires or would be surprised by?
  • 22. Map how your products & services create value Products & Services Pains Relievers Gains Creators
  • 23. Ranking Products & Services Rank products & services from nice to have to essential Pain Relievers Rank pains from nice to have to essential Gain Creators Rank gains from nice to have to essential
  • 24. Value Mapping Summary Strategyzer.com/vpd
  • 25. create a VALUE PROPOSITION CANVAS GEW Attendees EXERCISE ???
  • 26. Socialize Attend Seminars Take Notes Eat Promote self/org. Pain of Multi-tasking Hands full (bags & items) Finding room location Too Much Info to process Seminars Too Long Boring Seminars Answer calls & emails Make good connections Get Inspired Learn new things Gain new skills Free food Free giveaways Discover new opportunities Escape Work Fear time wasted Engaging Seminars Downloadable presentations Pens & notepads Spacious venue Public Attendees List Great topics & speakers Directions & ushers to help Meeting corners to meet and rest Coffee Breaks Event smartphone app High profile speakers Good food Prizes Internet Access Interesting topics Tweet signs to share thoughts Tweet GEW Attendees GEW Smartphone App Carry bags Drop-off service
  • 27. the
  • 28. PRODUCT: Home inspection device Cracks in Foundation Mold Defective Electrical Wiring Hidden Moisture Startup Story CUSTOMER SEGMENT: Home inspectors • 20% Time saving • 80% Cheaper tool • Better quality inspection
  • 29. Startup Story [After Customer Validation] NO Product-Market FIT  The GOOD • 20% Time saving • 80% Cheaper tool • Better quality inspection The BAD Home inspectors are GENERALISTS so the device increases their RISK!!
  • 30. Listen to Customers • Interviews • Surveys • Questionnaires • Presentations • Direct observations
  • 31. Types of Fit Problem-Solution Fit Identify relevant customer jobs, pains, and gains you believe you can address with your value proposition Product-Market Fit Customers positively react to your value proposition and it gets traction in the market Business Model Fit You find a business model that is scalable & profitable 1. 2. 3. Strategyzer.com/vpd
  • 33. Strategyzer.com/vpd Personal Items Drop-off Service GEW Attendees Secure their personal items (jackets, bags …etc.) Avoiding Burden of carrying or losing enabling Peace of mind to focus on the event Other chaotic events
  • 34. MVP
  • 35. is minimum features of solution to solve customer problem Minimal Viable Product (MVP)
  • 36. MVP Example Square offers the Square Reader, which allows users to accept credit card payments through their smart phones, is actually given to the customer for free. In turn, they receive 2.75% of the exchange.
  • 38. Summary 1. Use Value Proposition Canvas to guess the customer profile and the value map 2. Validate by talking to customers 3. Create MVP 4. Pivot
  • 40. THANK YOU! Emad Saif Center for Entrepreneurship QATAR UNIVERSITY emadsaif@qu.edu.qa Strategyzer.com/vpd