FROM PROBLEM TO SOLUTION AN INTRODUCTION TO THE MINIMUM VIABLE PRODUCT (MVP) LEAN STARTUP MACHINE Pete Oliver-Krueger Lean Startup Academy @petekrueger
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