LIFESTYLE BUSINESS ACCELERATOR 90 Day Course | Class 2 Product Development Life Cycle
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LIFESTYLE BUSINESS
ACCELERATOR90 Day Course | Class 2
Product Development Life Cycle
LEAN PRODUCT DEVELOPMENT LIFE CYCLE
IDEAS
MEASURE
BUILD
DATA PRODUCT
LEARN
LEAN PRODUCT DEVELOPMENT LIFE CYCLE
IDEAS
MEASURE
BUILD
DATA PRODUCT
LEARN
TARGET TO SPIN AT YOUR
MAXIMUM SPEED
RESEARCH
TIPS FOR MAXIMIZING SPEED
Fail Fast
Talk directly to end users
Use the Business Model Canvas (High Level Overview of Business Plan)
Minimum Viable Product (MVP)A minimum viable product (MVP) is the the most pared down version of a product that can still be released. An MVP has three key characteristics:
● It has enough value that people are willing to use it or buy it initially
● It demonstrates enough future benefit to retain early adopters
● It provides a feedback loop to guide future development
TIPS CONT.
Primary Research Talk to potential customers, competitors, suppliers and industry experts
● Interviews (either by telephone or face-to-face)
● Surveys (online or by mail)● Questionnaires (online or
by mail)● Focus groups gathering a
sampling of potential clients or customers and getting their direct feedback
TIPS CONT.
Secondary Research
Go online and find data in regards to your market, competition and industry.
Next Class will focus on this
TIPS CONT.
BUSINESS MODEL CANVAS OVERVIEW
24 9
3 18 5
7 6
PROBLEM SOLUTION UNIQUE VALUE PROPOSITION
UNFAIR ADVANTAGE
CUSTOMER SEGMENTS
KEY METRICS CHANNELS
COST STRUCTURE REVENUE STREAMS
The problem to find an unusual tour with the guide in any country
No specific tours in most of the countries and non-tourist countries
Boat tours
Adventure Tours
Tours with Local Guides
Just one click to Go On an Amazing Adventure
A lot of local guides ready to work with us
Young Travelers
Families
Extreme Fans
C RegsDAUARPPULTV
Mass MediaAdWordsBlogSocial NetworksPartners
SalariesMarketingOfficeEquipment
Paid CustomerAdvertising
High-level Concept:
AirBnB for adventure tours
EXAMPLE 1
Early Adopters:People passionate about traveling
Young and Brave
Take Risks
Confident
Existing Alternatives:
Hotel
EXAMPLE 2PROBLEM SOLUTION UNIQUE VALUE
PROPOSITIONUNFAIR ADVANTAGE
CUSTOMER SEGMENTS
KEY METRICS CHANNELS
COST STRUCTURE REVENUE STREAMS
Sharing lots of photos/videos is time consuming.
Don’t know how to share (convert) videos
Afraid they will lose their media because they aren’t backed up
Existing AlternativesEmail, Flikr Pro, SmugMug, Apple, MobileMe, FB
Instant, no updated sharing
Automatic video transcoding
Cloud backups of originals.
The Fastest Way to Share Your Photos and Videos
Community Parents (creators)
Family & friends (viewers)
A- SignupA- Created first galleryR-Shared an album and/or videoR-Invited family & friendsR-Paid after trial
DaycareBirthday PartiesAdWordsFacebookMommy BloggersWord of Mouth
Hosting costs - Heroku (currently ($0)People costs - 40 hrs * $65/hr = $10k mo
30-day trial then $49/yr
High-level Concept:Photo and video sharing without the uploading
CUSTOMER & BENEFICIARY SEGMENTS
What will make them choose you vs. alternatives?
Which customer segments are you serving (is it one or many?)
What are the characteristics of those segments?
What is the main problem you are solving for each segment?
PROBLEM
FINDING YOUR WHY
WHAT IS VALUE PROPOSITION?
Who are you serving and why?
What is unique about your value proposition?
Why should your customers choose you vs. alternative?
What is the real problem you want to solve?
The Empowerment Project
A value proposition is a promise of value to be delivered. It’s the primary reason WHY a prospect should buy from you.
A clear statement that:
Explains how your product solves customers’ problems or improves their situation (relevancy)
Delivers specific benefits (quantified value)
Tells the ideal customer why they should buy from you and not from the competition (unique differentiation).
VALUE PROPOSITION VS MISSION STATEMENT
A mission statement often define “what” a company is & does:
Kiva: We are a non-profit organization with a mission to connect people through lending to alleviate poverty.
Google: To organize the world’s information and make it universally accessible and useful.
Value proposition is created from the customer’s perspective rather than the company’s.
A value proposition defines the reason why a customer would buy your product or services in exchange for
some cost or sacrifice.
JetBlue (Their Why): We bring humanity back to air travel. We do this by offering what we believe to be the best domestic coach product, and giving our customers more value with their purchase. The elements of our value proposition include… high quality service and products and low operating costs.
We are a non-profit organization with a mission to connect people through lending to alleviate poverty. Leveraging the internet and a worldwide network of microfinance institutions, Kiva lets individuals lend as little as $25 to help create opportunity around the world. Learn more about how it works.
Why We Do What We DoWe envision a world where all people- even thE most remote areas of the globe - hold the power to create opportunity for themselves and others
We believe providing safe, affordable access to capital to those in need helps people create better lives for themselves and their families.
Since Kiva was founded in 2005
1,256,460 Kiva Lenders
$667,402,525 in Loans
98.79% Repayment Rate
We Work With:
290 Field Partners
450 Volunteers Around the World85 Different Countries
IN CLASS
Fill Out Lean Canvas Model
Fill out Lean Canvas Model at least 2 more times after interviews
HOMEWORK
Talk to min 3 potential
customers for each segment
Talk to minimum 3 competitors
1 2 3
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