SDFI Fall 2014 Research Al B

8/10/2019 SDFI Fall 2014 Research Al B

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What is it?

It’s the one thing,for your business,

that you absolutely

cannot screw up.

!and you will.



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Why is it important?

It will help you fail.

!and that’s a good thing.

Faster.



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Why is it important?

Because you are WRONG.

!or you’ll run out of time.

You need to get RIGHT (quick).



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How do I do it?

Face to face conversations.

!and listen.

Talk problems, not solutions.



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Why face to face?

Subtle to understand customer.

!suck it up and do it.

Get IN their SKIN.



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Why problems?

Your solution is probably wrong.

!seriously, stop selling.

You need to learn the problem.



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Interview Basics

Don’t guide them, but follow.

Follow the pain, and money will

follow.

Focus on them, not you.



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Some tricks!

Identify critical assumptions

!build an MSP

Try to kill your idea

(Minimum Sellable Product)



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Business Model Canvas

Many canvas

types, all good.

Goal is to dumb

down yourbusiness.



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Key Partnerships

Key Activities

Key Resources

Value Propositions

Customer Relationships

Channels

Customer SegmentsCost Structures

Revenue Streams



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Key Partnerships

Key Activities

Key Resources

Value Propositions

Customer Relationships

Channels

Customer SegmentsCost Structures

Revenue Streams

Product

Market

Fit



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http://udacity.com

“How to Build a

Startup” by

Steve Blank

It’s free. Do it.



SHOW medon’t

TELL me



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Validated assumptions:

•

Email marketers want more opens +clicks

•

We can make integration w/ESP simple

•

We can actually predict user behavior

•

That prediction will increaseengagement



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What did we miss?

•

They have more pressing issues thatthey are fighting with every single day.

•

If they’ve got issues getting to the

inbox, it doesn’t matter when we send.

•

Despite our easy integration, it was stillanother screen/product to deal with.

•

We were an aspirin, not a pain killer.



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What did we do?

•

Used inbound from fundraiseannouncement on Pando Daily to do

more customer development.

•

60 interviews in 30 days with amazing

companies.• #1 problem? They can’t intelligently

segment their users for personalization.



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And how did that go?

•

Built integration w/SendGrid since wehad a great relationship.

•

SendGrid customer base wasn’t a good

sample of the types of people we

interviewed from Pando article.• SendGrid = Tech + Developer Roots.

•

Pando = Marketers.



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NOW what?

•

We have product without a market, anda market without a product.

•

Figure it out.

•

We set our team of 7 loose.

•

Is your team made up of hunters? Willthey FIND!or MAKE a way?



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Email Copilot is Born

•

All email marketers eventually strugglegetting email to the inbox.

•

We can automate this industry, which is

full of consultative and expensive

competition.• It’s a core problem, dealt with every

day, and is the most basic necessity.



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What’s our signal?

•

Customers we courted for 6-12 monthsput their credit card in that day.

•

Deliverability experts in the field are

blown away that we can even do this.

•

Large ESPs want to use it internally.• Our biggest competitor is talking about

using it internally.



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Cust Dev is a PITA

•

It’s really easy to miss the bigproblems. Sometimes they’re right in

front of your face.

•

You will completely miss out on very

important assumptions.• It’s hard to know what real excitement

and strong signal sounds like.



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Recognizing signal!

•

Is obvious once you finally see it.•

Somewhere along the way you will

think you saw it!

• !but realize later it wasn’t even close.



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Recognizing signal!

•

If multiple people aren’t throwingmoney at you (literally), you’re not

there yet.

•

If multiple people aren’t constantly

hounding you to turn your product on,you’re not there yet.

•

Without these, you will run out of time.



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https://www.groovehq.com/blog



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SDFI Fall 2014 Research Al B

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