startup mba 2.3 - customer development and early-stage sales
Post on 14-Sep-2014
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[email protected] foundercentric.com @foundercentric !Mailing list: http://bit.ly/fc-list
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What is Customer development?
Find early customers and confirm their intent to buy before building everything !
(without biasing them)
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Paul Graham
Until you’ve launched, the only 2 things you should be doing are writing code and talking to customers
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...
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Pets.com (and everyone)
“I wish I’d known that
sooner!”
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We can’t plan under uncertainty. We need a way to search.
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Talking to people is a great way to learn if our business will work
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But it’s hard to do right and easy to mess up
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When we do it wrong, we get bad data to convince us we’re right
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And when we believe those false positives, we get in big trouble
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Part 1. What does bad data look like?
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Types of bad data
1.Compliments 2.Fluff 3. Ideas 4.Trivia
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Compliments
Most meetings end in a compliment. Is that a good sign?
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Mr. Compliment
“Sounds great, I love it!”
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Compliments are bad because they are
false positives
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Two types of compliments
1.Sincere 2. “Polite”
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Remember:
Even VCs are wrong most of the time. If their opinion doesn’t matter, nobody’s does! What matters is whether customers are going to use & buy it.
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Mr. Compliment
“Looks great! Keep me in the loop.”
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Ignore & deflect compliments.
Then get back to gathering real data.
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Types of bad data
1.Compliments 2.Fluff 3. Ideas 4.Trivia
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3 types of fluff
1.Generic claims 2.Future promises 3.Hypothetical maybes
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Anything generic is a lie.
Get to the truth by asking for concrete examples.
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Mr. Generic Fluff
“I usually...” “We always...” “I never...”
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You
“Can you talk me through the last time that happened?”
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Mr. Future Fluff
“I would...” “We will...”
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You
“How did you make this decision last time?”
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Mr. Hypothetical Fluff
“I might...” “We could...”
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You
“Why can’t we just get started now?”
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Types of bad data
1.Compliments 2. Fluff 3.Ideas 4.Trivia
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Ideas
Everyone will have an idea for your business !
But you’ve already got too many!
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Shawn Carolan Menlo Ventures
Startups don’t starve; they drown.
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Don’t take ideas at face value.
Dig beneath them to get to the motivations.
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Mr. Feature Request
“You guys should definitely have feature X!”
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You
“What would X let you do?”
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Mr. Feature Request
“When are you going to let me do task Y?”
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You
“How are you accomplishing task Y today?”
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Types of bad data
1.Compliments 2. Fluff 3. Ideas 4.Trivia
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It’s trivial data if...
1.You could have googled for it 2.You could have surveyed for it 3. It’s demographics or percents 4.You can put the results in a
pie chart or graph
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Bad Founder, proudly reporting trivia
“80% of people say they have this problem!”
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You, getting to the motivations
“SO WHAT? Do they care enough to fix it? What else have they tried? Will they buy our product?”
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Trivia can’t give you the “why”.
Just google for it and save interview time for
questions that matter.
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Tip:
Don’t choose customers who you aren’t able to talk to in person, or you’re guaranteed to get 100% trivia.
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Bad data in review
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Types of bad data
1.Compliments 2. Fluff 3. Ideas 4.Trivia
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Fixing bad data
1.Deflect compliments 2.Anchor fluff 3.Dig beneath ideas 4.Google for trivia
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Part 2. How conversations
go wrong
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When we ask people about our idea...
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We feel like we’re being scientific
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But really, we’re just fishing for kind words
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Conversations go wrong by default.
It’s your job to fix them.
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How conversations go wrong
1.Being too formal 2.Exposing the ego 3.Being pitchy
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Stuff you DON’T need
1.A formal meeting 2.Business cards 3.An interview script 4.To pay them 5.An hour or more
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What you DO need
1.To know what you want to learn
2.To ask about their life
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Tip:
Pick customers you have easy access to. Then it’s simple to have quick, casual conversations without wasting time.
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You don’t need a formal meeting to
learn from customers. Just chat to them.
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How conversations go wrong
1.Being too formal 2.Exposing the ego 3.Being pitchy
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Bad Founder, fishing for compliments
“I had an awesome idea for an app... So do you like it?”
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Bad Founder, exposing his ego
“So this is that secret project I’ve been working on... What do you think?”
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Why do they lie?
1.They don’t have a strong opinion about it
2. They don’t want to discourage you
3.They don’t want to see you cry
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=
Mentioning your idea
Exposing your ego
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If you mention your idea, they’ll lie to you about it.
Talk about their life, not your idea.
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How conversations go wrong
1.Being too formal 2.Exposing the ego 3.Being pitchy
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Remember the stages of a startup?
1.Discovery 2.Validation 3.Customer creation 4.Company building
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Remember the stages of a startup?
1.Discovery ← You are here 2.Validation 3.Customer creation 4.Company building
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Remember the stages of a startup?
1.Discovery 2.Validation ← or maybe here 3.Customer creation 4.Company building
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Learning matters more than selling
1.Discovery ← Learning 2.Validation ← Learning 3.Customer creation 4.Company building
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Real sales start way later
1.Discovery ← Learning 2.Validation ← Learning 3.Customer creation ← Selling 4.Company building ← Managing
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Bad Founder, being pitchy
“No no, I don’t think you GET it.”
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Convincing folks your idea is good
=
Forcing false positives
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Remember:
Unless they are holding a checkbook, you have nothing to gain by convincing them your idea is great.
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Bad Founder, being pitchy
“Yes, but it also does THIS!”
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You, recovering from starting to pitch
“Oops, sorry, I just slipped into pitch mode. I get excited. You were saying...?”
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If you’re talking, you’re not learning.
Talk less, ask more.
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Part 3. Let’s review
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People lie to us for a bunch of reasons
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People lie to us
1.We exposed our ego and they’re being nice
2.We’re being pitchy and they’re getting rid of us
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Bad data is dangerous and must be fixed
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Remember:
Anyone will say your idea is great if you’re annoying enough about it.
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Fix bad data
1.Deflect compliments 2.Anchor fluff 3.Dig beneath ideas 4.Google for trivia
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Ask good questions which pass
The Mom Test
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❝
❞Us
Do think it’s a good idea?
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❝
❞Us
Do think it’s a good idea?
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❝
❞Us
Would you buy a product which solved this problem?
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❝
❞Us
Would you buy a product which solved this problem?
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❝
❞Us
How do you currently deal with this problem?
![Page 88: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/88.jpg)
❝
❞Us
How do you currently deal with this problem?
![Page 89: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/89.jpg)
❝
❞Us
Talk me through the last time you had this problem
![Page 90: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/90.jpg)
❝
❞Us
Talk me through the last time you had this problem
![Page 91: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/91.jpg)
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❞Us
How much would you pay for this?
![Page 92: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/92.jpg)
❝
❞Us
How much would you pay for this?
![Page 93: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/93.jpg)
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❞Us
How much money does this problem cost you?
![Page 94: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/94.jpg)
❝
❞Us
How much money does this problem cost you?
![Page 95: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/95.jpg)
The Mom Test for good questions
1.Talk about their life instead of your idea
2.Ask about specifics in the past
3.Talk less, listen more
![Page 96: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/96.jpg)
Bonus. Strategic heartbeat
![Page 97: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/97.jpg)
Question
What’s most likely to sink your business?
![Page 98: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/98.jpg)
Question
What has to be true for the next big push to be a huge success?
![Page 99: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/99.jpg)
Question
What can you do this week to resolve one of those questions?
![Page 100: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/100.jpg)
![Page 101: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/101.jpg)
Customer development transitions naturally to sales/partners/funding. !
The same skills apply.
![Page 102: Startup MBA 2.3 - Customer development and early-stage sales](https://reader033.vdocuments.site/reader033/viewer/2022051512/5415cd2c8d7f72336c8b483d/html5/thumbnails/102.jpg)
Questions?