you have a product. now what??
DESCRIPTION
You had an amazing idea for a product so you went out and built it. Now you are wondering why it's not gaining customers and making money like you thought it would! Our presentation discusses 6 common mistakes we see entrepreneurs make and what to do about them!TRANSCRIPT
You Have A Product.
Now What??
#bcn14ProductNowWhat
Who We Are
Brian Cauble, CEO-Changeable
Andrea Walker, COO-Changeable
–Robert Louis Stevenson
“Don’t judge each day by the harvest you reap but by the seeds
you plant .”
Meet our entrepreneur...
Johnny’s Product Idea
Mistake #1-No Market Validation
Johnny spent over $50k on website $20k on logo and collateral $10k on online advertising
$40k fancy office space and equipment !
Total: $110k pre-revenue
Johnny spent over $50k on website $20k on logo and collateral $10k on online advertising
$40k fancy office space and equipment !
Total: $110k pre-revenue
Mistake #2-Not being lean with budget
Johnny was an expert in apple planting but knew nothing about sales/marketing or technology.
Mistake #3-wrong team
Johnny was an expert in apple planting but knew nothing about sales/marketing or technology.
Mistake #4-Bad Market
Mistake #5-Unrealistic metrics
Mistake #6-no marketing/sales plan
Mistake #1-No Market ValidationWhat to do: !
1.Challenge Your Assumptions !
2.Understand Current Solutions to Problem
Mistake #1-No Market ValidationHow to do it: !
Test 1.Get into your prospects shoes
!
2.Show your product/possible solution !
3.Landing pages/sign up forms/online ads !
4.Try to sell
Mistake #2-Not being lean with budget
What to do: !
1.Re-evaluate your costs !
!
Mistake #2-Not being lean with budget
How to do it: !
1.Define a “true” MVP !
2.Cloud services !
3.Get rid of “fancy” !
4.Recruit true believers
Mistake #3-Wrong team What to do: !
1.Define your values/mission !
2.Create a list or roles/responsibilities !
3.Evaluate your current team
Mistake #3-Wrong team How to do it: !
1.Create a BHAG !
2.List your values/anti-values !
3.Map people to roles (now, soon, and someday) !
4.Personality/strength test your team
Mistake #4-Bad MarketWhat to do: !
1.Market Analysis !
2.Business Model/Lean Canvas !
3.Explore alternative industries/models !
Mistake #5-Unrealistic metrics What to do: !
1.Define your key metrics (KPIs) !
2.Implement a CRM !
Mistake #6-No marketing/sales plan !
What to do: !
1. Create a executable marketing roadmap !
2. List monthly deliverables & which channels to test !
3. Hold yourself accountable to milestones !
4. Network/Start selling
Mistake #6-No marketing/sales plan !
!
How to do it in one month: !
1. Week One-Two • Market research (surveys, interviews, competitive
analysis, calls) !
2. Week Three • Figure out marketing channels based on research
!
3. Week Four • Pick a couple to test with one target group
!
!
!
Recap
Mistake #1-No Market Validation Mistake #2-Not being lean with budget Mistake #3-Wrong team Mistake #4-Bad Market Mistake #5-Unrealistic metrics Mistake #6-No marketing/sales plan !
!
Recap
Fix #1-Test & Validate Fix #2-Trim cost as much as possible Fix #3-Define your values/understand your team Fix #4-Bad Market Fix #5-Analyze market and models Fix #6-Marketing roadmap !
!
Thank You!
www.whychangeable.com