In his session at Startup Istanbul, Erik Anderson from Startup Wise Guys focused on the first 2 aspects of the customer development life cycle: the problem/solution fit and product MVP.
“Doing as little work possible … While maximizing the reward”
Based on Steve Blank’s theory: [Hypothesis + Experiment + Data = Insight] You will need to experiment and capture insight from the customer (vs the user). To do that go meet your customers and talk to them. Don’t pitch to them, let them show you with their words and reactions what they want. Have a few specific questions ready and wait for excitement or indifference then you will know what to implement. Rehearse to be able to communicate what you are doing in a one-sentence pitch.
We (Value Proposition), for (Customers), because (Problem).
The questions you should ask yourself and find an answer to:
- Where are you at in your prioritization and in your product?
- What’s coming in the future?
- What’s most important? What’s most important for your customers?
And if you think you are ready to pitch be prepared to answer those:
- How many customers you have? Give and direct answer.
- How did you get your customers? Especially if you’re seed stage.
- What is your background? Show that you have an advantage
- Explain your revenue model? How are you making money?
If you are in the BtoB market you should also be able to answer those:
- What gives you the advantage to do it? What do you know about your customers that set you apart?
- What are the key things that are driving your company?
- What makes you special?
Erik’s advice:
- Focus on your Customer
- Be bold and have fun be yourself (focus on your fundamentals, what you’re god at, your perspective)
- Listen
- Look for emotions
- Focus on terminology
- Customer segment (Pricing & Revenue model)
Watch the full session if you want to see how Erik reacts to pitches or if you want to know more about Startup Wise Guys.
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