Lean launch pad itp 3.9.2015
Post on 17-Jul-2015
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Class 5 / 12
March 3, 2014
Jen van der Meer | jd1159 at nyu dot edu
Josh Knowles | chasing at spaceship dot com
LEAN LAUNCHPAD AT NYU ITP
Rockets Sketches borrowed from Harry Allen Design
Guest Speaker Albert Lee
Get Keep Grow
WE ARE HERE
UX Tools Intro
UX Tools, Frameworks
What are the 3 components?
(The most important hypothesis)
Getting: demand creation. Drives customers into your chosen sales channels.
Keeping customers: give customers reasons to stick with the company and product.
Growing customers: selling them more of what theyve bought as well as new and different products, encourages them to refer new customers.
Whats their role
Who are they
How do they buy
What pain is being solved for them
CUSTOMER RELATIONSHIPS: DIGITAL
CUSTOMER RELATIONSHIPS: PHYSICAL VS DIGITAL
Physical channel: the details inside are different
STRATEGY + TACTICSPhysicalDigitalGETStrategy: Awareness, interest, Consideration, PurchaseTactics: Earned Media, paid media, online toolsStrategy: Acquire, activate Tactics: Websites, appstores, search, email, blogs viral social nets, reviews, pr, free trials, home/landing page, webinarsKEEPStrategy: Interact, Retain Tactics: Loyalty programs, product updates, customer surveys, customer check-in callsStrategy: Interact, retainTactics: Customization, user groups, blogs, online help, product tips, bulletins, outreach, affiliatesGROW Strategy: New revenue, referralsTactics: upsell, cross sell, referrals, unbundling Strategy: New revenue, referralsTactics: upgrades, contests, reorders, refer friends, upsell, cross sell
THE VIRAL LOOP
How much will it cost us to get an activated customer?
CAC is cost of all of your sales and marketing expenses over a given period of time, divided by the number of customers acquired in that window.
Why this is valuable test different tactics against each other, and understand how to create a customer acquisition system with you at the help of the inputs.
Bessemer Cost of Customer Acquisition:
CAC Ratio 1Q2015 = [Gross Margin (2Q15) Gross Margin (1Q15)] *4
Sales and Marketing Costs (1Q15)
The CAC ratio determines the payback time on your sales and marketing investment: a CAC ratio of 0.5 for example means that half of your investment is paid back per year, so it is a two year payback period.
Bessemer Cost of Customer Acquisition:
The viral co-efficient: the average number of invitations sent by each existing user times the conversion rate of invitation to new user. The viral coefficient is referred to as the K value.
The Magic ACCELERATOR: THE VIRAL LOOP
Lean Analytics, Alistair Croll, Benjamin Yoskovitz
Google Forms free but you have to find your list
Free: if youre already connected to your audience
Fee: to survey a specific demographic
Paid Survey Audience
B2B: Thinkspeed.com $3 - $5k survey design based on audience
B2C: SurveyMonkey.com/mp/audience: $3.00 per finished response for standard demographics, requires a $20 professional plan
Buying Facebook audiences (requires a FB account)
TESTING BEFORE YOU HAVE A PRODUCT
What are your priority segments?
What are your value proposition hypotheses?
What is your call to action in your marketing test?
Where will you test?
KEY MARKETING LEVERS TO TEST
Social media software and WPP, Omnicom, Publicis
Joint new business development efforts
Intel inside, Retail co-ops
Industry week (adweek, fashion week)
Key supplier relationships
Historical relationship between Microsoft, Dell, and
Hypothesis to get:
What is your hypothesis to keep:
What is your hypothesis to grow:
WHAT WILL YOU TEST?
WHAT CAME BEFORE STEVE AND ERIC
Water goes around a rock
FOR POST SPRING BREAK
NEXT WEEK PREP:
REFINE YOUR SEGMENTS EVERYONES SEGMENTS ARE TOO BROAD.
Watch Lecture on Activities, Resources and Costs
Read: Business Model Generation 226-261.
Latest version Business Model Canvas with changes marked
Results of last weeks experiments. What passed, what failed, what did you learn?
Proposals for next weeks experiments. What constitutes a pass/fail signal for each?
NEXT: CANVAS REVIEW AND FEEDBACK