Lean launch pad itp 3.9.2015

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Lean LaunchPad

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

http://harryallendesign.blogspot.com/2012_06_01_archive.html

http://2.bp.blogspot.com/-Dwr7-a-Yqss/T-jbQTZn_OI/AAAAAAAABmo/4sp5WwPyROo/s1600/Glasslab+Presentation_Page_07_Image_0001.jpg

1

Teams present

Guest Speaker Albert Lee

Get Keep Grow

TODAY:

.

WE ARE HERE

1/27

Business Models

Customer Development

UX Tools Intro

2/3

Value Proposition

UX Tools, Frameworks

2/10

Customer Segments

Research Tools

2/17

Presidents Day

2/24

Revenue Streams

Distribution

Product Definition

3/3

Customer Relationships

Partners,

Product Development

3/10

Resources,

Activities, Costs,

Product Development

3/17

Spring Break

3/24

Customer Development

Product Development

3/31

Customer Development

Product Development

4/7

Customer Development

Product Development

4/14

Customer Development

Product Development

4/21

Product MVP

4/28

Lessons Learned

3

4

What are the 3 components?

Get

Keep

Grow

(The most important hypothesis)

CUSTOMER RELATIONSHIPS

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.

5

Whats their role

Who are they

How do they buy

What matters

What pain is being solved for them

CUSTOMER ARCHETEYPES

6

CUSTOMER RELATIONSHIPS: DIGITAL

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CUSTOMER RELATIONSHIPS: PHYSICAL VS DIGITAL

Physical channel: the details inside are different

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STRATEGY + TACTICS

PhysicalDigitalGETStrategy: 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

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THE VIRAL LOOP

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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:

http://www.bvp.com/sites/default/files/cac_ratio_-_one_number_to_manag__your_saas_sm_spend_-_october_2008.pdf

CUSTOMER ACQUISITION

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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:

http://www.bvp.com/sites/default/files/cac_ratio_-_one_number_to_manag__your_saas_sm_spend_-_october_2008.pdf

CAC RATIO

12

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

13

Lean Analytics, Alistair Croll, Benjamin Yoskovitz

SAAS CUSTOMER

LIFECYCLE

14

Google Forms free but you have to find your list

LinkedIn Polls

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

15

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

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17

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Strategic alliances

Social media software and WPP, Omnicom, Publicis

Joint new business development efforts

Intel inside, Retail co-ops

Co-opetition

Industry week (adweek, fashion week)

Key supplier relationships

Historical relationship between Microsoft, Dell, and

PARTNERS

18

Hypothesis to get:

Acquisition

Activation

What is your hypothesis to keep:

Outreach

Events

Loyalty

Product updates

What is your hypothesis to grow:

Upsell

Cross-sell

Next-sell

Referrals

WHAT WILL YOU TEST?

19

20

WHAT CAME BEFORE STEVE AND ERIC

http://lifeasahuman.com/files/2011/01/4183278431_9e130bcda5_b.jpg

Water goes around a rock

20

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.

Presentation:

Cover slide

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?

22

NEXT: CANVAS REVIEW AND FEEDBACK