lean venture series - stage 2 lesson 3
TRANSCRIPT
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Stage 2: Validating Your Business Model
Lesson 3: Market Analysis - Knowing Your Terrain
Outline of the lesson plan
01 Review02 Learning Objectives03 The Terrain Map04 Competitor Research05 Practice - Competitor Analysis 06 Summary and Next Steps
01Review
MVP: What? Why?A Minimum Viable Product is that version of a new
product which allows a team to collect the maximum amount of validated learning about customers with
the least effort. - Ries
A Minimum Viable Product is the smallest thing you can build that
delivers customer value (and as a bonus captures some of that value
back). - Maurya
Simplest thing you can show to customers to get the most learning at that point in time -- Blank.
• Feature set for MVP• Validated learning• Pivots
Problem worth solving? Built something people want? How accelerate growth?
Ideal time to raise funding Concept Source: Blank Four Stages
to the Epiphany; Maurya, Running LeanImage Source: Startitup
02Learning Objectives
By the end of this lesson you should be able to:
01 Explain the value of tracking the terrain around your business and outline some strategies to do it. 02 Explain the value of competitor analysis and identify ways you can research your competitors. 03 Begin to develop a plan for analyzing your competition.
03Terrain Map
Knowing the terrainQuestions01 why is knowing the terrain important?
02 why is knowing what’s on the horizon important? 03 why is knowing your competition important?
04competitor research
Who are your competitors?• Direct• Indirect (substitutes)
Competitor Research
Competitor Research• BE a customer• Talk to people – who???• Library sources – you know I couldn’t
leave that out!
05practice and discussion
Steps01 List 3-5 competitors
02 Answer the questions on the following slide
03 Group discussion
Questions to ask yourself about competitors
01 What do they do well? what are their strengths?
02 What are their weaknesses?
03 How is my business similar?
04 How is my business different?
05 How does this difference give me an advantage? - (What should my positioning be?)
06Summary and Next Steps
Questions?Review material for next lesson.Work on your terrain map.
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See you in TWO WEEKS!
Next class: Stage 2 - Lesson 4
May 5, 2016