002 customer & market research
TRANSCRIPT
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‘Don’t be cocky. Don’t be flashy. There’s always someone better than you.’Tony Hseih. Co-Founder, Zappos
Launch48 | what is?
Market research
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‘Don’t be cocky. Don’t be flashy. There’s always someone better than you.’Tony Hseih. Co-Founder, Zappos
Launch48 | Market research
•TAM, SAM, TM•Competitor analysis
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‘Running a startup is like being punched in the face repeatedly, but working for a large company is like being waterboarded.’
Paul Graham. Co-Founder, Y Combinator
Launch48 | TAM
Total Addressable
Market
Served available market
Targetmarket
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‘Don’t be cocky. Don’t be flashy. There’s always someone better than you.’Tony Hseih. Co-Founder, Zappos
Launch48 | Market research How do I find this?
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‘Don’t be cocky. Don’t be flashy. There’s always someone better than you.’Tony Hseih. Co-Founder, Zappos
Launch48 | Competition Competition
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‘Don’t be cocky. Don’t be flashy. There’s always someone better than you.’Tony Hseih. Co-Founder, Zappos
Launch48 | Competition
•An understanding of the number of competitors.•Competitor strengths & weaknesses.•Business models & pricing.•Marketing strategies.•Prove or disprove your unique selling points.
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‘Don’t be cocky. Don’t be flashy. There’s always someone better than you.’Tony Hseih. Co-Founder, Zappos
Launch48 | Feature analysis
Your product Compet 1 Compet 2
Feature 1 Yes Yes Yes
Feature 2 No Yes No
Feature 3 Yes Yes No
Feature 4 Unlimited 10 users 2 Users
Feature 5 $9.99 $14.99 $3.99
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‘Don’t be cocky. Don’t be flashy. There’s always someone better than you.’Tony Hseih. Co-Founder, Zappos
Launch48 | Key metrics
•Revenue & profit•Active users per month•Unique visitors•Investment raised•Customers acquired (paid for)•Average customer retention period•Lifetime value of a customer•Cost per acquisition•Social media following
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‘Don’t be cocky. Don’t be flashy. There’s always someone better than you.’Tony Hseih. Co-Founder, Zappos
Launch48 | Detailed Analysis
Frooly.com is very similar to Company X, but Frroly charges a monthly fee to store owners. Here is some detailed analysis on their progress to date: • Launched August 2010•1300 products•300 stores active•Average of 26 products per store•Revenue £1,800 per month (based on £6 per store * 300 active stores)•Growth of 31 stores per month
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‘Don’t be cocky. Don’t be flashy. There’s always someone better than you.’Tony Hseih. Co-Founder, Zappos
Launch48 | Indirect competitionIndirect competition
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‘Don’t be cocky. Don’t be flashy. There’s always someone better than you.’Tony Hseih. Co-Founder, Zappos
Launch48 | Detailed AnalysisBarriers to Entry
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‘Don’t be cocky. Don’t be flashy. There’s always someone better than you.’Tony Hseih. Co-Founder, Zappos
Launch48 | Market research How do I find this?
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‘Don’t be cocky. Don’t be flashy. There’s always someone better than you.’Tony Hseih. Co-Founder, Zappos
Launch48 | Find this
Web traffic analysis trends.google.com/websites
Web Traffic analysis www.alexa.com
Company structure & revenues www.duedil.com
Twitter follower comparisons followerwonk.com/compare/
Competitor search www.crunchbase.com
Patent & TM search www.ipo.gov.uk/
See who works for them linkedin.com
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‘If you aren’t getting rejected on a daily basis, your goals aren’t ambitious enough.’Chris Dixon. Co-Founder, Hunch
Launch48 LaunchPad | Week 2
Questions?
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‘Don’t be cocky. Don’t be flashy. There’s always someone better than you.’Tony Hseih. Co-Founder, Zappos
Launch48 | Agenda
Customer research
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Launch48 | Build measure learn
‘When people are placed in positions slightly above what they expect, they are apt to excel.’Richard Branson. Chairman, Virgin Group
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‘Markets come and go. Good businesses don’t.’Fred Wilson. Co-Founder, Union Square Ventures
Launch48 | Idea
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‘If you aren’t getting rejected on a daily basis, your goals aren’t ambitious enough.’Chris Dixon. Co-Founder, Hunch
Launch48 LaunchPad | Week 2
MVP
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‘Don’t be cocky. Don’t be flashy. There’s always someone better than you.’Tony Hseih. Co-Founder, Zappos
Launch48 | MVP Tools
•Launchrock.co•Trigger.io•Phonegap•App Cooker (drag and drop app building)•Twitter Bootstrap•Mailchimp
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‘Markets come and go. Good businesses don’t.’Fred Wilson. Co-Founder, Union Square Ventures
Launch48 | Measure
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‘If you aren’t getting rejected on a daily basis, your goals aren’t ambitious enough.’Chris Dixon. Co-Founder, Hunch
Launch48 LaunchPad | Week 2
Measure
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‘If you aren’t getting rejected on a daily basis, your goals aren’t ambitious enough.’Chris Dixon. Co-Founder, Hunch
Launch48 LaunchPad | Week 2
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Business Model Canvas | Customer segments
‘You need to be surrounded by good advisors but you also have to trust your instinct.’Chris Hughes. Co-Founder, Facebook
• Age: 26 • Profession: PR• Marital status: engagedSpends her time:• Work: 40 hours per week.• Leisure:
•Tennis: 2 hours per week.• Pub: 3 hours at the weekend with friends.
Online time:• Email: mainly work - 300 emails per week.• Social:
•Facebook: mobile• Pinterest: Fashion bloggers•Twitter: only for work.
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‘If you aren’t getting rejected on a daily basis, your goals aren’t ambitious enough.’Chris Dixon. Co-Founder, Hunch
Launch48 LaunchPad | Week 2
Questions?
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‘The lean startup method is not about cost, it is about speed.’Eric Ries. Blogger
Launch48 | Group work
Plan out you first feedback loop(30 mins)
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‘Don’t let people tell you your ideas are stupid - if you’re really passionate about something, find a way to build it.’Dennis Crowley. Co-Founder, Foursquare
Danke.Grazie.Shukran.Merci.Takk.Xie xie.Toda.
Thanks.
@launch48Choose your journey.
Fin | End