1961 John F. Kennedy I believe that this nation should commit itself to achieving the goal, before this decade is out, of landing a man on the moon and returning him safely to the earth.
DO IT NOW 1. Write your Minimum Success Criteria in terms of revenue per year Is it $1k, $10k, $100k, $1M, $10M? 2. Write when do you want to reach there Anytime between 2-5 years is a good timeframe 5 MIN
UVP 1. Single, clear, compelling message that states why you are different and worth paying attention. 2. Tips for UVP: - Be different, but make sure your difference matters - Target early adopters - Focus on finished story benefits - Pick your words carefully and own them - Answer: what, who, and why - Study other good UVPs. 3. Good Formula Instant Clarity Headline = End Result Customer Wants + Specific Period of Time + Address the Objections 4. Create a high-concept pitch. #3
CHANNELS 1. Failing to build a significant path to customers is among the top reasons why startups fail. 2. Write both inbound and outbound paths to your customers. #5
“What we document is that price is not just about inferences of quality, but it can actually affect real quality,” “So, in essence, [price] is changing people's experiences with a product and, therefore, the outcomes from consuming this product.” BABA SHIV
“If you want to unleash more creativity in your company, you need to allow for a little contamination. It is the sand in the oyster that creates the pearl.” - Fred Wilson LOCAL MAXIMA
DO IT NOW 1. Copy the canvas & create more versions 2. Start with changing the Customer Segments 3. Rank and pick one, based on: - Customer Pain Level - Ease of Reach - Gross Margins - Market Size - Tech Feasibility 60 MIN
DO IT NOW 30 MIN 1. Determine time-boxed minimum success criteria Keep time box under 3 years Frame the outcome in terms of revenue (or throughput) goal 2. Estimate LTV 3. Calculate the required Throughput 4. Refine and adjust your model Can you Increase Pricing? 5. Eliminate any models that don’t work
PROBLEM-SOLUTION FIT PRODUCT-MARKET FIT SCALE Understanding the value that can be delivered Delivered value > Captured value Delivering value to more and more customers
GROWTH TIME 3 months 2 years 3 years 1X 10X 100X PROBLEM-SOLUTION FIT PRODUCT-MARKET FIT SCALE 1 year 1000X MINIMUM SUCCESS CRITERIA RISK - CUSTOMERS RISK - TECH
IN EARLY STAGES IT IS ABOUT DECELERATION, NOT ACCELERATION! GROWTH TIME 3 months 2 years 3 years 1X 10X 100X PROBLEM-SOLUTION FIT PRODUCT-MARKET FIT SCALE 1 year 1000X RISK - CUSTOMERS
GROWTH TIME 3 months 2 years 3 years 1X 10X 100X PROBLEM-SOLUTION FIT PRODUCT-MARKET FIT SCALE 1 year 1000X SINGLE BIGGEST THING TO BUILDING TRACTION GET OUT OF THE BUILDING RISK - CUSTOMERS
GROWTH TIME 3 months 2 years 3 years 1X 10X 100X PROBLEM-SOLUTION FIT PRODUCT-MARKET FIT SCALE 1 year 1000X IN PROBLEM-SOLUTION FIT STAGE FOCUS ON REPEATABILITY RISK - CUSTOMERS
GROWTH TIME 3 months 2 years 3 years 1X 10X 100X PROBLEM-SOLUTION FIT PRODUCT-MARKET FIT SCALE 1 year 1000X IN PRODUCT-MARKET FIT STAGE FOCUS ON 10X RISK - TECH
DO IT NOW 30 MIN Stage: PS Fit 1x PM Fit 10x Scale 100x Timebox 3 months 1 year 3 years Customer Throughput 30 300 3000 Timebox and customer throughput:
DO IT NOW 10 MIN Using the funnel, come up with the throughput for Problem-Solution Fit: Stage: Leads Trials Customers Conversion 10% 10% Numbers ??? ?? 30
ACQUISITION ACTIVATION GoodKarma: Install the Manager’s App at the studio and have the manager send an invite to enquiry Disneyland: After the visitor has taken the first ride
ACQUISITION ACTIVATION REVENUE RETENTION GoodKarma: Student continues to use the app and maizntains the relationship with the studi Disneyland: Visitor takes more rides and spends more time
ACQUISITION ACTIVATION REVENUE REFERRAL RETENTION GoodKarma: Student talking to another student in another studio Disneyland: Visitor talks to her neighbours
DO IT NOW 1. Identify the events corresponding to each of the steps in the customer factory: - Acquisition - Activation - Retention - Revenue - Referral 2. If you already have paying customers, Add current numbers. 30 MIN
GoodKarma: Install the Manager’s App at the studio and have the manager send an invite to enquiry ACQUISITION ACTIVATION REVENUE REFERRAL RETENTION GoodKarma: Identify the yoga studio founder and set up a call to place the offer
GoodKarma: Install the Manager’s App at the studio and have the manager send an invite to enquiry ACQUISITION ACTIVATION REVENUE REFERRAL RETENTION GoodKarma: Identify the yoga studio founder and set up a call to place the offer
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