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
You have a single goal from ideation to scale The 10X model requires non-linear thinking The 10X model works to expose the riskiest parts of your business
GROWTH TIME 3 months 2 years 3 years 10X PROBLEM-SOLUTION FIT PRODUCT-MARKET FIT SCALE 1 year 100X SINGLE BIGGEST THING TO BUILDING TRACTION GET OUT OF THE BUILDING
DO IT NOW 30 MIN Stage: PS Fit 1x PM Fit 10x Scale 100x Timebox 3 months 1 year 2 years Customer Throughput 30 300 3000 Timebox and customer throughput: 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
manishrc
itpreneurs
aki_moon
quoitworks
icoxfog417
jmdc
mizuman
mf_recruitment_pr
sugitama
kurashicom
amazia200910
satokifuruya
kubotaku
jacobian
michaelherold
deanohume
hatefulcrawdad
holman
jennybc
shpigford
eileencodes
sonatard
keathley
paigeccino
palkan