Customer Discovery, Phase One: State Your Business Model Hypotheses

Customer Discovery, Phase One: State Your Business Model Hypotheses
Market Size Hypothesis
TAM, SAM and Target Market
TAM, SAM and Target Market (Figure 3.1)
Sizing the web/mobile market
Checklist 3: Market Size
Value Proposition 1: “Low Fidelity” MVP Hypothesis
Write a User Story instead of a Feature List
Checklist 4: Product Vision
Checklist 5: Product Features And Benefits
Value Proposition Hypothesis (Part 1/Physical)
Product Vision
Product Features and Benefits
Minimum Viable Product (MVP)
Customer Segments: Source/Wiring Hypothesis
The Customer Archetype: a Guide to Who Your Customers Are
“A Day-in-the-Life”: a Guide to What Customers Do
Here's How to Create a Consumer Web Influence Map:
Checklist 6: Customer Segments
Customer Segments: Who/Problem Hypothesis (Physical)
The Customer Problem, Need or Passion
Customer Types
Customer Archetypes
A Day in the Life of a Customer
Organizational/Influence Maps
Channels Hypothesis
Web/Mobile Channel Choices
Platforms that Operate as Channels
Tests Can Help You Pick the Channel
Multi-Sided Markets Need Unique Channel Plans
Checklist 7: Channels
Channels Hypothesis (Physical)
Consider Whether Your Product “Fits” the Channel
Which Channel Should I Use?
Value Proposition 2: Market-Type and Competitive Hypothesis
Market Type
Competition in an Existing Market
Re-segmenting an Existing Market
Entering a New Market
Competitive Brief
Checklist 8: Market Type
Customer Relationships Hypothesis
Getting Customers: Acquisition and Activation
Acquisition vs. Activation: What's the Difference?
Overview: How Customers Shop Online
Develop your “Get Customers” Strategy
Customer Acquisition Tactics to Test
Earned or free acquisition tactics:
Paid acquisition tactics:
Some quick and simple acquisition tests:
Who's Creating This Content?
Customer Activation Tactics to Test:
Some quick activation tests:
Keeping Customers (Customer Retention)
Customer Retention Strategy
Simple Retention Tests to Consider:
Monitor Specific Retention Metrics
Growing Customers (New Revenue and Referrals)
1. Get Current Customers to Spend More
Some simple “grow” programs to consider:
2. Get Customers to Send More Customers to the Company
Checklist 9: Customer Relationships
Customer Relationships Hypothesis (Physical)
Developing Customer Relationships in the Physical Channel
“Get Customers”
Develop Your “Get Customers” Strategy
Simple “Get Customer” Tactics to Consider
Before conducting these or any other tests of customer-relationship tactics:
Sample Customer Relationship Program Spreadsheet
Earned Media
“Keep Customers”
Develop Your “Keep Customers” Strategy
“Grow Customers”
Develop a “Grow Customers” Strategy
Key Resources Hypothesis
Don't forget the Human Resources
Intellectual Property is a Key Resource
Intellectual Property Creates Value
Four Common Intellectual Property Mistakes Startups Make
There May be Other Key Resources
Dependency Analysis
Checklist 10: Key Resources Hypothesis
Traffic Partners Hypothesis
Checklist 11: Partners Hypothesis
Partners Hypothesis (Physical)
Revenue and Pricing Hypothesis
Question 1: How Many Will We Sell?
Question 2: What's the Revenue Model?
Question 3: How Much Do We Charge? (Pricing Tactics)
Two Business-to-Business Pricing Issues
Question 4: Do Revenues Point to a Business Worth Doing?
How Single and Multi-Sided Markets Affect Financials
Two More Revenue Issues to Consider
Tie the Components of Revenue Together in a Hypothesis
Completing the Hypothesis Development Process:
Checklist 12: Revenue And Pricing Hypothesis
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