Hartmann Ventures We help startups to find product-market-fit faster, Presented by: Manuel Hartmann create awesome products and accelerate sales. Page 1
“ Startups fail when they run out of cash because they • don’t find product-market fit fast enough • fail to create awesome products or “ • gain market traction too slowly Page 2
Our Objectives Your goals are our objectives. Find Product–Market-Fit Faster Find product-market-fit faster, better, with less efforts. Accelerate Sales Sell the right products to the right customers with the right approach. Build Awesome Products Setup professional product management and build products customers love. Page 3
Our Services We provide you with the services you need to succeed. Business Model Product Management Sales Innovation Conduct Professionalize Create Market Research Product Management Sales Strategy Leverage Design Thinking to find out Setup a transparent & collaborative product Define your target market, buyers and set what your customers pay for. management. up the right sales channels for them. Adapt Train Shape Product Roadmap Business Model Sales Team Refine your business model to Help you build a 10x instead of 10% Help your sales people to predictably become profitable. product improvements. and sustainably sell more. Page 4
Market Research Design Thinking enables you to conduct market research and validate ideas quickly. Ambiguity / # Ideas Funky Prototype Dark Horse Functional Prototype Prototype Critical X-Is Function Finished Prototype Prototype Design Final Space Converging Diverging Prototype Exploration Time Page 5
Business Model Review Use the Lean Canvas to describe your business model on 1 page. Problem Solution Unique Value Proposition Unfair Advantage Customer Segments Top 3 problems Top 3 features Single, clear, compelling Can’t be easily Target customers message that states why copied/bought you are different and worth paying attention Key Metrics Channels Key activities you measure Path to customers Cost Structure Revenue Streams Customer Acquisition costs Revenue Model Distribution costs, Hosting Gross Margin … … Page 6
Business Model Validation Constantly validate your assumptions. Reflect Validate Define problem Create prototypes Develop solutions Page 7
Product Manager Responsibilites Product manager responsibilities are often not clearly defined. Page 8
Product Management Organisation A product manager connects engineering, management, the customer and the field to create awesome products. Engineering Customer What to build (Direction) Why to buy (Substitution) Why to develop (Motivation) How it fits (Complementation) How to build (Collaboration) What the value is (ROI) Product Lead / Chief Product Officer (CPO) Management Field Why to build (Strategic value) Why to sell (Motivation) What are the required resources (Planning) How to position (Value & competition) How to approach the market (Priority & roadmap) What to show & Tell (Credibility Page 9
Product Management Objectives Tangible OKRs* help you to get everybody working together on the right things. Productization** Promotion & roll-out** Feedback & education** Professionalize product roadmap Make it easier to understand Improve internal product know-how Modularize service portfolio to products Improve user adoption Educate partners Realize self-service Promote product Build for customers … … … *OKRs: Objective & Key Results, en.wikipedia.org/wiki/OKR **Example Objectives, by nature different for every organisation at various organizational stages Page 10
Product Management Activities The challenge as a startup is to focus on the key activities. Gain insights Analyse Give direction Market research Market analysis Product & portfolio strategy Customer & sales feedback Developing propositions Product roadmaps Competitive research Business cases Evangelise Product performance Pricing Resolve issues Sell Deliver Support go-to-market Write requirements Promote product Support development Develop sales support material Manage projects & suppliers Support sales channels Coordinate roll-outs & trials Page 11
Product Management Approach Take a professional approach from the start. Products: Start simple with a single product line. Only once processes successfully established expand. Product canvas: Cluster and integrate all information on a product also to facilitate internal communication. Roadmap: Keep things simple with a “now/next/later” setup. Product management is not project management. Ideas: Establish simple, accessible ways to capture, maintain and collaborate on ideas. Prioritization: Estimate impact and effort for every feature. Build high-impact / low-effort first. Feedback: Validate your ideas, roadmap and products early & often. Your customers pay your salary. Personas: Capture relevant stakeholders including description, goals, behaviors, frustrations & limitations Designs, Files: Supplement your ideas with images and other information to make them more tangible Integrations: Connect your product management to other relevant work tools such as Slack or JIRA Page 12
Product Management Considerations Take a step back from time to time to review where you are going. Vision: What exactly are you working towards: When would you be “done”? Openness: Who are you building for: Open-source product, a curated platform or a completely “closed” product? Interaction: Who works with your platform: Business users, technical users, management, partners? Make: Features creating a USP (Unique Selling Point) or that are a core competence Buy: Generic functionalities not adding to differentiation on the market Key Decisions: General vs. specific, who for, technology lifecycle etc. Culture: Avoid the ”not-invented-here” syndrome, not everything needs to be invented by you (again) Time Horizon: Build for the next few years, not eternity, assemble to the max Reusability: Strive to build every feature for maximum reusability, avoid “hard-coding” Customer Requests: Strive for configuration instead of customization for robust maintenance Page 13
Market Evaluation Rate each of the 10 factors below on a scale of 0 to 10, where zero is extremely unattractive and 10 is extremely attractive. 1. Urgency: How badly do people want or need this right now? 2. Market Size: How many people are actively purchasing things like this? 3. Pricing Potential: What is the highest average price a purchaser would be willing to spend for a solution? 4. Cost of Customer Acquisition: How easy is it to acquire a new customer? How much money an effort will it cost? 5. Cost of Value-Delivery: How much would it cost to create and deliver the value offered, both in money and effort? 6. Uniqueness of Offer: How unique is your offer versus competing offerings in the market, how easy is it to copy? 7. Speed to Market: How quickly can you create something to sell? 8. Up-Front Investment : How much will you have to invest before you’re ready to sell? 9. Up-Sell Potential: Are there related secondary offers that you could also present to purchasing customers? 10.Evergreen Potential: How much additional work Is required after the initial offer creation it in order to continue selling? Page 14
Sales Channels Validate various sales channels but focus on the 2-3 that work with the biggest leverage. Business Development: Create strategic sales plans, develop strategic relationships, build a predictable deal pipeline. Sales: Establish processes to directly exchange value for money, create a lead-generating sales funnel. Referrals, Affiliate Programs: Encourage customers and other people to refer you to other customers. Events, Speaking Engagements: Meet your target prospects in person and increase brand awareness. Search Engine Optimization: Improve Google ranking to cheaply acquire targeted traffic. Content Marketing: Create relevant, for your customers useful content that people engage with. Blogs: Target other blogs prospective customers read to make them aware and educate them about your solution. Existing Platforms: Leverage web sites, app stores, networks etc. to approach “pre-built” audiences. Publicity, Offline Ads: Increase brand awareness via traditional media such as newspapers, magazines and TV. Unconventional PR: Conduct publicity stunts or scalable actions such as contests or handwritten notes to customers. Search Engine Marketing, Social & Display Ads: Place advertisements on Google AdWords, Facebook, LinkedIn etc. Email Marketing: Convert prospects and retain existing customers with tailored content. Engineering as Marketing: Create (free) tools that gets you in front of your prospects. Further materials medium.com/@yegg/the-19-channels-you-can-use-to-get-traction-93c762d19339, Page 15 amazon.com/Traction-Startup-Achieve-Explosive-Customer-ebook/dp/B00ZE96ZWY
Recommend
More recommend
