Published on March 4, 2014
LEAN LAUNCHPAD AT NYU ITP Class 5 / 12 March 3, 2014 Jen van der Meer | jd1159 at nyu dot edu Josh Knowles | chasing at spaceship dot com Rockets Sketches borrowed from Harry Allen Design
TODAY: 6:00 – 6:30: Working through Customer Relationships and Partnerships 6:30 – 7:00 Guest Speaker Travis Hardman 7:00 – 7:15 Break 7:15 – 8:15 Teams Present 8:15 – 8:30 Dev Planning w. Josh 8:30 – 8:55 Guest Speaker John Bachir
WE ARE HERE . 2/3 Value Proposition UX Tools, Frameworks 1/27 Business Models Customer Development UX Tools Intro 3/17 Spring Break 2/17 President’s Day 2/10 Customer Segments Research Tools 3/24 Customer Development Product Development 3/3 Customer Relationships Partners, Product Development 2/24 Revenue Streams Distribution Product Definition 4/7 Customer Development Product Development 3/31 Customer Development Product Development 3/10 Resources, Activities, Costs, Product Development 4/21 Product MVP 4/14 Customer Development Product Development 4/28 Lessons Learned
CUSTOMER RELATIONSHIPS What are the 3 components? Get Keep Grow (The most important hypothesis)
CUSTOMER ARCHETEYPES What’s their role Who are they How do they buy What matters What pain is being solved for them
CUSTOMER RELATIONSHIPS: DIGITAL
CUSTOMER RELATIONSHIPS: PHYSICAL VS DIGITAL
STRATEGY + TACTICS Physical GROW Strategy: Acquire, activate Tactics: Websites, appstores, search, email, blogs viral social nets, reviews, pr, free trials, home/landing page, webinars Strategy: Interact, Retain Strategy: Interact, retain Tactics: Loyalty programs, product updates, customer surveys, customer check-in calls KEEP Strategy: Awareness, interest, Consideration, Purchase Tactics: Earned Media, paid media, online tools GET Digital Tactics: Customization, user groups, blogs, online help, product tips, bulletins, outreach, affiliates Strategy: New revenue, referrals Strategy: New revenue, referrals Tactics: upsell, cross sell, referrals, unbundling Tactics: upgrades, contests, reorders, refer friends, upsell, cross sell
THE VIRAL LOOP
CUSTOMER ACQUISITION How much will it cost us to get an “activated” customer? “CAC” is cost of all of your sales and marketing expenses over a given period of time, divided by the number of customers acquired in that window. Why this is valuable – test different tactics against each other, and understand how to create a customer acquisition system with you at the help of the inputs.
THE MAGIC ACCELERATOR: THE VIRAL LOOP The viral co-efficient: the average number of invitations sent by each existing user times the conversion rate of invitation to new user. The viral coefficient is referred to as the K value.
SAAS CUSTOMER LIFECYCLE Lean Analytics, Alistair Croll, Benjamin Yoskovitz
PARTNERS Strategic alliances – Social media software and WPP, Omnicom, Publicis Joint new business development efforts – Intel inside, Retail co-ops Co-opetition – Industry week (adweek, fashion week) Key supplier relationships – Historical relationship between Microsoft, Dell, and
WHAT WILL YOU TEST? Hypothesis to get: Acquisition Activation What is your hypothesis to keep: Outreach Events Loyalty Product updates What is your hypothesis to grow: Upsell Cross-sell Next-sell Referrals
WHAT CAME BEFORE STEVE AND ERIC 17
FOR NEXT WEEK 3/3/14
NEXT WEEK PREP: . Watch Lecture on Activities, Resources and Costs Read: Business Model Generation 226-261. Presentation: · Cover slide · Latest version Business Model Canvas with changes marked · Results of last week’s experiments. What passed, what failed, what did you learn? · Proposals for next week’s experiments. What constitutes a pass/fail signal for each?
NEXT: CANVAS REVIEW AND FEEDBACK
ITP TEACHING TEAM Jen van der Meer, Adjunct Professor at ITP since 2008 ITP courses + workshops: Bodies and Buildings, Products Tell Their Stories, ITP VC Pitchfest, . Currently: Luminary Labs, Angel Investor, Health Data Challenges, Judge for startup competitions, + SVA PoD Josh Knowles, ITP ’07 15+ years as an independent developer/consultant, working with numerous brands and start-up clients (currently under the aegis of Frescher-Southern, Ltd.)
STUDENT TEAMS Team Name School Cognitive Toy Box Lindsey Jones Stern Tammy Kwan Stern Hsiang Huang Stern Rodrigo Derteano ITP Maximo Sica ITP Ajejandro Puentes ITP Alon Chitayat ITP Sam Slover ITP Shilpan Bhagat ITP Max Ma ITP Sergio Majluf ITP Su Hyun Kim ITP Christina Yugai Stern Yuliya Parshina Kottas ITP Rose Meacham ITP Alternative Monuments NYBL DiscoverEd Advanced Expression
MENTORS + TEAMS Tom Igoe @tigoe ITP, Arduino, Making Things Talk, NYU ITP Pitchfest Alternative Monuments Julie Berkun Fajgenbaum @julieF Stern Adjunct Professor, Former VP Amex Open, now startup co-founder NYBL Michael Levitz @michael_levitz ITP grad, R/GA, Lean DiscoverED Sarah Krasley @sarahkrasley Autodesk, Sustainability, Berkeley Advanced Expression Chris Milne @greedo1000 IDEO, Toy Lab, Stanford, LEGO Cognitive Toy Box
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