I recently did an in depth interview with Jen Berkley Jackson of The Insight Advantage on primary research tools. Jen works with companies to help them make sure that they understand their customers better than any competitor or potential competitor. Her firm performs primary research for clients, using a variety of tools to gather information from customers, prospective customers, and the general market. Because of her considerable experience with a range of primary research tools I took this as an opportunity to explore the spectrum approaches that are available.
Ash Maurya rebooted his blog as “The Space Between“–experimental format where he is exploring the space between ideas–and has offered a number of short reflective posts. Here are excerpts from three where he explores the value of planning and reflection, and the need to prioritize learning over the illusion of progress.
Much has been written about a startup making a pivot in direction after Eric Ries first coined the term
in a 2009 blog post “Pivot don’t Jump to a New Vision.” The word pivot has attracted almost as much wordplay as the word lean. What follows is a short list of good and bad reasons to pivot.
Larry Smith is an Economics Professor of Economics at the University of Waterloo who writes and lectures on Entrepreneurship, innovation, and Technology markets. What follows is part of a conversation he had with Alan Quarry in the AQ’s Blog & Grill series of interviews with entrepreneurs. His key point, that he makes in a somewhat cranky fashion, is that technology entrepreneurship is a complex undertaking that requires patience, careful analysis, and planning.
This is a webinar replay that was recorded on Wednesday, June 8, 2011 with Massimo Paolini, Miles Kehoe, Dorai Thodla, and Sean Murphy discussing Barry Moltz‘s “You Need to Be a Little Crazy: The Truth about Starting and Growing Your Business.” They share how they personally found the courage to start their businesses and their desire to make “working for yourself” mean not only a better job but building equity.
Theodore Zeldin gave a series of six lectures on conversation that were collected in slim book called “Conversation: How Talk Can Change Our Lives.” I found it offered a number of insights on what is needed for a serious conversation. And since serious conversation is one of the primary tools for early market exploration and customer development; I have curated a list of nine excerpts I think entrepreneurs will find useful.
My interview with Gabriel Weinberg was originally published Sep-8-2010. He was doing research for what became his fantastic book Traction. We talked for the better part of an hour and a half and I can remember he kept returning in different ways to what was needed to close your first dozen enterprise customers.
Q: My software consultancy has reached the point of needing to hire someone to help manage the sales pipeline. I’ve hired all kinds of technical related folks, but never for sales.
While asking for a letter of intent may seem like a useful shortcut to assessing prospect intent, it normally causes many more problems than it solves.
It will be twenty plus years before there is a 3D printer in most homes due to limitations of the cost of the machine, material, obtaining software and learning how to use the software. Other fundamentally problem that prevent 3D printers being adapted by the public are to understanding of design, physics, and material science and a change of behavior of making things at home.
Entrepreneurs who limit themselves to what they could learn if their prospects lacked the power of speech adopt what I call a veterinary marketing model. It’s not a viable approach to market exploration.
Any innovation effort is a painful struggle punctuated by false starts and dead ends. Your efforts are met with lack of interest even when a basic invention is working and active resistance when it starts to replace the tried and true. Like any childbirth the trick is managing the pain long enough to deliver.
Trust is built over repeated interactions between people. If your business requires long term relationships then you have to make sure that investments in automation are not deployed in a way that undercut your ability to have real conversations. Unfortunately, some uses of email automation tools are pushing sales conversations into the “Uncanny Valley” because they strive to simulate–but miss–a genuine personalized touch.
Q: We have a product for bloggers but I am having a lot of trouble getting leads. I have met bloggers from popular media companies at events, I have cold called them, e-mailed them, and e-mailed to on-line groups that I am a member of. None of this has worked. How do I interest people in my product?
I have a couple of suggestions:
Customer discovery interviews are essential to testing key B2B product hypotheses and understanding your target customers’ needs. Broadly there are five ways that you can reach out to potential customers to have a discovery conversation. All of them assume that you have a clear picture of who your target is and a few key questions that they will be willing and able to answer that will indicate they have a problem or need your solution may address.
Christoph Guetter suggests in “The eye is a window to the brain; but who’s looking?” that the micron scale resolution of optical coherence tomography (OCT) for in vivo cross-sectional imaging of the human retina may allow earlier and more accurate diagnoses of several common neurodegenerative disorders: Multiple Sclerosis (MS), Alzheimer’s disease, Parkinson’s disease, and amyotrophic lateral sclerosis (ALS).
Q: Should I ask prospects if they would use my product? How do I interpret “yes”, “no”, and “maybe.”
Q: I struggle with the value proposition for our product. Either I am too abstract “we offer a positive return on time invested” or too vague “help increase your ability to manage critical challenges.” Do you have any suggestions for how to frame or formulate a value proposition?
Here a few questions that a value proposition normally addresses
These are excerpts from Episode 9 of Outlier on Air: Tristan Kromer, A Lean Approach to Business. They are in the same sequence the took place in the interview but a number of stories and asides have been omitted to focus on what I felt were some extremely valuable insights from Tristan Kromer on clarifying and testing customer and value hypotheses.