Business benefits
Pick a market you can win by engaging with the right customers and extracting the right insights.
Make a customer list using the customer list template. Rate your customers’ levels of joy, access, profitability, and pain.
Make a hypothesis about your minimum viable market (MVM).
Fill out the jobs-to-be-done framework worksheet to move further into understanding your MVM.
Reach out to your customers to request a conversation. Work at making an actual connection – personalize your request, send a gift, or offer to pay for their time.
- Send a personalized video.
- Send them a gift.
- Send a handwritten note.
- Audit their site for free.
- Offer to pay for their time.
Interview customers and record the calls. Ask them questions about how they came to make a decision to purchase your product.
Questions:
- What alternatives did you look at?
- How did you go about researching potential solutions?
- What solutions did you consider?
- Now that you have our product, what’s something you’re able to do that you weren’t able to do before?
- What made you confident that our product was the right solution?
- Who do you look at or talk to about making a decision about a purchase?
- How did you spend your time in thinking about or researching your purchase?
- Is there anything else you’d like to add?
Transcribe your conversations and categorize them into themes. Use the customer research worksheet to make this process easier.
Identify core or recurring themes. Look for differences in the marketplace that these core themes point towards as something you can take advantage of.
If core themes point to customer problems that your product solves, check that landing pages in your sales funnel emphasize the way your product solves these problems.
If some of the core themes point to customer problems that your product currently doesn’t solve, consider talking to your product team to evolve a feature set and reposition your product.
List attributes of an audience that meet the marketplace differences you can take advantage of.
Consider:
- Where you operate.
- Demographics, like age, gender, and marital status.
- Firmographics, like role and industry.
- Geographics, like city, country, or area.
Beware of red flags:
- You have cornered the market already.
- Fewer than 10 direct competitors, or more than 200.
- The minimum viable market value is less than the revenue you’re projecting.
- Your segment is incoherent; there is no name, or you can’t find places where they hang out.
- They don’t seem to talk to each other
Last edited by @hesh_fekry 2023-11-14T10:05:57Z