Curated Resource ( ? )

A Lean Alternative to a Business Plan: Documenting Your Product/Market Fit Hypotheses

A Lean Alternative to a Business Plan: Documenting Your Product/Market Fit Hypotheses

my notes ( ? )

"the most efficient way to operate during the earliest phases of a startup lies in between a formal business plan and unstructured iteration... documenting your initial product/market fit hypotheses, systematically validating each of the most uncertain hypotheses, and continually iterating on and updating [them] ... through customer validation, MVP launches, and future product iterations"

1) clear, very specific, core target audience: product user v. decisionmaker: specific industries: company sizes?

2) the problem being solved: understand all previously tried solutions; be a painkiller, not just vitamin, for your target audience; be worth the switching cost.

3) define your specific value proposition, "phrased in the customer's terms in how it will address the problem you're solving as well as improve their lives or business": limit yourself to 3;

4) define your "strategic differentiation ... unique assets or capabilities ... to make ... [your solution] superior"

5) ID competitors

6) "Acquisition strategy ... [how you'll] drive awareness, interest, desire, and adoption": includes acquisition cost per channel

7) Monetisation strategy, incl. "price points ... willingness to pay ... understanding the value you are creating for the customer ... or comparing existing solutions"

8) KPIs: define as "early as possible ... prevents you from "seeing what you want to see". Define benchmarks

Read the Full Post

The above notes were curated from the full post www.sachinrekhi.com/a-lean-alternative-to-a-business-plan-documenting-your-product-market-fit-hypotheses.

Related reading

More Stuff I Like

More Stuff tagged startup , metrics , business plan , audience research , product/market fit

See also: Communication Strategy , Content Strategy , Digital Transformation , Innovation Strategy , Communications Strategy , Business

Cookies disclaimer

MyHub.ai saves very few cookies onto your device: we need some to monitor site traffic using Google Analytics, while another protects you from a cross-site request forgeries. Nevertheless, you can disable the usage of cookies by changing the settings of your browser. By browsing our website without changing the browser settings, you grant us permission to store that information on your device. More details in our Privacy Policy.