Running Lean

A nice side effect of starting small is that Larry can afford to provide a high-touch customer experience. This lets him sidestep a few shortcomings of his MVP and still overdeliver on value, while maximizing learning from his customers. His first batch of customers is blown away by Larry’s attention to detail and responsiveness to their needs. He

By the end of this first stage, you specifically need to: Have a clear understanding of your customers’ needs (and wants) Know the smallest thing you need to build to deliver value to your customers (your MVP) Have secured sufficient tangible commitments (e.g., advance payments, letters of intent) from customers

Acquisition: Signed up for a free account Activation: Completed a Lean Canvas Retention: Came back and used the product Revenue: Upgraded to a paid account Referrals: Invited others to their project

For a content growth loop, try to assess the value of this content to new users using tools like Google’s Keyword Planner to understand search volume for certain keywords.

Triggers are what define the context that shapes the job-to-be-done.

Prefer outcomes over outputs Remember the drill bit example? Customers don’t want a quarter-inch hole, they want what comes after. Make sure your first summit delivers a desired outcome, not an undesirable outcome. Aim to satisfy an emotional want, not a functional need.

Distinguish between customers and users If you have multiple actors in your business model, aim to first identify your customers. A customer is someone who pays for your product. A user does not.

Consider a different customer segment You can find every product from bottled water to cars offered on a wide spectrum of prices. The type of customer who buys a $25,000 car is very different from one who buys a $250,000 car. Pricing is not only a part of your product, it defines your customer segment.

Here, we are going to apply the Innovator’s Gift to stress test the viability of your revenue streams—i.e., do you have a big enough problem worth solving? Remember