Market Testing, The Agile Way
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Transcript of Market Testing, The Agile Way
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Market Testing, The Agile Way
The Market Sprint
@explorics
Aggressive Market Testing
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better market testing
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time to release first
product
cost to create first product
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we’re spending less time we’re spending less time getting to know our getting to know our
customercustomer
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involve the
user!
involve the
user!
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but what about the buyer?
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what you want to avoid
6 12 18 24 30 36
first release
expanded
features
major pivot
1 major pivot
2
traction… finally
stagnation
Use
rs /
Revenu
e
Time In Business
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lean startup / customer development
Customer Discovery– Stop selling, start listening– Test your hypothesis
Customer Validation– Develop a repeatable sales
process– Only earlyvangelists are crazy
enough to buy
Steven Blank
Eric Ries
Market Sprint
=
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what the market sprint is
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the market sprint
Process for quickly and inexpensively testing & validating go-to-market strategy
•Demand-driven•Risk-reducing•Evidence-based•Monetization-focused
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start with demand.
deliver what
people want.
Market Sprints are demand-driven
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finding demand vs. creating demand
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start with your biggest unknown. figure it out. then
move on.
Market Sprints are risk-reducing
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Market Sprints are evidence-based
research testingresearch testing
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get outside. get dirty.get outside. get dirty.
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there is a big difference there is a big difference between “would you buy” and between “would you buy” and
“will you buy”“will you buy”
there is a big difference there is a big difference between “would you buy” and between “would you buy” and
“will you buy”“will you buy”
Market Sprints are monetization-focused
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how the market sprint works
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we developed the market sprint concept
based on agile
(review market observations)
repeatable demand gen engine (at limited scale)
Program artifacts
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3. Execute IterateAnalyze
4. Next Highest Risk
1. Assess & Plan
2. Design a Test
The Market Sprint Process
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phase 1: assessing your market & planning your sprint
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3 variables, 3 unknowns
Target Customer
& Pain Point
Channel & Message
Compelling Offer
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one variable is your anchor
hold it steady throughout the sprint
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one variable is your pushpin
doesn’t need to be optimal, just good enough
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you iterate on the last variable
change parameters, run experiments, gather results
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examples: 4-8 week sprints
Anchor Pushpin IterateTarget:
HR reps at small & mid-sized companies
Channel:Google Adwords
Offer:Range of
engagement programs &
trials
Channel:Telemarketing
Offer:Meeting with in-house thought
leadership
Target:Who at target
companies bites, why?
Target:Data analysts
Offer:Downloadable
software
Channel:Various
communities & online ad platforms
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the sprint
map
Targ
et C
usto
mer
Pain
Poi
nt
Channel
Message
Conversion
Offer
Interest tracking progress & demonstrating results
ANCHOR
PUSHPIN
ITERATE
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discovering your targetsegment analysis
market sizing
buyer/user personas
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discovering your channelchannel map
credit to B2B Lead Blog
elevator pitch
funnel analysis
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discovering your offer
competitive & landscape analysis
conversation roadmap
credit to Corporate Visions, Inc.
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preparing the sprint
map
Targ
et C
usto
mer
Pain
Poi
nt
Channel
Message
Conversion
Offer
Interest
ANCHOR
PUSHPIN
ITERATE
Gen Counsel
Sales/Mktg
Execs
ProdMgrs
Telemktg
Meeting
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phase 2:designing the test
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define an experience, starting with demand
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WEBWEB
DESKTOPDESKTOP
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identify risks concentrate on the biggest
one
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Landing Page
Register
Instructions
Forum
WEBWEB
DESKTOPDESKTOP
not enough search volume
not enough search volume
poor conversion
poor conversion
lacks credibility –
people don’t
download
lacks credibility –
people don’t
download
instructions too
difficult
instructions too
difficult
registration
cancelled
registration
cancelled
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eliminate complexity everywhere else
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Landing Page
Instructions
Forum
WEBWEB
focus herefocus here
don’t need a download yet…
just need to know if they click the
link
don’t need a download yet…
just need to know if they click the
link
“we’re almost ready to launch” page, engage on forum anyway
“we’re almost ready to launch” page, engage on forum anyway
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maximum flexibilityminimum cost
• track in salesforce.com
• conduct a transaction
• create documents, landing pages, graphics
• acquire a list
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• 50%+ conversion
• No angry users!
• 50%+ conversion
• No angry users!
vaporware, bait & switchin the name of learning
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know exactly what you are going to measure, what
success means
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phase 3:executing, iterating, and analyzing
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preparing the sprint
map
Targ
et C
usto
mer
Pain
Poi
nt
Channel
Message
Conversion
Offer
Interest
ANCHOR
PUSHPIN
ITERATE
Gen Counsel
Sales/Mktg
Execs
ProdMgrs
Telemktg
Meeting
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toss stuff out that
isn’t working
Targ
et C
usto
mer
Pain
Poi
nt
Channel
Message
Conversion
Offer
Interest
ANCHOR
PUSHPIN
ITERATE
Gen Counsel
Sales/Mktg
Execs
ProdMgrs
Telemktg
Meeting
not reachable
no urgen
cy
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advance stuff that
is working
Targ
et C
usto
mer
Pain
Poi
nt
Channel
Message
Conversion
Offer
Interest
ANCHOR
PUSHPIN
ITERATE
Gen Counsel
Sales/Mktg
Execs
ProdMgrs
Telemktg
Meeting
revenue recovery
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build connectio
ns
Targ
et C
usto
mer
Pain
Poi
nt
Channel
Message
Conversion
Offer
Interest
ANCHOR
PUSHPIN
ITERATE
Gen Counsel
Sales/Mktg
Execs
ProdMgrs
Telemktg
Meeting
revenue recovery
10-25% more $
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converge on
conversion
Targ
et C
usto
mer
Pain
Poi
nt
Channel
Message
Conversion
Offer
Interest
ANCHOR
PUSHPIN
ITERATE
Gen Counsel
Sales/Mktg
Execs
ProdMgrs
Telemktg
Meeting
revenue recovery
10-25% more $
rev assess-
ment
![Page 45: Market Testing, The Agile Way](https://reader033.fdocuments.net/reader033/viewer/2022061300/54c7dcb04a7959a3488b459c/html5/thumbnails/45.jpg)
DRIVE LEADS!
Targ
et C
usto
mer
Pain
Poi
nt
Channel
Message
Conversion
Offer
Interest
ANCHOR
PUSHPIN
ITERATE
Gen Counsel
Sales/Mktg
Execs
ProdMgrs
Telemktg
Meeting
revenue recovery
10-25% more $
rev assess-
ment
leads
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phase 4:go after your next biggest risk
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identify risks concentrate on the biggest
one
Search AdHate your antivirus?Compare it with Bit9's advancedprotection that stops all malware.bit9.com/amp
Download Install
Landing Page
Register
Instructions
Forum
WEBWEB
DESKTOPDESKTOP
not enough search volume
not enough search volume
lacks credibility –
people don’t
download
lacks credibility –
people don’t
download
instructions too
difficult
instructions too
difficult
registration
cancelled
registration
cancelled
![Page 48: Market Testing, The Agile Way](https://reader033.fdocuments.net/reader033/viewer/2022061300/54c7dcb04a7959a3488b459c/html5/thumbnails/48.jpg)
usually, switch
pushpin &
iteration
Targ
et C
usto
mer
Pain
Poi
nt
Channel
Message
Conversion
Offer
Interest
ANCHOR
ITERATE
PUSHPIN
ProdMgrs
Telemktg
revenue recovery
10-25% more $
Meeting
custom report
SaaS product
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some lessons learned
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don’t be don’t be afraid to go afraid to go out on a out on a limblimb
• people won’t flame you publiclypeople won’t flame you publicly• people won’t be pissed at people won’t be pissed at
shortcomingsshortcomings• people won’t challenge your messagepeople won’t challenge your message• people won’t REMEMBER!people won’t REMEMBER!
you you don’t don’t
have far have far to fallto fall
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set expectations
Leads come late.
Help people understand you are building an
engine.
Otherwise they will only look for leads.
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use the expertise of use the expertise of partnerspartners
– SEOSEO– PPCPPC– EmailEmail– Copy writing / Copy writing /
editingediting– Marketing Marketing
automationautomation– TelemarketingTelemarketing– Indirect marketingIndirect marketing– BloggingBlogging– Social mediaSocial media– PR / PR 2.0PR / PR 2.0– Influencer relationsInfluencer relations
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choosing partnerschoosing partners
make sure they make sure they can support you can support you with:with:•tight test cyclestight test cycles•rapid changesrapid changes•communicationcommunication•metrics, analysismetrics, analysis