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How to start a successful business
How to build a strong team
How to market your business
Customer Discovery
Customer Discovery “is all about questioning your core business assumptions.” (Brant Cooper, author of The Lean Entrepreneur)
Performed correctly, Customer Discovery is a customer-centric, scientific process that puts evidence behind an assumed product-market fit:
- Observing and defining a phenomenon (problem or market need)
- Developing a hypothesis about a solution to the problem (business idea)
- Conducting an experiment to test the hypothesis (getting “out of the building”)
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The 4 Steps of Customer Discovery
- Define a Hypothesis: Form a hypothesis that defines both the problem & the solution. A way to frame this is to fill in the following sentence: My idea solves [insert problem] by [insert solution].
- Define Your Assumptions: In the hypothesis, you are some assumptions about the idea: The problem is actually a problem. The solution will actually solve the problem. The market has this problem are are willing to pay.
- Ask (Good) Questions. Target people who you believe could be potential customers.
- Evaluate & Refine: Incorporate what you’ve learned & repeat the process
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Good Customer Discovery Questions
Customer Discovery questions are open-ended & nonspecific. You are letting the customer lead the conversation & tell you about their struggle. Example questions:
- Tell me how you currently do _____________________.
- How is that process working for you?
- If you could do anything to improve your experience with ___________________, what would it be?
- What’s the hardest part about ______________?
- What do you like/dislike about ______________?
Pay attention to the words, attitude or tone of voice. They can reveal huge insights.
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Customer Discovery Hypotheses
Different kinds of hypotheses reflect different stages of your Customer Discovery journey:
- Problem Hypothesis: Validate the problem you’re looking to solve. Is it an actual problem? What’s the scope of it? Why does the problem exist?
- Solution Hypothesis: The solution to a problem you’ve identified. Does it actually solve the problem in the customer’s eyes?
- Price Hypothesis: Is it feasible? Can it generate revenue? Are customers willing to purchase?
- Go-to-Market Hypothesis: How will distribution work? How will users find your product?
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CURATED BY
Life-long learner. Passionate about leadership, entrepreneurship, philosophy, Buddhism & SF. Founder @deepstash.
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