Testing Your Product and Getting Feedback: Crash Course Business Entrepreneurship #7
TLDRThe script discusses strategies for entrepreneurs to get valuable feedback on their minimum viable product (MVP) from potential customers. It emphasizes talking to customers early and often to understand if the product provides value. It details effective feedback methods like surveys, focus groups, interviews, and product demos. The goal is to gather quantitative and qualitative data to uncover opportunities for improvement before officially launching. It advises analyzing trends in responses and using feedback to modify the MVP so future customers get what they’re paying for.
Takeaways
- 😀 To validate our business ideas, we need honest customer feedback on our MVP through surveys, focus groups, interviews, and product demos
- 🤔 We should start by getting feedback from friends and family, then expand outwards to unbiased opinions from networks, cold contacts, and even strangers
- 📝 Well-designed surveys with questions on demographics, demand, and willingness to pay can quickly get large amounts of helpful quantitative data
- 🗣 More qualitative feedback comes from focus groups, interviews, and product demos where we can ask follow-up questions
- 😊 Being bold, friendly, and respectful can help entrepreneurs connect with potential customers for valuable feedback
- 📈 Analyze feedback by categorizing responses, calculating averages, and watching for larger trends instead of isolated opinions
- 🔧 Use insights gathered to improve the MVP by tweaking designs or focusing on well-received features before officially launching
- 🎯 The bottom line question is if target customers will buy whatever an entrepreneur is selling after gathering feedback
- 🙌 Connections through schools, networking groups, and events can lead to crucial feedback, support, and even presale orders
- 😥 Not all product ideas, even questionable ones like Cheetos lip balm, may get validation from initial customer feedback
Q & A
What are some key things entrepreneurs should validate before launching their business?
-Entrepreneurs should validate their value proposition, minimum viable product (MVP), and there is demand for their product or service before launching through methods like surveys, focus groups, interviews, and product demonstrations.
Why is getting feedback on your MVP so important?
-Getting feedback on your MVP is crucial for making improvements to your product or service before fully launching. It helps entrepreneurs understand if people will actually buy what they are trying to sell.
What are some places entrepreneurs can connect with to get helpful feedback?
-Some good places to connect with are universities and colleges, entrepreneurial advocate groups, networking events, and Startup Weekends. These places can provide useful feedback, support, and connections.
What are some differences between quantitative and qualitative feedback?
-Quantitative feedback involves numbers, like product ratings or willingness to pay amounts. Qualitative feedback includes people's more descriptive thoughts and opinions about a product.
How many survey responses should entrepreneurs aim for?
-Entrepreneurs should aim for at least 100 survey responses, but more responses lead to more useful results and trends.
What does the phrase 'get out of the building' mean?
-The phrase 'get out of the building,' coined by Steve Blank, means entrepreneurs should go talk to actual potential customers rather than just relying on their internal team's opinions.
What are some ways entrepreneurs can conduct surveys?
-Surveys can be conducted through online services like SurveyMonkey, in-person interviews, phone calls, handing out physical surveys, or posting on social media.
Why is self-awareness an important quality for entrepreneurs?
-Self-awareness helps entrepreneurs avoid inappropriate asks and build relationships in a respectful way as they seek feedback.
How should entrepreneurs interpret mixed or negative feedback?
-Entrepreneurs should look for trends rather than focusing on a few outliers. But all feedback should inform potential product pivots or improvements.
What main decision should feedback inform?
-The main decision feedback should inform is whether people will actually buy the product or service based on their needs, desires, and willingness to pay.
Outlines
🎤 Introducing Key Strategies for Getting Customer Feedback
This paragraph introduces the video series Crash Course Business: Entrepreneurship. It emphasizes the importance of talking to customers to get honest feedback on products and services. It acknowledges the awkwardness but necessity of having these conversations as entrepreneurs.
📊 Surveys Provide Flexible Ways to Get Lots of Responses
This paragraph focuses on surveys as a feedback method. It recommends having sections on target market, demand, and willingness to pay. It provides tips on creating digital or paper surveys and distributing them through networks or posting publicly.
😮 Focus Groups and Interviews Reveal More In-Depth Insights
This paragraph contrasts surveys with focus groups and interviews which provide more detailed qualitative feedback. It cautions against stalking but encourages calculated risks to connect with potential users. It emphasizes self-awareness when approaching strangers for feedback.
🤔 Analyze Trends in Quantitative and Qualitative Feedback
This paragraph discusses analyzing survey feedback using quantitative ratings and qualitative comments. It recommends collecting at least 100 survey responses and detecting trends across the data to identify opportunities for improvement.
Mindmap
Keywords
💡entrepreneur
💡feedback
💡minimum viable product (MVP)
💡validation
💡quantitative vs. qualitative feedback
💡surveys
💡interviews
💡product demonstration
💡pivots
💡value proposition
Highlights
feedback in these early stages informs all kinds of crucial decisions
some of the trickiest customer interactions are getting people interested in our product or service in the first place
The goal of this stage in the process is putting our MVP through validation, or initial tests, before launching
We have to be the boldest versions of ourselves to send out surveys, conduct interviews, and give presentations to end up with the best business idea possible
Friends and family are a good place to make sure your questions make sense and will get you the type of feedback you’re looking for
In the age of social media, consider posting a link to your survey on Twitter, Facebook, or even Instagram
Focus groups and interviews take more time and don’t have the same reach as a survey. But the feedback can help you figure out what really needs to change, or what people truly like
Best case scenario: after hearing about the game and demoing it, people start asking when Explorers of CATopia will come out
Connections at each of these places can fundamentally change your progress, support, and feedback
Quantitative feedback involves numbers -- things like rating our product or service on a 5-point scale
Qualitative feedback is basically everything else -- people’s meandering thoughts about what they liked or didn’t like
We should try to have at least 100 responses, but more responses lead to more useful results
If a self-proclaimed technophobe says your paper-thin tablet is a huge monstrosity, you may need to ask yourself: is this one criticism from someone who will never be my customer?
We want to make sure our future customers get what they’re paying for
Next time, we’ll get into the key resources and activities that entrepreneurs juggle when starting up a business
Transcripts
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