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Hi Reader, Do you have a business idea, but don't know where to start. In the first five minutes of the book, he shows you how phrases like
forces people to lie and give you fake validation and ego boost. End result? 7 months of focusing on the wrong idea, thousands of dollars down the drain and crickets instead of customers. So, Iâve read the entire book and summarized it to give you step-by-step instructions on how to start, conduct, and end interviews. Weâll break it down to 5 Stages Stage 1 â Setting the Stage Stage 2 â Getting your Ducks in a Row Stage 3 â What to Avoid like Plague Stage 4 â Diving Deep Stage 5â How to end with a WIN Letâs get into it. Stage 1 â Setting the Stage The first step is framing the meeting to a prospective customer. No one wants to âget on a call for 5 minutesâ, or feel like theyâll get nothing out of the meeting for your customer validation. So, if youâre talking to normal customers like friends, or social media connections, or someone you met at an event, it shouldnât even be a meeting. It should be a casual conversation about their problem, what theyâve been trying now, and whatâs working or whatâs not working. Donât mention your product because if you have, youâve started pitching. Theyâll be forced to compliment you on how âgreatâ your idea is, and youâve ruined the market âresearchâ This is customer validation. It is for finding out if they really have space for your product, and if they care about the problem. However, if you are setting a meeting with a lead in a company, an investor, or someone required to go more formal, hereâs the framework you should use: Vision / Framing / Weakness / Pedestal / Ask (To remember : Very Few Wizards Properly Ask) Example â âIâm trying to make desk & office rental less for pain for new buisnesses (vision). Weâre just starting out and donât have anything to sell, but want to make sure weâre building something that actually helps (framing). Iâve only ever come at it from tenantâs side and Iâm having a hard time understanding how it all works from landlordâs perspective (weakness). Youâve been renting out desks for a while and could really help me cut through the fog (pedestal) Do you have time in next couple weeks to meet up for a chat? (Ask)â Thatâs it. Stage 2 â Getting your Ducks in a Row That is, preparing for the real meeting. Before every meeting think about the 3 BIG QUESTIONS you want to ask. List down 3 BIG Qs for customers, investors, hire etc. before jumping into any meeting. These 3 big questions can change through the journey of your product but always have them. Next, is the MOM TEST â the real big idea of the book. The Mom Test has 3 simple rules: Rule 1. Talk about their life instead of your idea. Rule 2. Ask about specifics in the PAST instead of generic opinions about the future. Donât ask âWould you buy this..â Everyone is insanely optimistic about the future and they canât say no to your face. Instead, ask âHave you downloaded an app to solve thisâ If theyâve never downloaded an app to solve their problem, they wonât download yours. Rule 3. Talk less, listen more Drill this into your head, even practice it with your friends before you get into a meeting. Stage 3 â What to Avoid Like a Plague Now, before getting into what to do, letâs look into what to avoid in a meeting. Never ask if they would pay for your idea. Instead, ask how much theyâve spend to fix this problem. Never ask how is your idea. No one should be telling you how is your idea. Only the market can do that. Never get happy about compliments. âThatâs a cool productâ- Theyâre stalling and diverting you. They wanna get out of it fast. Deflect them and get on the point. Never believe in generic phrases like I usually, I always, I never, I would, I will, I might, I could. If they are using this, steer them to data. Ask them what happened the last time and what they did. Ask they why they feel so, and what they face. Data of the past is Stage 4 â Diving Deep Now letâs get into what you should be doing. Start with their problem. Let them vent how much it affects them. Then ask them to go to the last instance it happened. What did they do to fix it? âUgh, I wish there was a coupon app that did bla bla blaâ But did they download the 100s of apps that exists. If not, they wonât download yours. If yes, ask what was missing? Talk about the past. Itâll always give you insights. Talk about which parts of the process they love and hate. Ask which other tools theyâve tried Are they actively searching for a replacement? If yes, whats the sticking point. If no? Why Is there a budget they have to fix the problem? How much theyâve spent in the past? -> Much better than asking how much they will spend in future. Ask âWHY DO YOU BOTHER?â Sometimes tech guys think that finance founders want data to analyse and thatâs why asked for data reports. So they make a whole effing dashboards, but in the end, finance guys just wanted the data to just send customer reports. Ask âWhat are the implications of that problemâ . Sometimes people call it a DISASTER, but once you ask about implication, they say âOh we just threw a bunch of interns at it, and itâs fineâ Most people are complainers, not customers. They moan about a problem but they donât wanna fix it. That means the problem is not big enough and their emotional outbursts are just emotional, not actual problems. Some more definite questions you can ask To dig for feature requests What do you want that What would that let you do How are you coping without it How would that fit into your day To dig for emotional signals Tell me more about that That seems to bug you, I bet thereâs a story here What makes it so awful Why havent you been able to fix it already? Does this problem matter? How seriously do you take your blog? Do you make money from it? Have you tried making money from it? How much time do you spend on it per week? Do you have tools that you use for it? What are the 3 things you can improve right now? The whole meeting should be about the problem. You should not be mentioning the product at all. You arenât allowed to tell them what their problem is, and they arenât allowed to tell you what to build. They own the problem, you own the solution. Stage 5 â How to end with a WIN The Biggest mistake founders make â they feel that the meeting went great. âThey were interested, they loved the idea, theyâd pay for the ideaâ And 6 mos later, itâs crickets town. If the meeting didnât end in a yes or no, it was not a good meeting. After every meeting you should strive for a commitment. Do not let it end with âLet me know when you launchâ âThatâs cool, I loved itâ. By giving them a clear chance to either commit or reject, you can get out of a friend zone and identify real leads. There are no good meetings. Itâs either a YES or NO. Commitments can include: time commitment (clear next meeting with known goals, sitting down to give feedback on wireframes, using a trial of the product), reputation risk (intro to peers or team, intro to decision maker, giving a case study or testimonial), financial commitment (letter of intent, pre order, deposit) If they donât, itâs fine. Atleast you can go and focus on other real leads. Rejection is not a real failure, but not asking certainly is. If after a couple of these, you feel like youâre getting negative validation, thatâs still a GREAT RESULT. If youâve only got one shot, then bad news is bad news. If you hustle together $50K and spend all of it and see it fail, then itâs bad. But if you know itâs bad before, or have only spent $5K before, itâs good news. At least you know. Even lukewarm is a terrific response, it gives you a crystal clear signal that this person does not care. Itâs reliable information. So, strive for a commitment at the end of the meeting. Now letâs conclude. Frame the meeting Prepare for 3 big questions and the mom test. Avoid direct references to your products, compliments, and future promises. Talk about their problem, their past, their past actions, what they did to solve. Get a clear yes with a commitment or a clear no. Even a rejection or lukewarm response is fine. Donât just dangle in the friend zone. Talk about the past and not the future. If you liked this article, go read the Mom Test. Even this isnât enough sauce, and youâll learn a lot more with his examples and phrases. If you liked this, Iâd appreciate some love on this post. Iâm also doing SaaS marketing deep dives over 30 pieces of content, so follow along if you loved it :) Let me know what else you wanna learn. Iâll read, watch, research and summarize. You can checkout older posts on the series on my profile :) Download Fearless. âhttp://fearless-tribe.comâ Help me by writing a short recommendation. Play Store: https://play.google.com/store/apps/details?id=com.fearless.tribe&hl=de_CH&gl=USâ App Store: https://apps.apple.com/ch/app/fearless-life/id6459058894â It's for you just 1 min and you help me with it a lot. PS: Join the fearless tribe telegram group: t.me/fearless_tribeâ |
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Hi Reader, I've invested thousands of hours into developing an education program that aims to democratize the secrets of innovation knowledge, startup secrets and venture capitalists' methodologies: Derisking Micro MBA: Learn to think like a venture capitalist & master the art of deriskingYou will learn: đĄ Transform your vague business ideas into a portfolio of worth-building & investable products.đ§ Learn how to explore business concepts.âď¸ Validate your product.â ď¸ Manage risks and derisk...
Hi Reader, I've invested thousands of hours into developing an education program that aims to democratize the secrets of innovation knowledge, startup secrets and venture capitalists' methodologies: Derisking Micro MBA: Learn to think like a venture capitalist & master the art of deriskingYou will learn: đĄ Transform your vague business ideas into a portfolio of worth-building & investable products.đ§ Learn how to explore business concepts.âď¸ Validate your product.â ď¸ Manage risks and derisk...