Module 2: Product Strategy & Customer Discovery

The main purpose of customer discovery is to:

• Hire a sales team early

• Create advertisements

• Validate customer problems before building a solution

• Raise funds

Product strategy defines:

• The company’s HR plan

• The factory location

• What to build, for whom, and why it matters

• The tax structure

Product-Market Fit (PMF) is achieved when:

• Customers love and repeatedly use your product

• You complete your MVP

• The investors are satisfied

• Competitors imitate your features

The Build–Measure–Learn loop helps startups to:

• Learn through user feedback and iteration

• Avoid market research

• Write business plans

• Predict profits

Customer Segmentation divides users based on:

• Geographic boundaries only

• Random selection

• Shared characteristics and behaviors

• Budget size

TAM, SAM, SOM help founders to:

• Determine product pricing

• Estimate total and target market sizes

• Forecast sales tax

• Measure employee satisfaction

An MVP (Minimum Viable Product) should:

• Be a full version

• Test key assumptions with minimal resources

• Focus on branding

• Include all features

The goal of customer interviews is to:

• Pitch your solution

• Understand real problems and motivations

• Ask closed-ended questions

• Sell immediately

Early adopters are:

• Retailers

• Influencers

• Customers who try new products before others

• Competitors

The Value Proposition Canvas links:

• Revenue to cost

• Product to pricing

• Customer pains/gains with product value

• Marketing to operations