Streamline Your Real Estate Business with airSlate SignNow's Customer Development Funnel

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hello welcome to technical founders my name is carlos lara software engineer and entrepreneur and this video is an introduction to the revolutionary idea of customer development from the book the four steps to the Epiphany by Steve Blank billionaire serial entrepreneur from Silicon Valley this book actually launched the Lean Startup revolution so let's get right into it the first thing that we need to understand here is that a very early stage start when we start a company there are two main teams involved in building the company initially one is the product development team which we two really can understand us the engineers the people who are actually building the product writing the software writing code adding removing features fixing bugs etc and the other main part an equally as important is the customer development team this is the team that is actually out of the building talking to customers learning from them looking for a market getting feedback from potential potential customers in learning about their problems etc and for a start-up it's incredibly important and critical that these two teams the customer development team and the product development team are synchronized everything that the product development team builds or the features that they added cetera depends on or is a function of what the customer development team learns from talking to people okay so the so again extremely important and very revolutionary concept makes all the difference in the world and so the four steps to the Epiphany are these four steps that I've actually written here so the first step is called customer discovery this is where we where we begin our journey to finding a market for our customers etc so the goal of customer discovery is finding out who are the customers for our product and whether the probably believe we are trying to solve is important to them this step involves discovery whether the problem the product and customer hypothesis the business plan are correct at this point the business plan is a set of hypothesis that we that we go ahead and validate with custom using customer development so to do this we need to leave guesswork behind and get outside the building in order to learn what the high value customer problems are what about the product solves these problems and who specifically are the customers and users so for example who has the power to make the buying decision to buy the product or who will actually be using the product on a day to day basis what you learn will also help shape how you will describe your unique differences to other potential customers so here here and in this first step the goal of customer development of the customer development team is not to collect features list from prospective customers and hand that to front to product development nor is it to run a lot of focus groups like market research things like that in a start-up the founders and product development team define the first product and features the job of the customer development team is to see whether there are customers and a market for that vision that's the first step the customer discovery the second step to the Epiphany is called customer validation the goal of this step is to be is to build a repeatable sales roadmap for the sales and marketing team marketing teams that will follow later the sales roadmap is basically the playbook of proven and repeatable sales processes that have been field-tested by successfully selling the product to early customers now customer validation provides you and an initial product market fit so if you make it make it through this step and successfully execute the customer validation step the end result how you know that you act that you actually successfully they are ready to move on after this from this step to the to the next one is that you have found an initial product product market fit so the customers a certain market is resonating quite strongly and responding positively to this product that we have so customer discovery and customer validation corroborate the business model all the hypotheses that we had in there and they they're validated and completing these first two steps verifies the market locates the customers tests the perceived value of the product by the customers identifies the economic buyer so who has the actual power and decision ability to buy the product to pay for it it also establishes the pricing of the product the channel strategy where we're gonna sell it through which channel we're going to sell it to and also the sales cycle and proxy so what what is the sales cycle like the process of getting a customer on board and and getting them to the point where they actually purchase it products and where they look the point where they first learn about the product to the point where they actually bought the product that we call that sales funnel and and this is the customer foundation said we're learning what is approximately on average that that sales funnel what it what does it look like and what the process is for acquiring customers it's extremely important these are the two main steps the key important steps and at the end here before you proceed is when you know you have found an initial product market fit and that's like I've said before this that's an amazing goal every startup wants to get to that point the third step to the Epiphany is called customer creation now customer creation builds on the success of the company's initial sales its goal is to create and user demand and write that to map into the company's sales channel that's what cost pretty creating demand for for the product after those initial sales and at that initial success that you have so the product the process of customer creation actually varies with the type of market that the startup is in and actually we will learn about the four types of start-up markets in the next video there was a lot more insight into into that and the last step to the Epiphany the fourth steps the Epiphany is company building that's elastic so company building is where the company transitions from its informal learning and discovery oriented customer development team into formal departments with people would be piece of sales be piece of marketing the piece of business development at your formalizing this process going from learning and discovery you've done that essentially so you need to transition to building an actual formal company with different departments and more organizational structure so these executives these three pcs need to partner focus on building mission oriented departments focus on expanding on the company's early market success that would be then the next step this is and this is one when you know you're just you beat your becoming successful you're you're going from startup to and asset a large established company that's that's what that point is so those are those those are the four steps to the Epiphany and overview of the customer development process and methodology and the next videos will look more a little bit deeper into each one of these steps so I hope you like them thank you for watching if you have any questions any thoughts any comments please leave them at the bottom also please subscribe so you get so you're the first to be notified when I put out the video of the videos and I'll thank you again and I'll see you next time