Lean Customer Development (Review and Analysis of Alvarez's Book)
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About this ebook
This complete summary of the ideas from Cindy Alvarez's book "Lean Customer Development" demonstrates how traditional companies develop a new product and then look for ways to market it. According to Alvarez, a better approach is ‘Lean Customer Development’, which identifies a customer need and then creates a product to satisfy it. From talking to real customers about their product needs to analysing their answers and deciding what to build, this summary will take you through each step of the process.
Added-value of this summary:
• Save time
• Understand the needs of your customers
• Create products that your customers will pay for
To learn more, read “Lean Customer Development” and get to know your customers’ needs and develop products to satisfy them!
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Lean Customer Development (Review and Analysis of Alvarez's Book) - BusinessNews Publishing
Book Presentation: Lean Customer Development by Cindy Alvarez
Summary of Lean Customer Development (Cindy Alvarez)
Book Abstract
Most companies get busy developing new products and then sit down and try to figure out how to market what they have. Sometimes, this can lead to a situation where you end up with a solution looking for a problem to solve.
A better approach – the Lean Customer Development
approach – is to learn what your customers need and then use that knowledge to build and deliver what they're willing to pay for.
Learn what your customers want ⇒ Build exactly what they will be willing to buy
So how do you achieve that? Lean Customer Development basically consists of five steps:
You form a hypothesis based on what you know about the customer so far
You go out and find real live potential customers and talk to them
You ask them questions which either validates or disproves your hypothesis
You sit down and analyze their answers to understand their needs
You figure out what to build and test so you can keep learning more
Every hypothesis you invalidate through conversations with prospective customers prevents you from wasting time building a product no one will buy. If your hypothesis is wrong or even partially wrong, you want to find out fast. If you can't find customers, you modify your hypothesis. Those course corrections will lead to validating an idea that you know customers want and are willing to pay for.
- Cindy Alvarez