Theme 1 : Customers
Customer Case Study
Erdin opens a Lamborghini dealership – would you take Laura’s business?
Check out the videos and decide for yourself!
Market Research
The right market research method must be chosen based on what you’re trying to discover. At
this stage in the process, you have a problem statement and need or gap, and want to learn
more about how this impacts customers to see how you might be able to fill that need.
Online research is limited, since this is more ideal when you have a specific question
you’re trying to get answered. If you were trying to do competitive analysis or get a
sense of the market size, online research can be helpful, but it won’t reveal good
insights on customer needs.
Surveys can be helpful when quantitative data is needed, like scales of interest, rank
order of preferences, or yes/no interest of a number of benefits. At this stage,
though, you’re still trying to uncover the biggest frustrations, so digging into the
potential benefits or features would be putting the buggy in front of the horse. You
would be uncertain if you were solving a real need, since questions would be leading.
Interviews or observations will provide firsthand accounts of real needs or
frustrations. Ideally, this is done across at least 20-30 potential customers across at
least 3 different customer segments.
mitlaunch.com
Interviews, therefore, are the most valuable to do for early market research to get actionable
insights on customer needs to build an offering of value.
Common MISTAKES
The entrepreneur to the left only hears what he wants to
hear, continually patting himself on the back and saying
what a great job he's done, and that people say he's built
something great. But has he really? Customers don't really
think it would solve their needs, nor would they buy it. So
how can this aspiring entrepreneur keep his enthusiasm
checked at the door, and ask for REAL feedback?
Let's start by covering what NOT to do, then we'll cover what to DO.
Be careful about how you craft questions, and try to avoid these common mistakes:
Biased / Leading:
o How likely are you to buy this product?
o Would having an organization system help you feel more organized?
Absolutely do not use “absolutes” in questions:
o Do you always eat breakfast?
Difficult to Evaluate:
o How big is your need for this product?
o Do you like ice cream?
Again, these are what NOT to do, and the next section will cover what TO DO.
Check the online course for some pro tips, suggestions for finding interview subjects, and an
example interview guide from MIT Launch Summer company, LandMe.
mitlaunch.com
Interview Guide Worksheet
Potential Customer Segments
1. X
2. X
3. x
Where to find survey subjects / who to survey (across each segment, NOT friends / family)
Segment #1
Segment #2
Segment #3
mitlaunch.com
Discovery Question (your “how might we?” question including the need or gap)
Hypothesis (what you are trying to validate or refute with your interviews)
Interview Questions (open-ended questions about current process, needs, etc.)
Results / Insights
edx.org/course/becoming-entrepreneur-mitx-launch-x
