Lecture on Market Research and Validation
Introduction
- Importance of market research and validation.
- Focus on validating problems and ideas.
- Agenda includes understanding ideation, identifying opportunities, and methodologies for ideation.
- Interactive session encouraged, questions welcome at any time.
Recap of Previous Session
- Ideation and design thinking workshop.
- Importance of ideation in generating new ideas for innovation.
- Examples: Apple and other tech companies constantly innovate.
Sources of Ideas
- Customer needs and gaps.
- Passion and interest in doing things differently.
- Experience, pain points, process reviews, audit results, KPIs.
- Research and development as a methodology.
- Data analysis for trends and opportunities.
- Networking and feedback as sources of ideas.
Importance of Market Trends
- Understanding latest trends like AI, Metaverse, blockchain, etc.
- Aligning solutions with trends can provide competitive advantage.
- Importance of understanding customer preferences and competition.
Classification of Problems
- Simple Problems: Straightforward with clear solutions.
- Complex Problems: Solution not clear but can be identified through processes.
- Wicked Problems: Undefined problems without clear solutions, significant opportunities for startups.
Problem Metrics
- Evaluate problems against value, execution, scalability, and sustainability.
- Emphasis on impact and feasibility.
Methods of Solving Problems
- Adaptive Model: Incremental changes to enhance existing solutions.
- Innovative Model: Groundbreaking solutions that disrupt markets.
- Example: Uber and Airbnb as disruptive innovations.
Customer and Human Centricity
- Solutions must deliver value to customers and align with human centricity.
- Empathy and design as core to human-centric solutions.
Design Thinking
- Used for complex and wicked problems.
- Process: Empathize, Define, Ideate, Prototype, Test.
- Importance of iteration and feedback.
Tools for Problem Solving
- Simple Problems: Checklists, SOPs, best practices.
- Complex Problems: Root cause analysis, scenario planning.
- Creative Problem Solving: Design thinking, brainstorming, collaborative problem solving.
Tools for Discovery Phase
- Secondary Research: Internet, books, videos, expert interviews.
- Direct Observation: Observing real-world settings and behaviors.
- Ethnographic Interviews: Planning, conducting, and gathering insights from interviews.
Jobs to be Done
- Understanding the functions and emotional impacts in processes to determine value creation.
Journey Mapping
- Mapping customer journey to identify highs and lows in experiences.
Creating Personas
- Developing customer personas to understand demographics and preferences.
Brainstorming
- Tips for effective brainstorming: schedule time, encourage idea generation, avoid early judgment.
Six Thinking Hats
- Exploring ideas from different perspectives: facts, emotions, negatives, positives, creativity, overview.
Scamper Technique
- Using substitution, combination, adaptation, modification, putting to other uses, elimination, and rearrangement to innovate.
Validating Solutions
- Testing with real users, benchmarking, and refining ideas.
Planning and Execution
- Importance of creating a plan with methodologies and tools for research.
- Using insights to develop creative solutions.
Technologies and Tools for Ideation
- Digital tools for brainstorming and idea management.
Mentoring and Feedback
- Importance of mentoring sessions and feedback in startup development.
- Encouragement to book mentoring sessions and progress through sprints.
Questions and Discussions
- Various questions about interviews, designing questions, motivating participation, and more.
- Emphasis on engaging with prospective customers and obtaining valuable insights.
This comprehensive session covers key aspects of market research and validation with a focus on practical methodologies, tools, and real-world applications.