Customer development by Steve Blank

Lesson Details:

Video Transcription – In this video I want to introduce to you Steve Blank and his concept of customer development and that concept now has sort of become industry standard and Steve Blank is a three-time successful entrepreneur and like really successful like billion-dollar exits and he's on top of that a Stanford professor he's a little bit older now and he started developing these theories in the seventies and I think 80s and 90s and basically he built three gigantic companies on top of these strategies he was the first to develop them and now he basically he wrote a book and he sort of made his ideas industry-standard and he's a Stanford Business School professor and so how do you know what what products and features your customers white might want it might seem simple but I mean hide the entire tech industry was missing this and that's asked them before you build it you literally go to your customers and ask them before you build it so if you recall who do you get feedback from about your business ideas friends and family peers experts now add to this list your potential and new customers people who you think are gonna be potential and new customers definitely add them to this list you cannot start your business without talking to them they're like a little bit of a separate category so it's a separate video because it's part of Steve blanks it's sort of his methodology is called customer development and you literally develop the customer profile by talking to them talking about their pain points what they need what the solutions are and because they literally tell you and if many tell you people tell you the same thing then you're like a light bulb you know goes off in your head and you're like aha a lot of people experiencing this problem there's no great solution in the market at the moment boom build it and you'll have clients because if people are begging for they're asking for it they're voicing the need for it and his quote Steve blanks quote is get out of the building essentially don't just sit at your desk and assume but go and talk to people it's really important new and new current customers and potential new ones dad's the people he talked to now who are your customers that you think are your customers well that's a video for that's it for a different video and we'll cover that next.