2019/06/06

Some quick notes on PRETOTYPING

Some notes from the Right-It by Alberto Savoia 
  • Avoid groupthink. Actually this is one reason why big corporations only seldom succeed especially if ideas come from your boss 
  • Hyperzoom: from Market Engagement hypothesis (e.g. Sleeptech will be the next big thing ) to XYZ hypothesis like 3% of male middle managers between 30 to 49 will by an electronic gadget such as Oura Ring to improve sleep quality. 
  • Get YODA (your own data) as opposed to OPD (other people's opinion) from THOUGHTLAND.  Remember: opinions are biased judgements 
  • YODA should have Skin in the game and not "will you buy it". Willingness to buy is the greatest sin of marketing research in my opinion. 


Law of Market Failure 
  • Punch 1 Most new products will fail in the market 
  • Punch 2 They will fail even if competently executed (about 80%) 

Flop Formula 
1. Failure due to launch (marketing) 
2. Operations 
3. Premis (no one cares) 

Make sure you build the right it before you build it right 

Right it = an idea for a new product that if competently executed 

Most Market Research is Thoughtland 
  • Lost in Translation ( an idea is an abstraction) 
  • Prediction problem (users will not know whether they will really use it) 
  • Skin in the game 
  • Confirmation Bias problem 

Data beats opinion 
  • relevant 
  • fresh 
  • your own 
  • significant --> look at p-value . As rule of thumb to 3-5 experiments 
MEH marketing engagement hypothesis identifies your key belief or assumption about how the market will engage with the idea 
XYZ Hypothesis "At least X% of Y will Z" 

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