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← JerseySquare Customer Segments - How to Build a Startup

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Showing Revision 3 created 05/25/2016 by Udacity Robot.

  1. So let’s follow our Jersey Square team and
  2. see what they did with customer segments.
  3. Now, what happened is, they got out of the
  4. building and this time, after they spoke to
  5. a series of customers, they spoke to over 60.
  6. And what they found out was what they
  7. originally thought was a single customer
  8. segment actually turned out to be there
  9. were two separate segments. It turned out
  10. there were the original segment they thought,
  11. rabid sports jersey owners, who were male,
  12. 13 to 35, who passionately followed their
  13. team and went to a lot of games. But there
  14. were also people who casually attended
  15. games. Male and female and they kind of
  16. were closer to 18-30 and they were casual fans.
  17. So number one, as you can now see that
  18. there are not only two customer segments,
  19. but there are two value propositions, that is,
  20. there is a value proposition that matches
  21. each one of the segments and there’s a
  22. revenue stream that matches each one of the
  23. segments. And so now you could kind of
  24. see the power of the canvass. This is a
  25. multi-sided market. You have at least two
  26. customers segments and you have two
  27. value props and attending revenue streams.
  28. Now you should notice what the Jersey
  29. Square team did wonderfully, they actually
  30. started with the archetype. The archetype
  31. though, if you remember is, kind of the end
  32. result of understanding the pain and the
  33. gain we were solving with the value
  34. proposition. So they really were missing
  35. talking about gains and pains over here as well.
  36. And it would have been great if they had
  37. that added in, but a pretty good job in
  38. trying to understand what their archetype
  39. was which need to match their
  40. minimum viable product over here.