Loop is a startup
What is a startup?
A startup is an organisation or team designed to deliver new products or services under conditions of extreme uncertainty.
Startups usually want to scale their products quickly once they've created a product that has real value to their customers.
Loop is a team within Table Tennis England
We are designing new products and services
There is a great deal of uncertainty because we are creating products
that we don't yet know much about
We want to create original products that are of real value
We definitely want to grow Loop rapidly in order to
meet our business objectives.
Why does this matter?
I believe we can increase sales and improve conversion rates simply by changing the way we all talk about Loop
At the moment, we all think Loop is a great product - and it is for an customer who already knows they want table tennis in their workplace, clubhouse or campus.
But the way most of us talk about Loop is unlikely to change behaviour and motivate prospects to take the action we want... to buy a Loop package.
We all know what Loop is and what products we sell. But we all use different language to explain this to the public.
A quick survey in head office gave us these pitches...
Are any of those enough to persuade someone of the value of Loop to them and ultimately is it enough to motivate them to make a purchase?
Why don't these pitches convince more prospects to take the action we want?
1. We mostly talk about Loop from our point of view rather than the customer's. We care about regular participation, but customers only do if this helps them achieve their own goals too. The value proposition needs to be the first thing prospects hear or read. This is what will motivate them to buy.
2. We dive straight into describing the product and the items included. Contrary to what we might think, people don't buy what we do, they buy why we do it. The product simply proves what we believe. We need to start with a belief that customers share...
3. We undervalue the whole Loop package in the way we communicate. If we don't understand and promote the value of the resources and tools supplied with the table we have no USP except cost. We need to make sure people see Loop as remarkable!
4. We're continually tweaking the way we promote Loop, but we aren't setting up the experiments in ways that enable us to learn what works and what doesn't. We're being wasteful and probably making the same mistakes again and again - expecting different results.
5. Many of our decisions are still based on assumptions rather than facts. Some of these assumptions are probably wrong, and some may need to be right for our strategy / products to be successful.
Describing Loop as a startup helps us to talk about Loop consistently.
Loop is a startup founded on the belief that everyone should end each day happier, healthier and more socially connected than when they woke that morning.
We also firmly believe that playing table tennis regularly has a positive impact on health, happiness and social bonds.
If we're a startup, we can learn from other startups. Thousands have succeeded before us, and many many more have failed. We can learn from their successes and mistakes, and use trusted methods to improve our process, reduce waste and create great products with real value.
What we're doing to improve...
1. Testing Value Propositions at events and on our website to find
out what generates most leads / most sales
2. Change the order in which we explain Loop and Loop products. We will now be starting off by
explaining our purpose or 'why' we exist, then 'how' make this happen and finally 'what' we do.
3. Emphasise the ways were different and better enough than competitors. Make sure people see Loop as a remarkable product!
4. We're making learning one of the primary measures of progress. We will be treating every product change and every customer interview as an experiment designed to prove or disprove assumptions that may be critical to the success of Loop.
5. Taking time to understand our customers, their problems and needs, to understand what value we can create for them, and how to develop our products to meet their needs more effectively and deliver even more value for them.
Problem Discovery & Validation
Test Value Hypothesis - Refine Value Proposition
Product Discovery & Product Development
Business Model & Testing Growth Hypothesis
Why we need to start with our purpose?
Writing a great Value Proposition
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Public - 4/13/16, 9:32 PM