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Gerbz LLC is a transparent lifestyle business incubator. We're sharing what we learn as we validate our process for evaluating and transforming ideas into successful businesses.

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Defining Your Customer

Its hard to admit, but the reality is I did a pretty poor job of defining my target customer for 6PS out the gate. I didn’t even write anything down, but if I had it would look something like this:

My target customer is a 20-50 year old male who has some experience trading stocks but hasn’t really nailed their trading strategy yet. They trade, but aren’t seeing the success that they know they are capable of. They’ve likely tried a few competitive products but didn’t see much success. They may or may not be actively seeking a solution at the moment, but if the right opportunity presents itself they’ll take interest.

Basically all I did was describe myself and the struggles that lead to me developing 6PS in the first place. There’s nothing wrong with starting there, but it needs to evolve now that I’ve met and interacted with with real world (potential) customers. It’s easy to think, “if I have this problem, others will too” and that could be true, unless the facts say otherwise.

The new potential customers I’ve been meeting look something like this:

Meet Mark. Mark is a 28 year old college graduate of who studied business. Mark is not super technical, but he’s a smart savvy guy and was recruited directly out of school to work at a big tech company in California. He’s making good money and he enjoys it, but he’s always on the lookout for new opportunities to make more money. Mark has been in a steady relationship for a few years and needs to start thinking about his future.

For the first time in his life, Mark has a $10-25k burning a hole in his savings account and he feels like he should do something with it. Mark doesn’t know much about Wall Street but he can tell their services are not meant for him. He knows he can invest his money himself but he doesn’t have enough free time to learn everything there is to know about the markets and investing. So, Mark sits idle on the sideline.

 

On weekends Mark hangs out with his buddies and watches sports. Mark’s friend Buck has a trading account and he claims to of made a bunch of money buying Facebook stock. When asked about it, Buck admits to not taking investing all that seriously. He just had the balls to open an account without knowing much about investing. Their friend Bill has a bunch of stock sitting in a company 401k plan somewhere and doesn’t even know how to access it let alone what to do with it. Collectively, they agree they should do something with their money, but its unclear what that something is.

At the moment I’m half way through testing my very first Build, Measure, Learn cycle with 6PS on the more experienced trader. It’s sparking interest but hasn’t lead to any paying customers (yet). There are some leaks in the funnel which need to be addressed before I can make the decision to pivot to serving Mark and his imaginary friends. We’ll let the data decide.