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How To Validate Your Consulting Business Ideas with Ash Maurya
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In this interview, Michael talks with Ash Maurya about how to avoid creating a consulting service that nobody wants to buy, how to use blog posts and writing to validate (& market) new products and services, how to make sales before your service is ready, and much more. For the full transcript and audio version go here: https://www.consultingsuccess.com/podcast #consulting #consultingsuccess
Segments Timeline
Meet Ash Maurya: The Lean Startup Advocate
In this segment, Michael introduces Ash Maurya, the founder and CEO of Lean Stack. Ash shares his background, including his experience with startups and his journey towards creating Lean Stack. He emphasizes the importance of learning from mistakes and how his early experiences shaped his entrepreneurial path.
"hey everyone it's Michael zapersky and welcome back to another episode of the Consulting success podcast uh I am very excited today to have Ash morya joining us Ash welcome yeah my pleasure thanks for..."
The Tipping Point: Starting Lean Stack
Ash discusses the pivotal moment in 2009 when he decided to focus on Lean Stack. He reflects on his exposure to Lean Startup principles and how they resonated with him. This segment highlights the transition from side project to a full-time venture, driven by a desire to solve the problem of building better products faster.
"conversation is really about kind of your early days so before you started lean stock uh what were you doing I was involved in a startup and before that yet another is called up so ever since I gradua..."
Learning from Mistakes: The Early Days
Ash shares his early entrepreneurial mistakes and the lessons learned from them. He emphasizes the importance of customer development and avoiding the pitfalls of building in stealth mode. This segment provides insights into the challenges faced by entrepreneurs and the value of learning from past experiences.
"I mean you mentioned like I'm wondering in terms of why I started at that time in 2009 10 um you, had, been, involved, in, a, few, other startups to that point but like what was the the driving force ..."
Accidental MVP: The Birth of Lean Canvas
In this segment, Ash recounts how his blogging efforts led to the creation of the Lean Canvas. He describes the unexpected success of a blog post that resonated with many, illustrating the power of customer pull in product development. This highlights the importance of sharing ideas and engaging with an audience.
"question in 2009 and 10 time frame I got exposed to what eventually became the Lean Startup um Eric Reese and Steve Lang talking about customer development and those Concepts and a lot of that just re..."
The Journey to First Clients
Ash explains how he acquired his first clients for Lean Stack by putting himself out there and sharing his ideas. He contrasts this approach with his earlier experiences of building products without customer feedback. This segment emphasizes the significance of visibility and engagement in attracting clients.
"yeah I definitely want to dive deeper into you know all the stuff you just mentioned around companies wanting to kind of develop in stealth mode or we've been following them with their product or the ..."
The Effort Behind Success: Blogging Insights
Ash reflects on the effort required to produce quality blog posts that eventually led to his success. He discusses the time and thought invested in each post, emphasizing that success is often the result of hard work and persistence. This segment serves as a reminder of the dedication needed to build a following.
"some ways led to the other ending canvas just became much bigger than uh I thought I would ever get how many blog posts that you published before you publish that one that kind of caught on fire yeah ..."
Creating Time for Deep Work
In this segment, Ash shares his strategies for finding time to write and think deeply. He discusses the importance of uninterrupted time blocks and how he structured his mornings for productivity. This insight is valuable for consultants and entrepreneurs looking to enhance their focus and output.
"I'm one you know probably a lot came before that and what I was wondering is like was there in your journey to that point did you ever kind of ponder am I on the right track should I keep going with t..."
Guarding Your Time: Balancing Work and Life
Ash talks about the challenges of protecting his productive time amidst a busy schedule. He shares how becoming a parent influenced his work habits and the importance of setting boundaries. This segment highlights the need for conscious time management to maintain focus on meaningful work.
"at it so I was really writing selfishly yeah it so happened that it benefited a number of other people and that was a great thing to have happened and were you at that time were you writing like early..."
Content as a Magnet
In this segment, Ash Maurya explains how content marketing has evolved in his business strategy. He highlights the significance of creating valuable blog posts and resources that attract potential clients, and how these efforts have shifted from merely generating traffic to fostering deeper engagement and conversion through effective onboarding.
"go from being a night owl to being more of a morning person and waking up or anyone else getting this work done so that's how I got started but then I began to block out my calendar and just not allow..."
The Pitfalls of Product Creation
Ash Maurya addresses the common mistake entrepreneurs make when building products that nobody wants. He discusses the importance of understanding customer needs deeply and avoiding the trap of falling in love with one's own solutions, which can lead to misaligned offerings that fail to resonate with the market.
"sure it it's still content but I would say, that, content, now, behind, the, um you can say that the sign up wall and not so much paid content but really just getting so the blog is all you know Anony..."
The Discovery Process
In this insightful discussion, Ash emphasizes the need for a discovery-based approach rather than just validation. He explains how engaging in meaningful conversations with prospective buyers can uncover root causes of their challenges, leading to more effective solutions that truly meet market demands.
"written a lot about right in your book uh running lean which is uh that a lot of entrepreneurs build products that nobody wants why does that typically happen and I think you know especially even for ..."
Understanding Customer Context
Ash Maurya elaborates on the importance of understanding the context in which customers operate. He explains how recognizing existing solutions and their shortcomings can inform the development of new products, ensuring that innovations address real needs and facilitate smoother transitions for users.
"talking about and so in more recent years I have shifted uh our approach to being more Discovery based and really validation based okay so it is doing some of this fact finding to understand what are ..."
Engaging Prospective Buyers
In this segment, Ash shares strategies for consulting firm owners to engage prospective buyers for feedback. He discusses the challenges of initiating conversations with potential clients and offers practical tactics to build relationships and gain insights that can validate and refine their service offerings.
"would buy one, of, the I, think, the, big, challenges that a lot of people have around this is the actual Act of uh of getting that feedback of reaching out to a prospective buyer uh because the minds..."
Leveraging Referrals for Insights
Ash Maurya shares tactics for consulting firm owners to gain insights from potential clients through referrals. He explains how framing requests around learning rather than selling can disarm potential buyers and encourage them to share their challenges. This approach fosters a collaborative atmosphere that can lead to valuable feedback and partnerships.
"that conversation yeah so there are there are um kind of many tactics we can get into but the very first one that I often tell people to start with is just the it sounds very simple and and uh and may..."
The Power of Posing as a Researcher
In this segment, Ash Maurya discusses the tactic of posing as a researcher or content creator to engage potential clients. He explains how this approach can facilitate interviews and information gathering without the pressure of a sales pitch. By providing value through insights or white papers, consultants can build rapport and trust with their audience.
"coming from a referral that's where you're using social capital or social currency to kind of ask for a favor to begin with but what quickly begins to happen is if you really nail a problem or nail a ..."
Establishing Trust in Conversations
Ash Maurya emphasizes the importance of establishing trust during initial conversations with potential clients. He suggests explicitly stating that there is no sales pitch involved to alleviate buyer concerns. This strategy helps create a more open dialogue, allowing clients to share their struggles and needs, which can lead to more effective solutions.
"do a white paper and there's still a a value there's not necessarily lying to clients you're really collecting information maybe you do publish a white paper and share the findings with them so there'..."
Timeline for Validating Ideas
Ash Maurya outlines a reasonable timeline for consulting firm owners to validate their service ideas. He suggests a two to four-week period for problem discovery through interviews, followed by another two to four weeks for building and pitching an offer. This structured approach helps ensure that the service aligns with market needs before significant resources are invested.
"the okay I'm just gonna sit back and pull out your PowerPoint and just walk me through everything and you know I'm just going to be entertained or not and and when you frame it around this being more ..."
From Discovery to Commitment
In this segment, Ash Maurya explains how to transition from initial discovery meetings to securing commitments from potential buyers. He stresses the importance of thorough research and understanding client pain points to create compelling offers. By demonstrating how their solution is better than existing alternatives, consultants can effectively drive emotional buy-in from clients.
"irrespective of the products I would say Services Services products can actually um be spun up very very quickly and will sometimes even use that as a tactic and The Lean Startup world we call it the ..."
Crafting Irresistible Offers
Ash Maurya discusses the concept of the 'mafia offer'—an offer that clients cannot refuse. He explains how understanding client needs and using the right language can create compelling pitches. By anchoring pricing against existing solutions and clearly communicating value, consultants can facilitate the decision-making process and encourage clients to commit to their services.
"um okay so we're talking like six to eight weeks as kind of the minimum there uh what about let's say so you're having that meeting with a buyer you've had an initial meeting where you've kind of gone..."
Securing Tangible Commitments
Ash emphasizes the necessity of obtaining tangible commitments from potential customers, such as letters of intent or actual sales, to validate interest in a service. He explains how framing timelines and creating a sense of urgency can encourage customers to commit before the product is fully developed.
"you the obvious next question which is how do we get started um and then that's where again depending on your time to build or time to get this in their hands um you want to have a tangible commitment..."
Breaking the Old Solution
In this insightful discussion, Ash draws parallels between product pitching and the need to 'fire' existing solutions. He uses Elon Musk's approach to marketing electric cars as an example of how to position a new product as a better alternative, effectively breaking the attachment customers have to their current choices.
"talking specifically about how your offer is different from what they're currently using so if they're using company a and your company you know your C you're going to say here's what you're currently..."
Finding the Right Number of Conversations
Ash shares his insights on the ideal number of customer conversations needed to identify common themes and validate business ideas. He suggests that while five conversations may suffice in niche markets, broader markets require more data points to uncover significant patterns in customer behavior.
"then you mentioned kind of like a magic number of five or ten is that the right number of conversations that you should be having before you can feel confident it's like it's five enough do you need t..."
The Value of Frameworks
In this segment, Ash discusses the importance of frameworks in problem-solving and decision-making. He explains how frameworks help entrepreneurs analyze ideas from multiple perspectives, increasing the likelihood of making sound business decisions by triangulating desirability, viability, and feasibility.
"conversation you should now shift into solution designing and pitching yeah that's fantastic um okay so I have a question for you from Scott in Belgium and he asks um you know a lot of your work Ash i..."
Curating Effective Frameworks
Ash elaborates on his approach to developing frameworks, emphasizing the curation of existing ideas from various fields. He discusses how these frameworks can be applied to startup challenges, enhancing the problem-solving process and improving outcomes for entrepreneurs.
"higher same thing is true with ideas we can look at it from a maybe three simple lenses that I like to use they come from design thinking but we look at it from a desirability side you know is this so..."
Evolving Business Models
Ash reflects on the evolution of his business model at LeanStack, transitioning from a service-based approach to a software-centric model. He shares insights on how customer needs shaped this evolution and the importance of adapting offerings to meet market demands.
"product building same kind of set of challenges and then ask you tell us just a little bit more about your business model at leanstack you know walk us through the different products the different off..."
Revenue Streams and Automation
In this final segment, Ash discusses the breakdown of revenue across different offerings at LeanStack. He highlights the shift towards software as a service (SaaS) and the role of automation in scaling coaching services, illustrating how the business has adapted to maximize efficiency and customer engagement.
"coming in peaked by some interest whether it's lean canvas or some tool and so we've got a lot of free resources a lot of free tools that people can start using and as they begin to level up we've got..."
Focusing on Fewer Goals for Success
Ash shares his personal habits for achieving meaningful work, stressing the importance of focusing on fewer projects and breaking them down into manageable tasks. He explains how this approach allows him to make consistent progress towards larger goals, such as writing a book or developing a new tool.
"is a pipe dream I mean we've we've tried many things but at the end of the day people still go to university for a reason is that it's not just about the content they need guidance and coaching and so..."
Creating a Traction Roadmap
In this insightful segment, Ash introduces the concept of a traction roadmap, which focuses on outcome-driven planning rather than specific product features. He illustrates this with the example of Tesla's growth strategy, emphasizing the importance of identifying desired impacts and working backwards to develop solutions.
"yeah so one of them we we talked about a bit earlier which is this um focus, on, fewer, things, and, carving, out earlier parts of the day to get that done yeah so I'm someone that I and you can almos..."
The Power of Storytelling in Marketing
Ash discusses his recent interest in storytelling and its relevance to marketing and pitching. He highlights a book called 'Story Grid' by Shawn Coyne, which analyzes story structure and arcs, and explains how understanding customer journeys as stories can enhance marketing effectiveness.
"down even smaller into into experiments and push it Forward yeah that's great thanks for sharing that uh and then final question is in the last six months or so uh what's one book that you have read o..."
Where to Learn More About Ash Maurya
In the closing segment, Ash shares where listeners can find more about his work and resources. He directs them to leanstack.com, where they can access free content and tools, as well as subscription-based services, reinforcing the value of his consulting approach.
"I've found no that's great I have not read that book it's Sean Coyne uh and yeah we'll include in the show notes uh I'll definitely check it out and then Ash uh for people that want to learn more abou..."