Validate your business ideas at the early stages by leveraging Bonanza Design's fast prototyping methods. You can test your ideas directly with your potential customers and inform your key business decisions. Rely on no guesswork anymore. Make Decisions only based on unbiased market data.
Instantly switching to solution mode and trying to solve a problem without even pondering enough on the nature of the problems
Mistakes are not allowed (or are being hidden). As failure is seen as a mark of weakness
Long brainstorming sessions. Mainly verbal discussions over complex user journeys
An opinion based decision-making process mainly dependent on past experiences
Trying to build the final product and launching the ‘perfect’ version in one go
Focuses mainly on what customers tell you
Depending on data generated by other entities rather than relying on your own data
A normal innovation process is sporadic & may take serval months to generate any reliable results
The team is fixated on perfectionism. Focused only on a set of ideas and blocked from seeing other opportunities
If we shipped a perfect product, why do we need to iterate?
Exploring and focusing on problems and analyzing them from different angles
Failure and invention are inseparable. The faster you fail - the faster you can get to success
Designing quick experiments using systematic workshops to generate reliable data to validate core assumptions
Rapid testing of ideas by exposing them to potential customers in a target market
Building prototypes with minimum resources to test the desirability and usability of the ideas.
Exposing ideas to customers in real settings
Collecting your OWN data to validate ideas as this is the only source of truth relevant to your business
A fast and iterative 3-week process through which you can test up to 5 business ideas
Iterating only on the core experience i.e. what differentiates us from the others
You get to know what doesn't work at first which would save you millions
The purpose of the first week is to become an expert on the topic as quickly as possible. Through this process, we’re able to effectively research the subject matter and identify potential opportunities for further investigation
We conduct a deep research on new technological and cultural trends as well as the insights from google keywords
The aim is to validate core assumptions that form the underlying structure of your new business, by using surveys
Customer research is integral to our work. We'd conduct an initial set of customer interviews to establish empathy with them and understand their context, needs and frustrations.
Through competitor analysis, we understand the minimum amount of features required to stay relevant. Also, we identify customer needs and gaps amongst competitors that have not been addressed yet. By addressing them and offering relevant solutions to users, you differentiate yourself in the market from other competitors
The key findings from the first-week research efforts will be summarized in a report and shared with your team
During this step, our goal is to identify a list of opportunity areas informed by the previous week's research, ideate a large set of product ideas, and design prototypes for further testing
Based on the deeper understanding gained from the previous week research, we revisit the problem statement again and update it to match our current grip on the reality of the market and customers' needs
We'd generate a large number of business and product ideas to address the newly updated problem statement.
We'd prioritize the ideas from the previous step and translate them into a research hypothesis
To test a research hypothesis, we need to design an experiment environment. We design a close-to-real version of a potential business/product idea (i.e. high-fidelity prototyping) to test with your target market
This week is all about running the experiments and gathering market inputs. For each experiment, we create a prototype. We use different methods such as landing pages, email campaigns, Instagram and LinkedIn posts, Tik Tok Campaigns, flyers, and clickable app prototypes to gather quality data from your target audience
Depending on how many hypotheses we come up with, we'd start off this week by running them simultaneously and pouring traffic into them
By letting experiments run for a week, there'd be a large dataset generated. They reflect on the performance of each experiment and communicate results in the form of total impression, CTR, CPC, Conversion Rate, Time On Site, CAC, and CLV
Survival of fittest! We'd compare the results of the experiments with the industry standards and prioritize the experiments to offer you the next steps as to how you can develop the winning experiments further
You cannot rely solely on the results of a sprint. Design is most of all, repeating the sprint multiple times and baking the concept, you’d increase your chances of success.
By each iteration, we evolve the concept and resolve the usability issues till we get to a point where we’re excited to release the product to the market
Lean Innovation Sprint is for Direct-To-Consumer (D2C) companies (e.g FinTech, InsureTech, and lifestyle brands) that shall innovate with new products and services on a fast, regular cadence
Lean Innovation Sprint is designed for product-first companies where the success of the business is highly dependent on the novelty of the product concept
Lean Innovation Sprint is designed to research, ideate, and validate the right pricing model for your product (retail or high-ticket)
Bonanza Design helped an insurance company to speed up their product innovation process by implementing a dummy lean innovation sprint. They also built and tested landing pages with varied value propositions. The client was impressed with Bonanza Design's exceptional lean innovation sprint and testing capabilities. The team's excellent market-oriented practices and ability to develop custom requirements also ensured the engagement's success. Overall, the team fostered a strong collaboration.
Establishing empathy with customers and understanding their context, needs, and frustrations
Conducting research on new technological and cultural trends as well as the insights from google keywords
The aim is to validate core assumptions that form the underlying structure of your new business, by using surveys
Generating a large number of business/product ideas to address the newly updated problem statement
Prioritizing business ideas and then building prototypes. A close-to-real version of a potential business, and exposing it to your target audience to gauge their reaction
Reflecting on the performance of each prototype and communicating results in the form of total impression, CTR, CPC, Conversion Rate, Time On Site, CAC, and CLV
Sketching a product concept and developing low-fidelity and high fidelity prototypes as to how the core functionality works
Designing & building clickable prototypes to test the MVP concept
Gathering feedback on prototypes by testing them with your target audience
Analyzing the results of the user tests and offering you a final report about the key findings of the sprint and the next steps to take to commercialize the winning business ideas
Establishing empathy with customers and understanding their context, needs, and frustrations
Conducting research on new technological and cultural trends as well as the insights from google keywords
The aim is to validate core assumptions that form the underlying structure of your new business, by using surveys
Generating a large number of business/product ideas to address the newly updated problem statement
Prioritizing business ideas and then building prototypes. A close-to-real version of a potential business, and exposing it to your target audience to gauge their reaction
Reflecting on the performance of each prototype and communicating results in the form of total impression, CTR, CPC, Conversion Rate, Time On Site, CAC, and CLV
Sketching a product concept and developing low-fidelity and high fidelity prototypes as to how the core functionality works
Designing & building clickable prototypes to test the MVP concept
Gathering feedback on prototypes by testing them with your target audience
Analyzing the results of the user tests and offering you a final report about the key findings of the sprint and the next steps to take to commercialize the winning business ideas
Lean Testing should be the lifeblood of all companies. We know that 9 out of 10 business ideas fail; we know that in 42% of these cases, the failure is due to a misreading of the market demand. Sprints provide you with the keys to ongoing and efficient testing, leading your business towards the ideas that will become successful.
The client in this Lean Innovation Sprint had initially reached out for opportunities to grow their business. Alongside this, the sprint would act as a consultation and training program to allow their team to implement its mindset and methods. The company was established and fairly traditional; as with all successful businesses, they recognised the need for internal growth and development, allowing Bonanza Design to guide them through this phase of readjustment. The company engaged in active learning, experiencing the tasks and workshops whilst also learning how to facilitate and apply them.
The outcome was more than just a validated business idea: the client walked away with a step-by-step guidebook for lean testing.
For this project, we wanted to find the right product for our clients to enter the German market with.They already operate in other countries.
In the first 2 sprints, we focused on finding the product to launch. We let 11 products compete against each other and collected data to make a statement about their performance. Finally, we were able to find a product that stood out. Therefore we wanted to know more details about how the product should look like exactly. The next step was to find the right price point. With an A/B/C/D test, we came up with an experiment that would test 4 different price points for the same product.
