10 things we've learned building a six-figure product business

Download 10 Things We've Learned Building a Six-Figure Product Business

Post on 26-Aug-2014

422 views

Embed Size (px)

DESCRIPTION

The 10 most important business lessons we've learned building, launching, and deploying a software product. WordCamp Miam 2014.

TRANSCRIPT

  • 10 Things Weve Learned Building a Product Business Nathan Hangen
  • Nathan Hangen @nhangen Psyop Sergeant Runner & Triathlete Coach Soccer Addict Homebrewer Entrepreneur
  • IgnitionDeck.com | @IgnitionDeck MattReport.com/embrace-suck-wordpress-business
  • 1. Stand for Something
  • Ayn Rand A building has integrity just like a man. And just as seldom.
  • Ayn Rand A company has integrity just like a man. And just as seldom.
  • 2. Dont Wait, Iterate
  • Albert Einstein A person who never made a mistake never tried anything new.
  • Thats so beta Iterate
  • Perfection is a myth Iterate
  • Iteration is marketing Iterate
  • Iteration is evidence Iterate
  • Iteration is ammunition Iterate
  • Babe Ruth Its hard to beat a person who never gives up.
  • The proof is in the pudding Iterate
  • 3. 100 Customers
  • Steve Blank A startup is not about executing a series of knowns. Most startups are facing a series of unknowns - unknown customer segments, unknown customer needs, unknown product feature set, etc.
  • Product Market Fit Your First 100
  • Customer Advocates Your First 100
  • Motivators Your First 100
  • Eat Product for Breakfast Your First 100
  • Customer Development Your First 100
  • Financiers Your First 100
  • 4. Customer Acquisition
  • Walt Disney Do what you do so well that they will want to see it again and bring their friends.
  • Most people wont know who you are and thats ok Customer Acquisition
  • Dance your own dance Customer Acquisition
  • if ( $organic_channel == max ) { // try new stuff } else { // maximize organic channels } Customer Acquisition 1 2 3 4 5 6
  • What works for us: Customer Acquisition
  • - Partnerships & Afliate Programs Customer Acquisition
  • - Retargeting, Facebook, AdWords Customer Acquisition
  • Conversion Funnels Customer Acquisition
  • 10% of the customers have 90% of the problems Customer Acquisition
  • 5. Service: Good vs Great
  • - Sam Walton The goal as a company is to have customer service that is not just the best, but legendary.
  • Easy Differentiator Customer Service
  • Loss Leader Customer Service
  • Learning Tool Customer Service
  • Working 9-5 just to stay alive keeps the competition alive Customer Service
  • Henry Ford A business absolutely devoted to service will have only one worry about prots. They will be embarrassingly large.
  • 6. Cash Flow is King
  • - Lee Iacocca We are continually faced by great opportunities brilliantly disguised as insoluble problems.
  • Margins and Efciency Cash Flow
  • Sponsored Features Cash Flow
  • Product Consulting Cash Flow
  • Turnkey, add-on, & auxiliary items Cash Flow
  • 7. Product Depth vs Product Width
  • - Steve Jobs Be a yardstick of quality. Some people aren't used to an environment where excellence is expected.
  • Quality vs Quantity Cash Flow
  • 8. Dont Do It All, But Do It All
  • Jack Welch There's no such thing as work-life balance. There are work-life choices, and you make them, and they have consequences.
  • Personal Efciency Hard Work
  • Take care of yourself Hard Work
  • Building a Team Hard Work
  • 9. Pricing
  • Warren Buffett Price is what you pay. Value is what you get.
  • It matters less than you think Pricing
  • Youre probably pricing too low Pricing
  • Beta Discounts Pricing
  • Customer Segments Pricing
  • Give more away as value increases Pricing
  • 10. Vision
  • - Elon Musk When something is important enough, you do it even if the odds are not in your favor.
  • What are your goals? Vision
  • What happens when you get there? Vision
  • Dont plan too far ahead Vision
  • Trust your gut Vision
  • Charles F. Kettering Where there is an open mind, there will always be a frontier.