Transcript
Page 1: 10 Things We've Learned Building a Six-Figure Product Business

10 Things We’ve Learned Building a Product Business

Nathan Hangen

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Nathan Hangen @nhangen

Psyop Sergeant Runner & Triathlete Coach Soccer Addict Homebrewer Entrepreneur

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IgnitionDeck.com | @IgnitionDeck

MattReport.com/embrace-suck-wordpress-business

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1. Stand for Something

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– Ayn Rand

“A building has integrity just like a man. And just as seldom.”

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– Ayn Rand

“A company has integrity just like a man. And just as seldom.”

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2. Don’t Wait, Iterate

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– Albert Einstein

“A person who never made a mistake never tried anything new.”

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That’s so beta

Iterate

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Perfection is a myth

Iterate

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Iteration is marketing

Iterate

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Iteration is evidence

Iterate

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Iteration is ammunition

Iterate

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– Babe Ruth

“It’s hard to beat a person who never gives up.”

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The proof is in the pudding

Iterate

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3. 100 Customers

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– 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.”

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Product Market Fit

Your First 100

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Customer Advocates

Your First 100

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Motivators

Your First 100

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Eat Product for Breakfast

Your First 100

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Customer Development

Your First 100

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Financiers

Your First 100

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4. Customer Acquisition

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– Walt Disney

“Do what you do so well that they will want to see it again and bring their friends.”

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Most people won’t know who you areand that’s ok…

Customer Acquisition

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Dance your own dance

Customer Acquisition

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if ( $organic_channel == ‘max’ ) { // try new stuff } else { // maximize organic channels }

Customer Acquisition

1 2 3 4 5 6

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What works for us:

Customer Acquisition

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- Partnerships & Affiliate Programs

Customer Acquisition

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- Retargeting, Facebook, AdWords

Customer Acquisition

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Conversion Funnels

Customer Acquisition

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10% of the customers have 90% of the problems

Customer Acquisition

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5. Service: Good vs Great

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- Sam Walton

“The goal as a company is to have customer service that is not just the best, but legendary.”

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Easy Differentiator

Customer Service

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Loss Leader

Customer Service

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Learning Tool

Customer Service

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Working 9-5 just to stay alive… keeps the competition alive…

Customer Service

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– Henry Ford

“A business absolutely devoted to service will have only one worry about profits. They will be

embarrassingly large.”

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6. Cash Flow is King

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- Lee Iacocca

“We are continually faced by great opportunities brilliantly disguised

as insoluble problems.”

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Margins and Efficiency

Cash Flow

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Sponsored Features

Cash Flow

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Product Consulting

Cash Flow

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Turnkey, add-on, & auxiliary items

Cash Flow

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7. Product Depth vs Product Width

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- Steve Jobs

“Be a yardstick of quality. Some people aren't used to an environment

where excellence is expected.”

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Quality vs Quantity

Cash Flow

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8. Don’t Do It All, But Do It All

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– Jack Welch

“There's no such thing as work-life balance. There are work-life choices, and you make

them, and they have consequences.”

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Personal Efficiency

Hard Work

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Take care of yourself

Hard Work

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Building a Team

Hard Work

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9. Pricing

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– Warren Buffett

“Price is what you pay. Value is what you get.”

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It matters less than you think

Pricing

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You’re probably pricing too low

Pricing

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Beta Discounts

Pricing

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Customer Segments

Pricing

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Give more away as value increases

Pricing

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10. Vision

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- Elon Musk

“When something is important enough, you do it even if the odds are not in your favor.”

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What are your goals?

Vision

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What happens when you get there?

Vision

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Don’t plan too far ahead

Vision

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Trust your gut

Vision

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– Charles F. Kettering

“Where there is an open mind, there will always be a frontier.”


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