Greg Isenberg: My Million Dollar Product Mistake

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<ul><li>1.My million dollarproduct mistakesGreg Isenberg@gregisenbergSaturday, 16 February, 13</li></ul> <p>2. Background. Building products since Ive been 13. McGill Computer Science Dropout Zynga, FedEX, AOL, TechCrunch Partner, Wall Street Survivor Now: CEO, ,Venture Partner atGood People Ventures.Saturday, 16 February, 13 3. 8 biggest products mistakes in building Wall Street Survivor$1.5M spent to learn the following lessons.This is my gi to you.Saturday, 16 February, 13 4. #1 - Good copywriting is underratedBig learning: Compelling copy is key to conversions and also making your brand human, friendly and fuzzy. Developers cant write copy thatwell. Thats what marketers are for.Saturday, 16 February, 13 5. #1 - Good copywriting is underrated Mistake: Allowed developers to writecopySaturday, 16 February, 13 6. #1 - Good copywriting is underratedKey insight: Great copy is a huge dierentiator. It connect your audience to your brand. It has a direct impact on retention andengagement.Saturday, 16 February, 13 7. #2 - Inuencers are a big deal Big learning: Scale users quickly by onboarding communities. For us,we got schools, trading rooms and blogs. Inuencers hold the key to these communities.Saturday, 16 February, 13 8. #2 - Inuencers are a big dealMistake: Thought that PR would drive inuencers.Saturday, 16 February, 13 9. #2 - Inuencers are a big dealKey insight: The best way to onboard inuencers is the old school wayby building a real relationship. Pick up a phone, email them or best yet,take them out for drinks.Saturday, 16 February, 13 10. #3 - How to sell to inuencersBig learning: Ge ing inuencers onboarded is more dicult than we thought.Saturday, 16 February, 13 11. #3 - Inuencers are a big deal Mistake: Did not make a compelling enough oer to get inuencersinvolvedSaturday, 16 February, 13 12. #3 - Inuencers are a big deal Key insight: Inuencers love feeling special so the best way to get theinvolved is to give make them feel like they are VIP.Saturday, 16 February, 13 13. #4 - Ride those wavesBig learning: New technology opens up opportunities for disruption (ex: iOS and the app ecosystem, HTML5 etc...)Saturday, 16 February, 13 14. #4 - Ride those waves Mistake: Did not take advantage of mobile. Startups who were mobile- rst like Kapitall who were competitors owned the space by the time we realized it.Saturday, 16 February, 13 15. #4 - Ride those waves Key insight: Always questions how outside innovations provideopportunities for you to grow your business.Saturday, 16 February, 13 16. #5 - Distribution, distribution, distribution Big learning: Strategic alliances with partners helps create value-add for their userbase and helps you get trac (and SEO juice).Saturday, 16 February, 13 17. #5 - Distribution, distribution, distributionMistake: Should have embedded missions on other publishers sitesfrom day 1.Saturday, 16 February, 13 18. #5 - Distribution, distribution, distributionKey insight: Embeddable widgets that allow users to distributecontent across the web, particularly powerful when its their content. Find your most compelling feature that can be embeddable and dodeals.Saturday, 16 February, 13 19. #6 - Create exclusivity, urgency and scarcityBig learning: Who says FOMO doesnt exists on the web? Invite-onlyincreases hype and WOM. People like to be apart of an exclusive club.Saturday, 16 February, 13 20. #6 - Create exclusivity, urgency and scarcityMistake: Should have made our beta private and invite-onlySaturday, 16 February, 13 21. #6 - Create exclusivity, urgency and scarcityKey insight: Emulate a land grab by providing users the ability to claim "land" on a rst-come-rst-serve basis (ex: About.mes vanity URL registration before launch, Convores chat room creation/moderation)Saturday, 16 February, 13 22. #7 - Dos/dont at conferences Mistake: Launched Wall Street Survivor at Finovate 11 NYC. We rushed launch, built features that were cool to demo but not valuable for the customers.Saturday, 16 February, 13 23. #7 - Dos/dont at conferencesBig learning: Launching at conferences although good for morale, PR and se ing a date to launch is not always good for the company.Saturday, 16 February, 13 24. #7 - Dos/dont at conferencesKey insight: Only launch at a conference if it coincides with your product roadmap. Dont match your product roadmap with conference schedules.Tip: create a canned version of your demo in case internet goes down.Saturday, 16 February, 13 25. #8 - Become a viral baker Big learning: Just as design has a process and development has aprocess as should growth hacking.Saturday, 16 February, 13 26. #8 - Become a viral bakerMistake: Growth hacks (invites, sharing features, landing pages) werean a erthought to product development.Saturday, 16 February, 13 27. #8 - Become a viral bakerKey insight: The most beautiful products dont win, its the ones thatare marketing machines from the core.Saturday, 16 February, 13 28. UX makes or breakscompanies(Case study: Songza)Saturday, 16 February, 13 29. Example: SongzaCame late the game, entered an incredibly crowded space and created a seriously valuable business.Saturday, 16 February, 13 30. Songzas model isnt really innovative. Key insight: they just slapped on a killer UX towards music playlists.Saturday, 16 February, 13 31. (Not much different)Saturday, 16 February, 13 32. Why it works? 1) Built context2) Copy that resonates with users Key insight: They understood mood ma ers with respect to music andcreated funnels around moods.Saturday, 16 February, 13 33. Songzas mood is pre y happy now.They are is killing it. iPad: 1M downloads in 10 days50% retention rate.Saturday, 16 February, 13 34. Pandora (2.2B valuation) is freaking out.Pandora is threatened by Songza and thats one of the reasons shares aredown - ForbesSaturday, 16 February, 13 35.</p>