iteration after problem/solution fit
DESCRIPTION
Talk on iteration given to Fall 2014 cohort of Founder Fuel (Montreal startup accelerator)TRANSCRIPT
Iteration After Problem/Solution Fit
Isaac SouweineHead of Product @ Frank & Oak
Preso to Fall 2014
I. what do you do?
you have a startup!
Biz co- founder
Tech co- founder
AWESOME CO.
your startup has a product!!
Biz co- founder
Tech co- founder
AWESOME CO.
Our Product
you want customers to use that product, so you tell them about it
Biz co- founder
Tech co- founder
AWESOME CO.
Our Product
Customers
your customers tell you (or show you) what they think of your product
Biz co- founder
Tech co- founder
AWESOME CO.
Our Product
Customers
you improve your product based on their feedback or actions
Biz co- founder
Tech co- founder
AWESOME CO.
Our Product
Customers
this is iterative product development. for most* early stage web startups, it is all you need to know about right now.
*things change if you cannot easily iterate on your product, e.g., hardware
here’s a more popular iteration diagram (with one addition)
LEARN
MEASURE BUILDMARKET*
*the addition
III. what should you iterate on?
this is a lean canvas
your job is to fill the canvas with hypotheses
and then prove or pivot them
right now, you are probably about here
which is to say that you’re here
- you’ve identified a real problem and a way to solve it- your solution has come to life in a product- you’re working to improve the product - you’re searching for scalable customer acquisition- you have some sense of key metrics you’re working on- you have a bit of revenue (optional)
Problem/Solution Fit
Your Startup Product/Market Fit
if so, you should be focused here
1. your product
● landing experience ● 1st time experience● core product experience
○ for user type 1○ for user type 2
2. your marketing
● traffic sources● marketing message
3. intersection of product and marketing
● click through experience● email● referrals and virality● etc.
IV. let’s look at some examples
product stuff that brownie points could be iterating on
● new merchant onboarding● merchant dashboard● in store user experience (e.g. QR code)● what else?
marketing stuff brownie points could be iterating on
● merchant demand drivers● merchant sales collateral● app demand drivers● in store marketing● what else?
product stuff that selective few could be testing
● landing experience● product display on site● product assortment on site● email flows● viral hooks (refer a friend) ● what else?
marketing stuff that selective few could be testing
● paid search● paid display (aka FB)● social● referral ● email● what else?
V. how should I iterate?
know your metrics
● computable● accessible● intuitive● less is more
make it happen
● don’t be stealthy● move fast b/c you have to
make it count
● test things you believe in● seek meaningful results● seek actionable results● be serious about testing methods
● don’t overbuild● don’t underbuild● make sure your sample is valid● trust your instinct
practice upaya (skillful means)
@sonofsarah
THANK YOU and HAPPY ITERATING