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Innovation Accounting in Practice

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Ash Maurya, Spark59, Innovation Accounting in Practice @ The Lean Startup Conference 12/3/12

Ash Maurya, Spark59, Innovation Accounting in Practice @ The Lean Startup Conference 12/3/12

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Innovation Accounting in Practice Innovation Accounting in Practice Presentation Transcript

  • INNOVATIONACCOUNTINGA Spark59 Case-Study ASH MAURYA @ashmaurya ashmaurya.com spark59.com
  • In God we trust,all others bring data.-W. Edwards Deming
  • Startups don’t starve,they drown.-Shawn Carolan, Menlo Ventures
  • What you wanted
  • WTFWhat you wanted The reality
  • 01 Establish a standard measure of progress.
  • Financial accounting Innovation Accounting
  • Dave McClure’s Pirate Metrics How do users find you? ACQUISITIONDo users have a great first experience? ACTIVATION Do users come back? RETENTION How do you make money? REVENUE Do users tell others? REFERRAL
  • 02 Measure everything as a cohort.
  • You cannot step in thesame river twice.-Heraclitus
  • Signups
  • Signups Activation
  • Signups Activation Paid Conversion
  • Signups Activation Paid Conversion
  • SignupsActivation Paid Conversion
  • SignupsActivation Paid Conversion
  • 03 Focus on a single key metric.
  • 2%
  • 2%
  • 04 Build a continuous feedback loop with customers for rapid hypothesis generation.
  • 1. Too busy.2. Need more information.3. Just kicking tires.
  • 1. Too busy.2. Need more information.3. Just kicking tires.
  • Results?
  • No significant impact.
  • Except...
  • REVISED 03 Focus on a single key metric, but always monitor the full customer lifecycle.
  • A/B Tests7-Day Course (A/B Test)300 Participants have run this experiment. Time Range: July 9, 2012 - July 13, 2012 Control Hypothesis A ? 651 participants (50%) 652 participants (50%) activated 35% 34% retention 31% 45% referred 19% 20% paid 2% 4%More data is needed to determine a winner.Hypothesis A is currently winning with a 44% improvement and a 80% chance to beat the baseline.
  • Lifecycle MessagingDay 1 Welcome + Week 1 ChallengeDay 3 Educational Content #1Day 5 Educational Content #2
  • Lifecycle MessagingDay 1 Welcome + Week 1 ChallengeDay 3 Educational Content #1Day 5 Educational Content #2 What happened #1 Help content Offer helpDay 9 Check-in + Week 2 ChallengeDay 14 Educational Content #3Day 20 Educational Content #4 What happened #2 Help content Offer help Check-in + Week 4 challengeDay 24 + soft sellDay 29 Offer Bonus Extend trial Ask for feedback Offer incentive ...
  • 05 Metrics alone are not enough.
  • Standard Measure of Progress COHORT SPEED METRICS Rapid Hypotheses Formulation SPLIT LIFECYCLE LEARNING TESTING FOCUS MESSAGINGExperiments
  • For an extended version of this talk, visit:http://bit.ly/InnovationAccounting
  • THANKS!For an extended version of this talk, visit:http://bit.ly/InnovationAccounting Lean Canvas Ash Maurya | Author, Running Lean | Founder, Spark59 | @ashmauryaLife is too short to build something nobody wants