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Presentation given at Cheltenham Geek Nights event. Covers LEAN startup methodology & AARRR Pirate metrics

Presentation given at Cheltenham Geek Nights event. Covers LEAN startup methodology & AARRR Pirate metrics

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  • 1. @oxygenaccel www.oxygenaccelerator.com PAIN, LEAN & AARRR Simon Jenner CEO, Oxygen Accelerator @simonjenner
  • 2. @oxygenaccel www.oxygenaccelerator.com you are here success
  • 3. @oxygenaccel www.oxygenaccelerator.com deadpool road
  • 4. Not Lean I think the problem is X The solution looks like this: A website with social logon Location based HTML 5 mobile ready front end Cloud based, multi continent hosting for resilience Ability for users to like each others profiles Monetization via adverts We can launch in 6-9 months
  • 5. YOU JUST CREATED A PRODUCT THAT NO ONE CAN USE OR WANTS
  • 6. Feel the pain @oxygenaccel www.oxygenaccelerator.com Pain Threshold Pain is felt No pain is felt Cure for cancer Ferrari
  • 7. In the beginning @oxygenaccel www.oxygenaccelerator.com Lean manufacturing - Toyota 2011
  • 8. How to drive a startup @oxygenaccel www.oxygenaccelerator.com Vision Strategy Product Optimization Pivot True North
  • 9. STRATEGY IS BASED ON ASSUMPTIONS @oxygenaccel www.oxygenaccelerator.com Customers can be acquired for $1 Customers will use a mobile app Each customer will invite 0.5 other customers Customers wants to do X We can build in in 3-months Advertisers will pay $3 per customer There are 100,000 early adopters We will attract customers via social media Customers will come back to the app daily
  • 10. LEAP of FAITHs @oxygenaccel www.oxygenaccelerator.com Some assumptions are Leaps of Faith iPod -  People want to listen to music on the move -  People will pay for music
  • 11. KEY ASSUMPTION @oxygenaccel www.oxygenaccelerator.com Value creation Growth
  • 12. BUILD, MEASURE, LEARN @oxygenaccel www.oxygenaccelerator.com BUILDLEARN MEASURE IDEAS PRODUCTDATA
  • 13. BUILD @oxygenaccel www.oxygenaccelerator.com Build a key assumptions solving Minimum Viable Product (MVP)
  • 14. MEASURE @oxygenaccel www.oxygenaccelerator.com Must be real data What to measure – everything AARRR – Pirate metrics
  • 15. LEARN @oxygenaccel www.oxygenaccelerator.com Test data with customers Must impact business results
  • 16. CYCLE FAST @oxygenaccel www.oxygenaccelerator.com BUILDLEARN MEASURE IDEAS PRODUCTDATA
  • 17. PIVOT or PERSEVERE @oxygenaccel www.oxygenaccelerator.com Get enough data then make Data based decisions Customer based decisions
  • 18. PIVOTS @oxygenaccel www.oxygenaccelerator.com -  Zoom in pivot –more niche -  Zoom out pivot – less niche -  Customer segment pivot -  Customer need pivot -  Technology pivot -  Business model pivot -  Channel pivot
  • 19. PIVOT @oxygenaccel www.oxygenaccelerator.com sortedlocal.com Assumptions -  People wanted unskilled tasks doing (customers) -  People wanted unskilled per hour work (sorters) -  Attracting sorters was going to be difficult -  Customers will want to use mobile An unskilled tasks market place
  • 20. PIVOT @oxygenaccel www.oxygenaccelerator.com sortedlocal.com MVP -  Customer task led mobile app -  Customer creates profile & then task “I need a cleaner on Friday at 4pm to clean my flat” -  Sorters respond via messaging system saying they will do it & their price per hour -  Customer selects a Sorter & pays An unskilled tasks market place
  • 21. PIVOT @oxygenaccel www.oxygenaccelerator.com sortedlocal.com Data 1st Month -  1st task posted was an advert not a task -  600 Sorters signed up -  20 Customers signed up -  60% bounce rate on website -  Zero tasks completed -  Customers saying to many responses to task, takes to long to message each sorter, trust issues with sorters An unskilled tasks market place
  • 22. PIVOT @oxygenaccel www.oxygenaccelerator.com sortedlocal.com Pivot – Live for 2 weeks -  Sorter led task market place -  Each sorter has a profile -  Customer searches by task & location (i.e. cleaning) -  Customer selects Sorter from a list of profiles An unskilled tasks market place
  • 23. PIVOT @oxygenaccel www.oxygenaccelerator.com sortedlocal.com Data – 2 weeks old -  2000 customers signed up -  31 tasks posted -  5% bounce rate on website -  Zero tasks completed (via site) -  Transactions are being taken off-line -  150+ clicks on Book now button on Sorter profile An unskilled tasks market place
  • 24. GROWTH ENGINES @oxygenaccel www.oxygenaccelerator.com - Sticky Engine - Viral Engine - Paid Engine
  • 25. @oxygenaccel www.oxygenaccelerator.com LAUNCH
  • 26. @oxygenaccel www.oxygenaccelerator.com AARRR – Pirate Metrics Simon Jenner CEO, Oxygen Accelerator @simonjenner
  • 27. AARRR @oxygenaccel www.oxygenaccelerator.com - Acquisition - users come to the site from various channels - Activation – users enjoy 1st experience - Retention - users come back re-visit site - Referral - users like it enough to refer others - Revenue – users pay
  • 28. AARRR @oxygenaccel www.oxygenaccelerator.com
  • 29. ACQUISITION @oxygenaccel www.oxygenaccelerator.com -  What? -  SEO, Social Media, Blogs, Email -  Affiliates, Direct, pay per click adverts -  Measure? -  Unique visits, visitor sources, user demographic, cost per acquisition CPA
  • 30. ACTIVATION @oxygenaccel www.oxygenaccelerator.com -  What? -  Landing page optimization -  UI/UX iterations -  Value proposition -  Measure? -  Conversions (signup, download) -  Bounce rate -  Dwell time CPA
  • 31. RETENTION @oxygenaccel www.oxygenaccelerator.com -  What? -  Email reminders, notifications, newsletters -  Notifications, popups -  Re-target advertising -  Measure? -  Monthly active users (MAU) -  Web re-visits -  Email open % -  Click though % from reminder/notification LTV
  • 32. REFERRAL @oxygenaccel www.oxygenaccelerator.com -  What? -  Social sharing, discounts, invitations, competitions -  Measure? -  Viral Loop or virality ratio -  Invite to signups (1:0.2) CPA
  • 33. REVENUE @oxygenaccel www.oxygenaccelerator.com -  What? -  In app purchases, subscription, one off payment -  Measure? -  Revenue per user LTV
  • 34. FUNNEL @oxygenaccel www.oxygenaccelerator.com £££££ Visitors Clicks on more information button Clicks on start free trial Completes registration info Verifies e-mail address Logs on Logs on twice 50,000 5,000 10:1 Funnel 2:1 100:1
  • 35. KEY @oxygenaccel www.oxygenaccelerator.com -  Cost Per Activation (CPA) -  How much do you spend to activate each user -  Calculated by acquisition spend divided by the number of signups -  i.e. spend £100 to get 10 users = £10 CPA -  Life Time Value (LTV) -  Revenue from customer over the length of time they stay with you -  Calculate by monthly revenue timed by average months retained -  i.e. £10 per month * 4 –months = £40 LTV LTVCPA
  • 36. @oxygenaccel www.oxygenaccelerator.com IF IT MOVES MEASURE IT
  • 37. @oxygenaccel www.oxygenaccelerator.com CONTACT Simon Jenner simon@oxygenaccelerator.com @simonjenner