How to (not) antagonize your customers in a Lean Startup world
Ryan Hops HOW TO (NOT)ANTAGONIZE YOUR CUSTOMERS IN A LEAN STARTUP WORLD Loyalty World March 2013
MY GOAL I WANT TO LEAVE YOU WITH: How to succeed in the digital era, in theworld of lean startup, and not piss off your customers.
ME:✓ 20 something entrepreneur✓ Product guy✓ From Chinese HedgeFund to fintech entrepreneur✓ UWO - Bachelor of Finance
WALL STREET SURVIVORSOME NUMBERS: 3M+ pageviews/month, 500k+ usersJOINT VENTURES: With huge financial portals like AOL and the Motley Fool OUR TECH: Our tech powers 80% of the top business schools in the US
THE EVOLUTION OF WSS Like many consumer internet startups, WSS is the poster-child for being a pivot machine.
IDEA #1Let’s create a gambling website (2007-2008)
DIGG V3✓ Digg was founded in 2004 by Kevin Rose (picture on the right)✓ In 2008, Google offered to buy it for 200m.✓ By 2010 it was one of the ten biggest sites on the internet
DIGG V4✓ In 2010, Digg relaunched the site with a brand new design and a totally revamped functionality✓ In one month after their launch traffic dropped 34%✓ The never really looked back. In 2012 they sold to Betaworks for $500,000.
FATAL MISTAKE #1✓ They didn’t involve their power users.✓ Digg was a community that thrived on it’s power users (less than 100 people).✓ When the site launched, they were as shocked as everybody.
WHAT HAPPENED?They headed over to Reddit to complain and stayed there.
TODAYReddit.com is one of the most popular websites around Image source: newsone.com
FATAL MISTAKE #2✓ They implemented features that none of their users wanted✓ They built features like My News that no one wanted
FATAL MISTAKE #3✓ Too much change - too quickly!✓ No communication✓ No roll-out of features
COMPARISON: FACEBOOKFacebook has had as many unpopularchanges as any startup but they roll-out theirfeatures slowly - not all at once! 2006 - mini feeds 2008 - the Wall 2009 - Fan pages and the Like button 2010 - the Wall is gone... the Newsfeed is here! 2011 - Ticker and Timeline
Ryan HopsTHANK YOU! Q&A TIME!Linkedin.com/in/ryanhops @ryanhops