How to (not) antagonize your customers in a Lean Startup world
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How to (not) antagonize your customers in a Lean Startup world

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In a world of lean startup, with constant iteration and product change, how do you not piss off your users

In a world of lean startup, with constant iteration and product change, how do you not piss off your users

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How to (not) antagonize your customers in a Lean Startup world How to (not) antagonize your customers in a Lean Startup world Presentation Transcript

  • 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)
  • LEARNING #1Gambling was a little too grey.
  • IDEA #2Yahoo Fantasy sports for stock market (2008-2012)
  • LEARNING #2Managing a sports team is a more fun than managing a stock portfolio.
  • 3RD TIME’S A CHARM Financial Education
  • LEARNING #3Huge opportunity to integrate onto 3rd party sites.
  • THE 6 STEPSWE TOOK TO NOT PISS OFF OUR 500 000 USERS (AND NOT LOSE OUR $1,000,000 INVESTMENT)
  • #1 - WARNING✓ Give people warnings...✓ Like lots of warnings...✓ Like early, often and everywhere...
  • SOCIAL MEDIA
  • BLOG
  • ON-SITE MESSAGING
  • EMAIL
  • TIP:✓ Don’t worry about your competitors.✓ Stealth is VERY overrated.
  • #2 - FIND YOUR CORE ✓ Who are your power users/customers? And how can you reach them?
  • Reach out and make it personal.
  • WALL STREET SURVIVOR’S TWO BIGGEST FANSThe Johnson brothers from West Monroe, Louisiana
  • TIP: The more you connect with your power users:✓ the more passionate they will become about your company✓ the more you will learn about your all users
  • #3 - SHOW MOCKUPS✓ Get feedback early. Show to your future customer base as well as existing.
  • FIRST MOCK LAST MOCK
  • TIP:✓ Show, Show and show some more. The more you show, the less drastic your launch will be.
  • #4 - BRING THEM INTO THE PROCESS✓ Create an invite-only beta version✓ Behavioral vs attitudinal data
  • Install Feedback-gathering tools QUALROOGETSATISFACTION CROWDSCIENCE
  • TIP:✓ If you are proud about your beta, you’re doing it all wrong.
  • #5 - GIVE THEM OPTIONS✓ People hate when change is forced on them
  • 2,794,000
  • 2,794,000 That’s how many people still use AOL dial-up! Bottom line: Some people WILL not change.If it’s still profitable to do so, give them options.
  • Legacy.WallStreetSurvivor.com is still available.
  • TIP:✓ Make them feel like the old site is a rusty old car.
  • #6 - SOME CUSTOMERS ARE WRONG✓ Don’t listen to your customers too much✓ Customers (sometimes the best customers) are biased
  • TIP:✓ If companies only cared about what their customers wanted, there would be no iPhone.
  • BONUS: CASE STUDY DIGG V4
  • 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
  • TAKE-AWAY:✓ Test, test, test.
  • 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