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My million dollar                            product mistakes                                Greg Isenberg                ...
Background.                       • Building products since I’ve been 13.                       • McGill Computer Science ...
8 biggest products mistakes in                       building Wall Street Survivor                  $1.5M spent to learn t...
#1 - Good copywriting is underrated                    Big learning: Compelling copy is key to conversions and also making...
#1 - Good copywriting is underrated                                   Mistake: Allowed developers to write                ...
#1 - Good copywriting is underrated                            Key insight: Great copy is a huge differentiator. It connect...
#2 - Influencers are a big deal                     Big learning: Scale users quickly by onboarding communities. For us,   ...
#2 - Influencers are a big deal                            Mistake: Thought that PR would drive influencers.Saturday, 16 Feb...
#2 - Influencers are a big deal                            Key insight: The best way to onboard influencers is the old schoo...
#3 - How to sell to influencers                  Big learning: Ge ing influencers onboarded is more difficult than we         ...
#3 - Influencers are a big deal                   Mistake: Did not make a compelling enough offer to get influencers         ...
#3 - Influencers are a big deal                 Key insight: Influencers love feeling special so the best way to get the    ...
#4 - Ride those waves                      Big learning: New technology opens up opportunities for disruption             ...
#4 - Ride those waves                 Mistake: Did not take advantage of mobile. Startups who were mobile-                ...
#4 - Ride those waves                       Key insight: Always questions how outside innovations provide                 ...
#5 - Distribution, distribution, distribution                   Big learning: Strategic alliances with partners helps crea...
#5 - Distribution, distribution, distribution                    Mistake: Should have embedded “missions” on other publish...
#5 - Distribution, distribution, distribution                      Key insight: Embeddable widgets that allow users to dis...
#6 - Create exclusivity, urgency and scarcity                  Big learning: Who says FOMO doesn’t exists on the web? Invi...
#6 - Create exclusivity, urgency and scarcity                            Mistake: Should have made our beta private and in...
#6 - Create exclusivity, urgency and scarcity                    Key insight: Emulate a land grab by providing users the a...
#7 - Dos/don’t at conferences                       Mistake: Launched Wall Street Survivor at Finovate ’11 NYC. We rushed ...
#7 - Dos/don’t at conferences                        Big learning: Launching at conferences although good for morale, PR  ...
#7 - Dos/don’t at conferences                            Key insight: Only launch at a conference if it coincides with you...
#8 - Become a viral baker                       Big learning: Just as design has a process and development has a          ...
#8 - Become a viral baker                  Mistake: Growth hacks (invites, sharing features, landing pages) were          ...
#8 - Become a viral baker                  Key insight: The most beautiful products don’t win, it’s the one’s that        ...
UX makes or breaks                                companies                                  (Case study: Songza)Saturday,...
Example: Songza                    Came late the game, entered an incredibly                     crowded space and created...
Songza’s model isn’t                             really innovative.                             Key insight: they just sla...
(Not much different)Saturday, 16 February, 13
Why it works?                                             1) Built context                                    2) Copy that...
Songza’s mood is pre y happy now.                            They are is killing it.                             iPad: 1M ...
Pandora (2.2B valuation) is freaking out.                            “Pandora is threatened by Songza and                 ...
<3                                Thanks!                                 @gregisenberg                            gregise...
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Greg Isenberg: My Million Dollar Product Mistake

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Transcript of "Greg Isenberg: My Million Dollar Product Mistake"

  1. 1. My million dollar product mistakes Greg Isenberg @gregisenbergSaturday, 16 February, 13
  2. 2. Background. • Building products since I’ve been 13. • McGill Computer Science Dropout • Zynga, FedEX, AOL, TechCrunch • Partner, Wall Street Survivor • Now: CEO, fiveby.tv ,Venture Partner at Good People Ventures.Saturday, 16 February, 13
  3. 3. 8 biggest products mistakes in building Wall Street Survivor $1.5M spent to learn the following lessons. This is my gi to you.Saturday, 16 February, 13
  4. 4. #1 - Good copywriting is underrated Big learning: Compelling copy is key to conversions and also making your brand human, friendly and fuzzy. Developers can’t write copy that well. That’s what marketers are for.Saturday, 16 February, 13
  5. 5. #1 - Good copywriting is underrated Mistake: Allowed developers to write copySaturday, 16 February, 13
  6. 6. #1 - Good copywriting is underrated Key insight: Great copy is a huge differentiator. It connect your audience to your brand. It has a direct impact on retention and engagement.Saturday, 16 February, 13
  7. 7. #2 - Influencers are a big deal Big learning: Scale users quickly by onboarding communities. For us, we got schools, trading rooms and blogs. Influencers hold the key to these communities.Saturday, 16 February, 13
  8. 8. #2 - Influencers are a big deal Mistake: Thought that PR would drive influencers.Saturday, 16 February, 13
  9. 9. #2 - Influencers are a big deal Key insight: The best way to onboard influencers is the old school way by building a real relationship. Pick up a phone, email them or best yet, take them out for drinks.Saturday, 16 February, 13
  10. 10. #3 - How to sell to influencers Big learning: Ge ing influencers onboarded is more difficult than we thought.Saturday, 16 February, 13
  11. 11. #3 - Influencers are a big deal Mistake: Did not make a compelling enough offer to get influencers involvedSaturday, 16 February, 13
  12. 12. #3 - Influencers are a big deal Key insight: Influencers love feeling special so the best way to get the involved is to give make them feel like they are VIP.Saturday, 16 February, 13
  13. 13. #4 - Ride those waves Big learning: New technology opens up opportunities for disruption (ex: iOS and the app ecosystem, HTML5 etc...)Saturday, 16 February, 13
  14. 14. #4 - Ride those waves Mistake: Did not take advantage of mobile. Startups who were mobile- first like Kapitall who were competitors owned the space by the time we realized it.Saturday, 16 February, 13
  15. 15. #4 - Ride those waves Key insight: Always questions how outside innovations provide opportunities for you to grow your business.Saturday, 16 February, 13
  16. 16. #5 - Distribution, distribution, distribution Big learning: Strategic alliances with partners helps create value-add for their userbase and helps you get traffic (and SEO juice).Saturday, 16 February, 13
  17. 17. #5 - Distribution, distribution, distribution Mistake: Should have embedded “missions” on other publishers sites from day 1.Saturday, 16 February, 13
  18. 18. #5 - Distribution, distribution, distribution Key insight: Embeddable widgets that allow users to distribute content across the web, particularly powerful when its their content. Find your most compelling feature that can be embeddable and do deals.Saturday, 16 February, 13
  19. 19. #6 - Create exclusivity, urgency and scarcity Big learning: Who says FOMO doesn’t exists on the web? Invite-only increases hype and WOM. People like to be apart of an exclusive club.Saturday, 16 February, 13
  20. 20. #6 - Create exclusivity, urgency and scarcity Mistake: Should have made our beta private and invite-onlySaturday, 16 February, 13
  21. 21. #6 - Create exclusivity, urgency and scarcity Key insight: Emulate a land grab by providing users the ability to claim "land" on a first-come-first-serve basis (ex: About.mes vanity URL registration before launch, Convores chat room creation/moderation)Saturday, 16 February, 13
  22. 22. #7 - Dos/don’t at conferences Mistake: Launched Wall Street Survivor at Finovate ’11 NYC. We rushed launch, built features that were cool to demo but not valuable for the customers.Saturday, 16 February, 13
  23. 23. #7 - Dos/don’t at conferences Big learning: Launching at conferences although good for morale, PR and se ing a date to launch is not always good for the company.Saturday, 16 February, 13
  24. 24. #7 - Dos/don’t at conferences Key insight: Only launch at a conference if it coincides with your product roadmap. Don’t match your product roadmap with conference schedules. Tip: create a “canned” version of your demo in case internet goes down.Saturday, 16 February, 13
  25. 25. #8 - Become a viral baker Big learning: Just as design has a process and development has a process as should growth hacking.Saturday, 16 February, 13
  26. 26. #8 - Become a viral baker Mistake: Growth hacks (invites, sharing features, landing pages) were an a erthought to product development.Saturday, 16 February, 13
  27. 27. #8 - Become a viral baker Key insight: The most beautiful products don’t win, it’s the one’s that are marketing machines from the core.Saturday, 16 February, 13
  28. 28. UX makes or breaks companies (Case study: Songza)Saturday, 16 February, 13
  29. 29. Example: Songza Came late the game, entered an incredibly crowded space and created a seriously valuable business.Saturday, 16 February, 13
  30. 30. Songza’s model isn’t really innovative. Key insight: they just slapped on a killer UX towards music playlists.Saturday, 16 February, 13
  31. 31. (Not much different)Saturday, 16 February, 13
  32. 32. Why it works? 1) Built context 2) Copy that resonates with users Key insight: They understood mood ma ers with respect to music and created funnels around moods.Saturday, 16 February, 13
  33. 33. Songza’s mood is pre y happy now. They are is killing it. iPad: 1M downloads in 10 days 50% retention rate.Saturday, 16 February, 13
  34. 34. Pandora (2.2B valuation) is freaking out. “Pandora is threatened by Songza and that’s one of the reasons shares are down” - ForbesSaturday, 16 February, 13
  35. 35. <3 Thanks! @gregisenberg gregisenberg@gmail.comSaturday, 16 February, 13
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