Nailing Product-Market Fit for STVP Spark 2016.04.05
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Slide deck from my pop-up class on nailing product-market fit at Stanford as part of the Stanford Technology Venture Program Spark series
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Nailing Product-Market Fit for STVP Spark 2016.04.05
- 1. Nailing Product-Market Fit April 5, 2016 ALAN CHIU @alanchiu | achiu@xseedcap.com
- 2. XSeed Capital • Seed-stage venture firm • $60M fund • Former operators • Enterprise startups with differentiating technology • Energy, momentum, and clarity 2
- 5. YOU NEED TO DO SOMETHING USEFUL FOR SOMEBODY
- 6. Think of your product as a box with boundaries… 1. User Interface 2. Application Interface 3. Data Interface 4. Buyer Interface 6
- 8. User Interface • Whose needs matter? • Context • Time-to-value 8
- 9. User Interface • Web • App • Chat • Voice • Store? 9
- 10. Examples • Imgur • Salesforce • Getaround 10
- 11. Your Turn • Who are your users? • What’s the context? • What’s the job that needs to be done? How long does it take? 11
- 13. It’s all about the workflow.
- 15. Application Interface • What are your users doing before using your product, and after? • Why? • Upstream and downstream products? 15
- 16. Application Interface • Increase engagement • Lower churn • Increase switching cost 16
- 17. Examples • Marketo • Listo • AtScale 17
- 18. Your Turn • What do your users do before and after using your product? • Why? • What might you do to create more value for your users? 18
- 19. DATA INTERFACE
- 20. Data Interface • What are the incoming data sources? • What are the best ways to receive the input data? • How will your output data be consumed? 20
- 21. Data Interface • Lower adoption cost • Increase value from product • Become de facto standard – defensive barrier 21
- 22. Examples • Expensify • TurboTax • ClearStory Data 22
- 23. Your Turn • What data do you need? • Where might you acquire them? • Which acquisition methods require the least effort from your users? Which require the least effort from you? • How might you present the output? 23
- 24. BUYER INTERFACE
- 25. Buyer Interface • Who are the buyers? • Decision making process? • What’s in it for each stakeholder? 25
- 26. 26
- 27. Buyer Interface • Pricing model • Price scaling metric • Tiered features and services • Demo features 27
- 31. Your Turn • Who are the buyers? • Who might influence the purchase decision? • How do they making buying decisions? • What’s in it for every stakeholder involved? 31
- 32. Remember… 1. User 2. Application 3. Data 4. Buyer 32
- 33. Nailing Product-Market Fit April 5, 2016 ALAN CHIU @alanchiu | achiu@xseedcap.com
Editor's Notes
- The key is to immerse yourself in the user’s world to the point where you can readily tell the story of what a day in the life of your users is like. In the early days of Pulse, a visual news-reading app that won a design award from Apple and was later acquired by LinkedIn, the team chose to work out of a coffee shop to get rapid feedback from their target users as they iterated on the user interface design.
- Imgur Users looking for quick entertainment Context: waiting for bus, waiting for checkout, etc. Time-to-value: smile in seconds feature parity between both versions of the app. Users switch between the two more often these days. uses Leanplum for mobile A/B testing. retention hacking Salesforce Users: thought of app as a sales app, but through analytics realized it's really a social and collaboration app. Needed to add more features for non sales users. Context: in between meetings. In cabs/Ubers Time-to-value: get/put relevant data in seconds/minutes customer advisory boards. How do people use it. What for. instrument everything. don't design to your own marketing messages. Design to solve users' problems. Getaround Users: people who need cars. People who want to earn money from their cars. eat your own dog food. Give employees lots of Getaround credits to use the service as much as possible.
- Imgur Users looking for quick entertainment Context: waiting for bus, waiting for checkout, etc. Time-to-value: smile in seconds feature parity between both versions of the app. Users switch between the two more often these days. uses Leanplum for mobile A/B testing. retention hacking Salesforce Users: thought of app as a sales app, but through analytics realized it's really a social and collaboration app. Needed to add more features for non sales users. Context: in between meetings. In cabs/Ubers Time-to-value: get/put relevant data in seconds/minutes customer advisory boards. How do people use it. What for. instrument everything. don't design to your own marketing messages. Design to solve users' problems. Getaround Users: people who need cars. People who want to earn money from their cars. eat your own dog food. Give employees lots of Getaround credits to use the service as much as possible.
- This interface governs how your product interacts with other applications. It is critical to get this right if the job performed by your product belongs to a larger workflow. Identify opportunities where integrating with these applications delivers additional value to your users, such as how Marketo integrates with Salesforce. Once you have embedded your product in your user’s workflow, you have overcome a common retention challenge — reminding your users to come back to your product — leading to a lower churn rate.
- This interface governs how your product interacts with other applications. It is critical to get this right if the job performed by your product belongs to a larger workflow. Identify opportunities where integrating with these applications delivers additional value to your users, such as how Marketo integrates with Salesforce. Once you have embedded your product in your user’s workflow, you have overcome a common retention challenge — reminding your users to come back to your product — leading to a lower churn rate.
- This interface governs how your product interacts with other applications. It is critical to get this right if the job performed by your product belongs to a larger workflow. Identify opportunities where integrating with these applications delivers additional value to your users, such as how Marketo integrates with Salesforce. Once you have embedded your product in your user’s workflow, you have overcome a common retention challenge — reminding your users to come back to your product — leading to a lower churn rate.
- Imgur Users looking for quick entertainment Context: waiting for bus, waiting for checkout, etc. Time-to-value: smile in seconds feature parity between both versions of the app. Users switch between the two more often these days. uses Leanplum for mobile A/B testing. retention hacking Salesforce Users: thought of app as a sales app, but through analytics realized it's really a social and collaboration app. Needed to add more features for non sales users. Context: in between meetings. In cabs/Ubers Time-to-value: get/put relevant data in seconds/minutes customer advisory boards. How do people use it. What for. instrument everything. don't design to your own marketing messages. Design to solve users' problems. Getaround Users: people who need cars. People who want to earn money from their cars. eat your own dog food. Give employees lots of Getaround credits to use the service as much as possible.
- This interface determines how data gets into and out of your product. If external data sources are required, what are the best ways to receive them? Batched or streamed? Automated or manually curated? Does it make sense to invest in API integration up front, or can you get away with a more rudimentary approach in your first release? As for the data generated by your product, it is important to think through how this information is going to be consumed. Do you need to support any industry standard data format? Should the data be made available via an API? What are the most appropriate data visualizations for your users? Examples: Lex Machina PDF Export Segment.io API for data import
- This interface governs how your product interacts with other applications. It is critical to get this right if the job performed by your product belongs to a larger workflow. Identify opportunities where integrating with these applications delivers additional value to your users, such as how Marketo integrates with Salesforce. Once you have embedded your product in your user’s workflow, you have overcome a common retention challenge — reminding your users to come back to your product — leading to a lower churn rate.
- Expensify Input: upload from computer, mobile camera, Google Maps, email (receipts) Output: accounting software TurboTax Input: Manual data entry, automated lookup with Quickbooks, import from financial services institutions Output: e-filing ClearStory Data Input: Hadoop, Oracle, SQL Server, Amazon Redshift, MySQL, PostgreSQL, file uploads, API integration with Salesforce, etc., demographic data, social data, weather data, macroeconomic data, surveys… Output: own visualization and collaborative UI
- Imgur Users looking for quick entertainment Context: waiting for bus, waiting for checkout, etc. Time-to-value: smile in seconds feature parity between both versions of the app. Users switch between the two more often these days. uses Leanplum for mobile A/B testing. retention hacking Salesforce Users: thought of app as a sales app, but through analytics realized it's really a social and collaboration app. Needed to add more features for non sales users. Context: in between meetings. In cabs/Ubers Time-to-value: get/put relevant data in seconds/minutes customer advisory boards. How do people use it. What for. instrument everything. don't design to your own marketing messages. Design to solve users' problems. Getaround Users: people who need cars. People who want to earn money from their cars. eat your own dog food. Give employees lots of Getaround credits to use the service as much as possible.
- This interface defines how potential buyers discover and purchase your product, directly impacting your revenue ramp rate and how you are going to build your business. While this area seems to belong squarely to the “business” side of your company, your decisions here have ramifications for the design of your product. Example: Atlassian
- What can you do? Remember, “Everyone is the center of their own universe.” Step into their world and appreciate their needs and desires Seek to understand their real ask and help them get what they need http://wallpaperest.com/sparkling-blue-universe-wallpaper-131922
- This interface defines how potential buyers discover and purchase your product, directly impacting your revenue ramp rate and how you are going to build your business. While this area seems to belong squarely to the “business” side of your company, your decisions here have ramifications for the design of your product. Example: Atlassian
- Twilio SMS: Per number/code, per message Voice: Per number, per minute
- Twilio SMS: Per number/code, per message Voice: Per number, per minute
- Twilio SMS: Per number/code, per message Voice: Per number, per minute