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Iteration After Problem/Solution Fit

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Talk on iteration given to Fall 2014 cohort of Founder Fuel (Montreal startup accelerator)

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Iteration After Problem/Solution Fit

  1. 1. Iteration After Problem/Solution Fit Isaac Souweine Head of Product @ Frank & Oak Preso to Fall 2014
  2. 2. I. what do you do?
  3. 3. you have a startup! Biz co-founder Tech co-founder AWESOME CO.
  4. 4. your startup has a product!! Biz co-founder Tech co-founder AWESOME CO. Our Product
  5. 5. you want customers to use that product, so you tell them about it Biz co-founder Tech co-founder AWESOME CO. Our Product Customers
  6. 6. your customers tell you (or show you) what they think of your product Biz co-founder Tech co-founder AWESOME CO. Our Product Customers
  7. 7. you improve your product based on their feedback or actions Biz co-founder Tech co-founder AWESOME CO. Our Product Customers
  8. 8. this is iterative product development. for most* early stage web startups, it is all you need to know about right now. *things change if you cannot easily iterate on your product, e.g., hardware
  9. 9. here’s a more popular iteration diagram (with one addition) LEARN MEASURE MARKET* BUILD *the addition
  10. 10. III. what should you iterate on?
  11. 11. this is a lean canvas
  12. 12. your job is to fill the canvas with hypotheses
  13. 13. and then prove or pivot them
  14. 14. right now, you are probably about here
  15. 15. which is to say that you’re here Problem/Solution Fit Your Startup Product/Market Fit - you’ve identified a real problem and a way to solve it - your solution has come to life in a product - you’re working to improve the product - you’re searching for scalable customer acquisition - you have some sense of key metrics you’re working on - you have a bit of revenue (optional)
  16. 16. if so, you should be focused here
  17. 17. 1. your product ● landing experience ● 1st time experience ● core product experience ○ for user type 1 ○ for user type 2
  18. 18. 2. your marketing ● traffic sources ● marketing message
  19. 19. 3. intersection of product and marketing ● click through experience ● email ● referrals and virality ● etc.
  20. 20. IV. let’s look at some examples
  21. 21. product stuff that brownie points could be iterating on ● new merchant onboarding ● merchant dashboard ● in store user experience (e.g. QR code) ● what else?
  22. 22. marketing stuff brownie points could be iterating on ● merchant demand drivers ● merchant sales collateral ● app demand drivers ● in store marketing ● what else?
  23. 23. product stuff that selective few could be testing ● landing experience ● product display on site ● product assortment on site ● email flows ● viral hooks (refer a friend) ● what else?
  24. 24. marketing stuff that selective few could be testing ● paid search ● paid display (aka FB) ● social ● referral ● email ● what else?
  25. 25. V. how should I iterate?
  26. 26. know your metrics ● computable ● accessible ● intuitive ● less is more
  27. 27. make it happen ● don’t be stealthy ● move fast b/c you have to
  28. 28. make it count ● test things you believe in ● seek meaningful results ● seek actionable results ● be serious about testing methods
  29. 29. practice upaya (skillful means) ● don’t overbuild ● don’t underbuild ● make sure your sample is valid ● trust your instinct
  30. 30. THANK YOU and HAPPY ITERATING @sonofsarah

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