Retaining your signups while your product... kind of sucks
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Short presentation about the importance of retention for early-stage startups with tips on how to improve.
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Retaining your signups while your product... kind of sucks
- 1. Achieving optimal retention strategy dynamics while creating synergies among key stakeholders. Powered by blockchain and machine learning. And AI.
- 2. Retaining your first signups... while your product kind of sucks.
- 3. ● The why ● 2 models 👯 ● The how… or the story of Pekka 🇫🇮
- 4. The why
- 5. “You can always feel when product/market fit isn't happening. The customers aren't quite getting value out of the product, word of mouth isn't spreading, usage isn't growing that fast, press reviews are kind of "blah", the sales cycle takes too long, and lots of deals never close.” Marc Andresseen, ”The only thing that matters”, Pmarca Blog
- 6. “And you can always feel product/market fit when it is happening. The customers are buying the product just as fast as you can make it. Money from customers is piling up in your company checking account. You're hiring sales and customer support staff as fast as you can. Reporters are calling because they've heard about your hot new thing and they want to talk to you about it. You start getting entrepreneur of the year awards from Harvard Business School. Investment bankers are staking out your house.” Marc Andresseen, ”The only thing that matters”, Pmarca Blog
- 7. You need to reach product-market fit, fast
- 8. You need to learn, fast
- 9. You need to learn, fast
- 10. You need to learn, fast
- 11. The questions
- 12. The questions ● Where are my potential customers? ● What “jobs” do they have? ● What have they “hired” for those jobs? ● What are they looking for in new solutions? ● How are they looking for new solutions? ● What’s keeping them from switching? ● How do they start using a product? ● What do they like about your product? ● What sucks about your product? ● Is the stuff in your roadmap actually relevant?
- 13. Jobs-to-be-done
- 14. ● (Potential customers) ● Website visitors ● New signups ● Signups that didn’t convert ● Paying customers ● Churned customers
- 16. Your signups are closest to the truth
- 17. The why ● 2000€ per month +15% growth per month For 12 months ● 2000€ per month +20% growth per month For 12 months
- 18. The why ● 2000€ per month +15% growth per month For 12 months ~10700€ per month ● 2000€ per month +20% growth per month For 12 months ~17800€ per month
- 19. The why ● 2000€ per month +15% growth per month For 24 months ~57200€ per month ● 2000€ per month +20% growth per month For 24 months ~159000€ per month
- 20. The why ● The fastest way to Product-Market fit ● Higher growth ● Better valuation ● More money from investors and/or smaller dilution ● More money for hiring ● More money for acquiring customers
- 21. 2 models 👯
- 22. High motivation Ability Low motivation Hard to do Easy to do 👍 👎 BJ Fogg’s Behavior Model Motivation
- 23. The 💩 Cylinder
- 24. The 💩 Cylinder 🤯
- 25. The 💩 Cylinder 🤯
- 26. The 💩 Cylinder 👋
- 27. The problem
- 28. Hello Pekka 🙋♂
- 30. High motivation Ability Low motivation Hard to do Easy to do BJ Fogg’s Behavior Model Motivation 👋 Website loads for 4 seconds
- 31. The 💩 Cylinder 👋
- 33. High motivation Ability Low motivation Hard to do Easy to do BJ Fogg’s Behavior Model Motivation 👋 Unclear value proposition 👋 Unable to compare with others
- 34. The 💩 Cylinder 👋
- 36. High motivation Ability Low motivation Hard to do Easy to do BJ Fogg’s Behavior Model Motivation 👋 Signup form has 23 fields 👋 Signup form error 👋 Enter credit card info 🤮
- 37. The 💩 Cylinder 👋
- 39. High motivation Ability Low motivation Hard to do Easy to do BJ Fogg’s Behavior Model Motivation 👋 Can’t understand how app works 👋 Needs to import data
- 40. The 💩 Cylinder 👋
- 41. The 💩 Cylinder 🤯
- 43. High motivation Ability Low motivation Hard to do Easy to do BJ Fogg’s Behavior Model Motivation 👋 New user can’t understand anything 👋 Link in email doesn’t work
- 44. The 💩 Cylinder 🤯
- 46. High motivation Ability Low motivation Hard to do Easy to do BJ Fogg’s Behavior Model Motivation 👋 Payment doesn’t work, locked out
- 47. The 💩 Cylinder 🤯
- 49. Visits website
- 50. Visits website ● Use Google PageSpeed Insights
- 51. Visits website ● Use Google PageSpeed Insights ● Make sure you have a clear value proposition
- 52. Signs up
- 53. Signs up ● Use Sentry to identify errors
- 54. Signs up ● Use Sentry to identify errors ● Only ask for stuff you need
- 55. Signs up ● Use Sentry to identify errors ● Only ask for stuff you need ● Test signup flow manually (or pay someone to do it)
- 56. First experience
- 57. First experience ● Make understanding the app as easy as possible
- 59. First experience ● Make understanding the app as easy as possible ● Try to get in contact with every single signup, in seconds. Make it someone’s responsibility.
- 64. First experience ● Make understanding the app as easy as possible ● Try to get in contact with every single signup, in seconds. Make it someone’s responsibility. ● Demo the app or set up a time for it, show what success looks like
- 65. First experience ● Make understanding the app as easy as possible ● Try to get in contact with every single signup, in seconds. Make it someone’s responsibility. ● Demo the app or set up a time for it, show what success looks like ● Cover main actions in the app with automated tests
- 66. Usage
- 67. FUNNY PICTURE OF SOMETHING BARELY FOLDING TOGETHER
- 68. High motivation Ability Low motivation Hard to do Easy to do BJ Fogg’s Behavior Model Motivation 👋 Contacting support 👋 Contacting support
- 69. The 💩 Cylinder 🤯
- 70. Usage ● Make contacting you likely
- 71. Usage ● Make contacting you likely ● Make it visible
- 72. PICTURE OF DRIFT
- 73. Usage ● Make contacting you likely ● Make it visible ● Make it easy
- 75. Usage ● Make contacting you likely ● Make it visible ● Make it easy ● Make it enjoyable
- 76. Enjoyable?
- 80. Pro tip
- 81. Customers are Pekkas 🙋♂
- 82. Be nice to them
- 84. The 💩 Cylinder 🤯 Before socks
- 85. The 💩 Cylinder 🤯 After socks