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10 Things We've Learned Building a Six-Figure Product Business

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The 10 most important business lessons we've learned building, launching, and deploying a software product. WordCamp Miam 2014.

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10 Things We've Learned Building a Six-Figure Product Business

  1. 1. 10 Things We’ve Learned Building a Product Business Nathan Hangen
  2. 2. Nathan Hangen @nhangen Psyop Sergeant Runner & Triathlete Coach Soccer Addict Homebrewer Entrepreneur
  3. 3. IgnitionDeck.com | @IgnitionDeck MattReport.com/embrace-suck-wordpress-business
  4. 4. 1. Stand for Something
  5. 5. – Ayn Rand “A building has integrity just like a man. And just as seldom.”
  6. 6. – Ayn Rand “A company has integrity just like a man. And just as seldom.”
  7. 7. 2. Don’t Wait, Iterate
  8. 8. – Albert Einstein “A person who never made a mistake never tried anything new.”
  9. 9. That’s so beta Iterate
  10. 10. Perfection is a myth Iterate
  11. 11. Iteration is marketing Iterate
  12. 12. Iteration is evidence Iterate
  13. 13. Iteration is ammunition Iterate
  14. 14. – Babe Ruth “It’s hard to beat a person who never gives up.”
  15. 15. The proof is in the pudding Iterate
  16. 16. 3. 100 Customers
  17. 17. – Steve Blank “A startup is not about executing a series of knowns. Most startups are facing a series of unknowns - unknown customer segments, unknown customer needs, unknown product feature set, etc.”
  18. 18. Product Market Fit Your First 100
  19. 19. Customer Advocates Your First 100
  20. 20. Motivators Your First 100
  21. 21. Eat Product for Breakfast Your First 100
  22. 22. Customer Development Your First 100
  23. 23. Financiers Your First 100
  24. 24. 4. Customer Acquisition
  25. 25. – Walt Disney “Do what you do so well that they will want to see it again and bring their friends.”
  26. 26. Most people won’t know who you are and that’s ok… Customer Acquisition
  27. 27. Dance your own dance Customer Acquisition
  28. 28. if ( $organic_channel == ‘max’ ) { // try new stuff } else { // maximize organic channels } Customer Acquisition 1 2 3 4 5 6
  29. 29. What works for us: Customer Acquisition
  30. 30. - Partnerships & Affiliate Programs Customer Acquisition
  31. 31. - Retargeting, Facebook, AdWords Customer Acquisition
  32. 32. Conversion Funnels Customer Acquisition
  33. 33. 10% of the customers have 90% of the problems Customer Acquisition
  34. 34. 5. Service: Good vs Great
  35. 35. - Sam Walton “The goal as a company is to have customer service that is not just the best, but legendary.”
  36. 36. Easy Differentiator Customer Service
  37. 37. Loss Leader Customer Service
  38. 38. Learning Tool Customer Service
  39. 39. Working 9-5 just to stay alive… keeps the competition alive… Customer Service
  40. 40. – Henry Ford “A business absolutely devoted to service will have only one worry about profits. They will be embarrassingly large.”
  41. 41. 6. Cash Flow is King
  42. 42. - Lee Iacocca “We are continually faced by great opportunities brilliantly disguised as insoluble problems.”
  43. 43. Margins and Efficiency Cash Flow
  44. 44. Sponsored Features Cash Flow
  45. 45. Product Consulting Cash Flow
  46. 46. Turnkey, add-on, & auxiliary items Cash Flow
  47. 47. 7. Product Depth vs Product Width
  48. 48. - Steve Jobs “Be a yardstick of quality. Some people aren't used to an environment where excellence is expected.”
  49. 49. Quality vs Quantity Cash Flow
  50. 50. 8. Don’t Do It All, But Do It All
  51. 51. – Jack Welch “There's no such thing as work-life balance. There are work-life choices, and you make them, and they have consequences.”
  52. 52. Personal Efficiency Hard Work
  53. 53. Take care of yourself Hard Work
  54. 54. Building a Team Hard Work
  55. 55. 9. Pricing
  56. 56. – Warren Buffett “Price is what you pay. Value is what you get.”
  57. 57. It matters less than you think Pricing
  58. 58. You’re probably pricing too low Pricing
  59. 59. Beta Discounts Pricing
  60. 60. Customer Segments Pricing
  61. 61. Give more away as value increases Pricing
  62. 62. 10. Vision
  63. 63. - Elon Musk “When something is important enough, you do it even if the odds are not in your favor.”
  64. 64. What are your goals? Vision
  65. 65. What happens when you get there? Vision
  66. 66. Don’t plan too far ahead Vision
  67. 67. Trust your gut Vision
  68. 68. – Charles F. Kettering “Where there is an open mind, there will always be a frontier.”

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