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Sebastian Fittko on

Startup Analytics and MVP

at E-Entreprenuership Summer School 2013, Zeppelin Universität
1
What is a startup?
Workshop: hypothesis
Presenting results
Startup analytics 1
What is a MVP?
Workshop MVP
Presenting results
Startup analytics 2
What is a startup?
Workshop: hypothesis
Presenting results
Startup analytics 1
What is a MVP?
Workshop MVP
Presenting results
Startup analytics 2
Image curtsey: http://www.flickr.com/commons
"Success consists of going from failure
to failure without loss of enthusiasm."
– Winston Churchill
Image curtsey: http://www.flickr.com/commons
Image curtsey: http://steveblank.fi/press.html
"A startup is an
organization formed
to search for a
repeatable and
scalable
business model."
– Steve Blank

Image curtsey: http://steveblank.fi/press.html
Traction

Startup XY

Time
Problem/
Solution Fit

Product/Market
Fit

Focus: Discovery, Validated Learning
Experiments: Iteration, Pivots
Methodology: Qualitative, Quantitative
BIG thanks to © Ash Maurya!

Scale
Traction

New idea startup

Time
Problem/
Solution Fit

Product/Market
Fit

Scale
Traction

New idea startup

Time
Problem/
Solution Fit

Product/Market
Fit

Image curtsey: http://www.flickr.com/commons

Scale
Image curtsey: http://www.flickr.com/commons
What are you aiming for?
„Being in a good market with a product
that can satisfy that market.“
– Marc Andreessen
Image curtsey: http://www.flickr.com/commons
Go where the beef is and
people want your stuff!!
Image curtsey: http://www.flickr.com/commons
Traction

Product/Market Fit

Find a product
the market wants!

Time
Traction

Time
Problem/
Solution Fit

Product/Market
Fit

Scale

Focus: Efficiency, Growth
Experiments: Optimizations
Methodology: Quantitative
Traction

Start here =
Copy cat

Time
Problem/
Solution Fit

Product/Market
Fit

Scale

Focus: Efficiency, Growth
Experiments: Optimizations
Methodology: Quantitative
Start here =
Copy cat

Image curtsey: http://www.flickr.com/commons
Traction

Product/Market Fit

Start here!

Time
Problem/
Solution Fit

Product/Market
Fit
Traction

Product/Market Fit

Start here!

Achieve this!

Time
Problem/
Solution Fit

Product/Market
Fit
Where is the pain?

Insights

Image curtsey: http://www.flickr.com/commons
Image curtsey: http://www.flickr.com/commons
Image curtsey: http://www.flickr.com/commons
„Everybody has a plan
until they get punched
in the mouth.“
– Mike Tyson
Image curtsey: http://www.flickr.com/commons
Day

Month

No.

Who are our Key Partners?
Who are our key suppliers?
Which Key Resources are we acquiring from partners?
Which Key Activities do partners perform?

What Key Activities do our Value Propositions require?
Our Distribution Channels?
Customer Relationships?
Revenue streams?

What Key Resources do our Value Propositions require?
Our Distribution Channels? Customer Relationships?
Revenue Streams?

What are the most important costs inherent in our business model?
Which Key Resources are most expensive?
Which Key Activities are most expensive?

What value do we deliver to the customer?
Which one of our customer’s problems are we helping to solve?
What bundles of products and services are we offering to each Customer Segment?
Which customer needs are we satisfying?

What type of relationship does each of our Customer
Segments expect us to establish and maintain with them?
Which ones have we established?
How are they integrated with the rest of our business model?
How costly are they?

For whom are we creating value?
Who are our most important customers?

Through which Channels do our Customer Segments
want to be reached?
How are we reaching them now?
How are our Channels integrated?
Which ones work best?
Which ones are most cost-efficient?
How are we integrating them with customer routines?

For what value are our customers really willing to pay?
For what do they currently pay?
How are they currently paying?
How would they prefer to pay?
How much does each Revenue Stream contribute to overall revenues?

This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License.
To view a copy of this license, visit http:/
/creativecommons.org/licenses/by-sa/3.0/
or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.

BIG thanks to Alex Osterwalder! You can download the here: http://www.businessmodelgeneration.com/downloads/business_model_canvas_poster.pdf

Year
Day

Month

No.

Who are our Key Partners?
Who are our key suppliers?
Which Key Resources are we acquiring from partners?
Which Key Activities do partners perform?

What Key Activities do our Value Propositions require?
Our Distribution Channels?
Customer Relationships?
Revenue streams?

What Key Resources do our Value Propositions require?
Our Distribution Channels? Customer Relationships?
Revenue Streams?

What are the most important costs inherent in our business model?
Which Key Resources are most expensive?
Which Key Activities are most expensive?

What value do we deliver to the customer?
Which one of our customer’s problems are we helping to solve?
What bundles of products and services are we offering to each Customer Segment?
Which customer needs are we satisfying?

What type of relationship does each of our Customer
Segments expect us to establish and maintain with them?
Which ones have we established?
How are they integrated with the rest of our business model?
How costly are they?

For whom are we creating value?
Who are our most important customers?

Through which Channels do our Customer Segments
want to be reached?
How are we reaching them now?
How are our Channels integrated?
Which ones work best?
Which ones are most cost-efficient?
How are we integrating them with customer routines?

For what value are our customers really willing to pay?
For what do they currently pay?
How are they currently paying?
How would they prefer to pay?
How much does each Revenue Stream contribute to overall revenues?

This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License.
To view a copy of this license, visit http:/
/creativecommons.org/licenses/by-sa/3.0/
or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.

BIG thanks to Alex Osterwalder! You can download the here: http://www.businessmodelgeneration.com/downloads/business_model_canvas_poster.pdf

Year
Day

Month

Year

No.

Who are our Key Partners?
Who are our key suppliers?
Which Key Resources are we acquiring from partners?
Which Key Activities do partners perform?

What Key Activities do our Value Propositions require?
Our Distribution Channels?
Customer Relationships?
Revenue streams?

Hypothesis

What value do we deliver to the customer?
Which one of our customer’s problems are we helping to solve?
What bundles of products and services are we offering to each Customer Segment?
Which customer needs are we satisfying?

Hypothesis

What type of relationship does each of our Customer
Segments expect us to establish and maintain with them?
Which ones have we established?
How are they integrated with the rest of our business model?
How costly are they?

For whom are we creating value?
Who are our most important customers?

Hypothesis

Hypothesis

Hypothesis
What Key Resources do our Value Propositions require?
Our Distribution Channels? Customer Relationships?
Revenue Streams?

Through which Channels do our Customer Segments
want to be reached?
How are we reaching them now?
How are our Channels integrated?
Which ones work best?
Which ones are most cost-efficient?
How are we integrating them with customer routines?

Hypothesis

What are the most important costs inherent in our business model?
Which Key Resources are most expensive?
Which Key Activities are most expensive?

For what value are our customers really willing to pay?
For what do they currently pay?
How are they currently paying?
How would they prefer to pay?
How much does each Revenue Stream contribute to overall revenues?

Hypothesis

Hypothesis

This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License.
To view a copy of this license, visit http:/
/creativecommons.org/licenses/by-sa/3.0/
or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.

BIG thanks to Alex Osterwalder! You can download the here: http://www.businessmodelgeneration.com/downloads/business_model_canvas_poster.pdf
What is a startup?
Workshop: hypothesis
Presenting results
Startup analytics 1
What is a MVP?
Workshop MVP
Presenting results
Startup analytics 2
Workshop: 6 hypothesis
Pitch your idea and
the underlying hypothesis
(1) Pain aka problem?
(2) Pain relief?
(3) Solution?
(4) Get the user engaged?
(5) Growth
(6) Revenue? How? Amount?
Bla
Bla
Bla

Bla

Image curtsey: http://www.flickr.com/commons

Bla
Image curtsey: http://www.flickr.com/commons
How to present?
Pitch your idea and
the underlying hypothesis
EACH
- 5 minutes to pitch the idea & hypothesis
- 10 minutes discussion
What is a startup?
Workshop: hypothesis
Presenting results
Startup analytics 1
What is a MVP?
Workshop MVP
Presenting results
Startup analytics 2
Hypothesis 1

Image curtsey: http://www.flickr.com/commons
What is a startup?
Workshop: hypothesis
Presenting results
Startup analytics 1
What is a MVP?
Workshop MVP
Presenting results
Startup analytics 2
How to gather customer insights
and validate decisions?

Image curtsey: http://www.flickr.com/commons
Quantitative

Measure customer behavior
Image curtsey: http://www.flickr.com/commons
vs.
Qualitative

Asking for customer intend
Image curtsey: http://www.flickr.com/commons
How to validate
customer intend?
Traction

Product/Market Fit

Problem/
Solution Fit

Time
We do this in two steps:
1st step
Validate Problem

2nd step
Validate Solution

Do they care?
Do they need it?
Do they have budget for it?
Who really is they?

Does our solution really
solve their Problem?
Do they understand the
solution?
Would they pay for it?
Numbers are a horrible way to
understand customer intend!

Image curtsey: http://www.flickr.com/commons
So go and ask your customers!
“If I had asked people what they wanted, they
would have said faster horses.” – Henry Ford
Image curtsey: http://www.flickr.com/commons
Henry Ford asked wrong!
“If I had asked people what they wanted, they
would have said faster horses.” – Henry Ford
Image curtsey: http://www.flickr.com/commons
The hard things in customer interviews
Knowing who your customer is.
Define narrow segmentation!
5-10 customers per segment.
The hard things in customer interviews
Ask the right way.
Did or do, NEVER would.
Don‘t ask for opinions.
Don‘t assume problems.
The hard things in customer interviews
Use their feedback.
Know what you want to learn.
Test your riskiest assumptions.
Learn or pivot.
The hard things in customer interviews

Be prepared to
kill your idea!
The interview
Design a questionnaire based
on your assumptions.

Testrun the interview.
Let them speak.
Ask open questions.
Let them be the expert.
In person, no Skype, no
online survey, no phone,
no email!

Don‘t do more interviews
if feedback repeats!
The interview – protocol
No laptop.
Use Post-its.
Write down exact
customer phrase.
NEVER delegate interviews!
Interviews should be done by
the product deciders.
Lern to talk and listen to your
customers!
Image curtsey: http://www.flickr.com/commons
Review with your team!
Use exact wording by the customer.
Understand their answers in their context.
Reflect and rethink your assumptions.
Which assuptions turned out wrong?
See what you‘ve learned.
Adapt your solution.
Validate Solution.
Come back to interviewees.
Focus first on current solution.
Discuss flaws of current solutions.
Show mockups and interactive demos.
Get improvement feedback.
Get them to commit. Pay a price?
Build a MVP.
or iterate.
If you were wrong – be HAPPY!
You don‘t wasted your money,
time and money
Iterate or pivot
Usually a successful startup didn‘t
start with the final solution
Image curtsey: http://www.flickr.com/commons
What is a startup?
Workshop: hypothesis
Presenting results
Startup analytics 1
What is a MVP?
Workshop MVP
Presenting results
Startup analytics 2
Numbers are a great way to
verify customers intend!

Image curtsey: http://www.flickr.com/commons
MVPs to verify problem/solution fit
& product/market fit
„New ventures rapidly
assemble minimum viable
products and immediately
elicit customer feedback.
Then, using customers’ input to revise their
assumptions, they start the
cycle over again, testing
redesigned offerings and
making further small
adjustments (iterations) or
more substantive ones
(pivots) to ideas that aren’t
working.“
– Steve Blank
Example MVPs
Video MVP
Dropbox MVP
Lessons learned
Give the early adopters a hint
of the product experience.
The same feedback as if putting a
product in their hand.
Video had the waiting list (of emails)
jump from 5000 to whopping 75000
in one single day

Dropbox MVP
Landing Page MVP
Lean Startup Analytics and MVP – Lecture and Workshop at Zeppelin University
Lessons learned
Create a landingpage on the
solution you offer.
Drive traffic to your page: Google AdWord
campaign or platform like betali.st
Setup Google Analystics or other tool.
Measure conversion and virality.
Make questions easy, e.g. chat.

Dropbox MVP
Wizard of Oz MVP
Zappos
Lessons learned
No stocking of items and
no backend required.
No scalable business: all of it done by the
founder himself, and by hand.
Validate the most important assumptions
with little investment with a real life
shopping experience

Dropbox MVP
Concierge MVP
Food on the table
Lessons learned
Gather insides by offering a
hands on real life service
Add paying customers
Start coding when you need to scale
your service to satisfy demand

Dropbox MVP
Raise Funds from
Customers
Pebble Watch
Lessons learned
Gather early adopters and raving fans
Stay in constant contact
with your backers
Get strong commitment by potential
customers via investment
Not every product has a strong consumer
focus with clear added value

Dropbox MVP
Single Feature MVP
Google
Lessons learned
Focus is about saying NO!
Many relate that their first mistake
was to make too many features.
Adding more features will not make
the product a must have

Dropbox MVP
What is a startup?
Workshop: hypothesis
Presenting results
Startup analytics 1
What is a MVP?
Workshop MVP
Presenting results
Startup analytics 2
Lean Startup Analytics and MVP – Lecture and Workshop at Zeppelin University
How to present?
Pitch your idea and
the underlying hypothesis
- 5 minutes to pitch the idea & hypothesis
- 10 minutes discussion
What is a startup?
Workshop: 5 hypothesis
Presenting results
Startup analytics 1
What is a MVP?
Workshop MVP
Presenting results
Startup analytics 2
Our MVP is …

Image curtsey: http://www.flickr.com/commons
What is a startup?
Workshop: 5 hypothesis
Presenting results
Startup analytics 1
What is a MVP?
Workshop MVP
Presenting results
Startup analytics 2
Traction

Product/Market Fit

How to achieve?

Time

Product/
Markt Fit
The big leap for the startup
Achieve product/market fit

Image curtsey: http://www.flickr.com/commons
Numbers are a great for
decision making!

Image curtsey: http://www.flickr.com/commons
The metrics have to
be to actionable!
Where is the difference
Actionable metric

Vanity metric

An actionable metric is
one that ties specific and
repeatable actions to
observed results.

Vanity metrics which only
serve to document the
current state of the product
but offer no insight into
how we got here or what to
do next.
3 rules to actionable metrics
(1) Identify the right metrics
(2) Create simple reports
(3) Metrics are people, too
(1) Identify right
key metrics

Image curtsey: http://www.flickr.com/commons
Startup Metrics for Pirates
• 
• 
• 
• 
• 

Acquisition: users come to site from various channels
Activation: users enjoy 1st visit: "happy experience
Retention: users come back, visit site multiple times
Referral: users like product enough to refer others
Revenue: users conduct some monetization behavior
AARRR!

(note: If you re in a hurry, Google
Startup Metrics & watch 5m video)
Metrics Framework
Acquisition
Activation
Retention
Referal
Revenue

Product/
Markt Fit
Product/Market Fit
Providing a great first
experience (Activation) and
most important of all, that they
come back.

Image curtsey: http://www.flickr.com/commons
Signup action

Signup

Specific
Action

Image curtsey: http://www.flickr.com/commons
Retention action
Revisits
Churn – cancelation no activity
Key Activity – usage pattern
Image curtsey: http://www.flickr.com/commons
(2) Create simple reports
Reports that are hard to understand
simply won’t get used
1-page reports and funnels
Funnel Reports
Conversion Funnel for June
Sign-up
4200 (100%)

Downloaded
3400 (81%)

Did key activity
1880 (45%)

Purchased
375 (9%)

BIG thanks to © Ash Maurya!
Split tests
Variant A – Landing Page Variant B – Landing Page
Sign-up

Sign-up

4200 (100%)

4500 (100%)

Downloaded

Downloaded

3400 (81%)

3800 (84%)

Did key activity

Did key activity

1880 (45%)

2050 (45%)

Purchased

Purchased

375 (9%)

530 (12%)

BIG thanks to © Ash Maurya!
Variant A

Variant B

Conversion +30%
“Freemium” vs. “Free Trial” experiment
Free Trial (control group)

Freemium

Sign-up

Sign-up

1000 (100%)

1500 (100%)

Downloaded

Downloaded

800 (80%)

1200 (80%)

Did key activity

Did key activity

400 (40%)

450 (30%)

Purchased

Purchased

100 (10%)

75 (5%)

BIG thanks to © Ash Maurya!
“Freemium” vs. “Free Trial” experiment
Free Trial (control group)

Freemium

Sign-up

Sign-up

1000 (100%)

1500 (100%)

Downloaded
800 (80%)
Improve
engagementactivity
Did key and
400 (40%)
drive people to
upgrade.
Purchased
100 (10%)

Downloaded
1200 (80%)

Did key activity
450 (30%)

Purchased
75 (5%)
Cohort
June

Sign-up
4200 (100%)

Downloaded
3400 (81%)

Did key activity
1880 (45%)

Purchased
375 (9%)

June Week 1

June Week 2

June Week 3

June Week 4

Sign-up

Sign-up

Sign-up

Sign-up

900 (100%)

1000 (100%)

1100 (100%)

1200 (100%)

Downloaded

Downloaded

Downloaded

Downloaded

750 (83%)

800 (80%)

850 (81%)

900 (80%)

Key activity

Key activity

Key activity

Key activity

380 (42%)

500 (50%)

650 (60%)

350 (30%)

Purchased

Purchased

Purchased

Purchased

95 (11%)

100 (10%)

180 (16%)

0 (0%)

BIG thanks to © Ash Maurya!
June

Sign-up
4200 (100%)

Downloaded
3400 (81%)

DidWhat happened
key activity

here?
1880 (45%)
Feature release?
Purchased
New intro video?
375 (9%)
QA on the live app?

June Week 1

June Week 2

June Week 3

June Week 4

Sign-up

Sign-up

Sign-up

Sign-up

900 (100%)

1000 (100%)

1100 (100%)

1200 (100%)

Downloaded

Downloaded

Downloaded

Downloaded

750 (83%)

800 (80%)

850 (81%)

900 (80%)

Key activity

Key activity

Key activity

Key activity

500 (50%)

650 (60%)

350 (30%)

Purchased

Purchased

Purchased

Purchased

95 (11%)

100 (10%)

180 (16%)

0 (0%)

380 (42%)
Retention

Image curtsey: http://www.flickr.com/commons
BIG thanks to © Ash Maurya!
(3) Metrics are people, too!
Image curtsey: http://www.flickr.com/commons
Free Trial (control group)
Sign-up
1000 (100%)

Downloaded
800 (80%)

Troubleshooting
when things go
wrong.

Did key activity
400 (40%)

benjamin@example.com

Purchased

sebastian@example.com

100 (10%)

zu@example.com
chris@example.com
THX!
contact:
sebastian.fittko@gmail.com
twitter: @forstartups
XING – Linkedin
Credits

BIG Thx for inspiration
go to
Eric Ries
Steve Blank
Ash Maurya
Dave McClure
Alexander Osterwalder
and to the Lean Startup Community
Pictures by flickr.com/commons
Must-reads!
Tools

Recommendet by
Ash Maurya
Dave McClure
and myself
Tools Acquisition

Google Analytics
(web analytics)
google.com/analytics
Google Keyword Tool
(keyword research tool)
adwords.google.com/select/KeywordToolExternal
SEO Book Tools
(SEO related tools)
tools.seobook.com
Tools Activation

Crazy Egg
(Visual Click Mapping)
http://crazyegg.com
Google Website Optimizer
(A/B & Multivariate Testing)
http://google.com/websiteoptimizer
Optimizely
(A/B Testing)
https://www.optimizely.com
Kissmetrics
(A/B Testing, Event Tracking, Cohort)
https://www.kissmetrics.com
Marketo.com
(B2B Lead Generation Management)
http://marketo.com
Tools Retention

Campaign Monitor / MailChimp
(Email Newsletter Software)
campaignmonitor.com / mailchimp.com
TriggerMail
(Site-centric Email Management)
triggermail.net
Litmus
(Email and Website Design Testing - Clients / Browsers)
litmusapp.com
Mixpanel
Cohort Analysis
https://mixpanel.com

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Lean Startup Analytics and MVP – Lecture and Workshop at Zeppelin University

  • 1. Sebastian Fittko on Startup Analytics and MVP at E-Entreprenuership Summer School 2013, Zeppelin Universität 1
  • 2. What is a startup? Workshop: hypothesis Presenting results Startup analytics 1 What is a MVP? Workshop MVP Presenting results Startup analytics 2
  • 3. What is a startup? Workshop: hypothesis Presenting results Startup analytics 1 What is a MVP? Workshop MVP Presenting results Startup analytics 2
  • 5. "Success consists of going from failure to failure without loss of enthusiasm." – Winston Churchill Image curtsey: http://www.flickr.com/commons
  • 7. "A startup is an organization formed to search for a repeatable and scalable business model." – Steve Blank Image curtsey: http://steveblank.fi/press.html
  • 8. Traction Startup XY Time Problem/ Solution Fit Product/Market Fit Focus: Discovery, Validated Learning Experiments: Iteration, Pivots Methodology: Qualitative, Quantitative BIG thanks to © Ash Maurya! Scale
  • 10. Traction New idea startup Time Problem/ Solution Fit Product/Market Fit Image curtsey: http://www.flickr.com/commons Scale
  • 12. What are you aiming for? „Being in a good market with a product that can satisfy that market.“ – Marc Andreessen Image curtsey: http://www.flickr.com/commons
  • 13. Go where the beef is and people want your stuff!! Image curtsey: http://www.flickr.com/commons
  • 14. Traction Product/Market Fit Find a product the market wants! Time
  • 15. Traction Time Problem/ Solution Fit Product/Market Fit Scale Focus: Efficiency, Growth Experiments: Optimizations Methodology: Quantitative
  • 16. Traction Start here = Copy cat Time Problem/ Solution Fit Product/Market Fit Scale Focus: Efficiency, Growth Experiments: Optimizations Methodology: Quantitative
  • 17. Start here = Copy cat Image curtsey: http://www.flickr.com/commons
  • 19. Traction Product/Market Fit Start here! Achieve this! Time Problem/ Solution Fit Product/Market Fit
  • 20. Where is the pain? Insights Image curtsey: http://www.flickr.com/commons
  • 23. „Everybody has a plan until they get punched in the mouth.“ – Mike Tyson
  • 25. Day Month No. Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? For whom are we creating value? Who are our most important customers? Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:/ /creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. BIG thanks to Alex Osterwalder! You can download the here: http://www.businessmodelgeneration.com/downloads/business_model_canvas_poster.pdf Year
  • 26. Day Month No. Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? For whom are we creating value? Who are our most important customers? Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:/ /creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. BIG thanks to Alex Osterwalder! You can download the here: http://www.businessmodelgeneration.com/downloads/business_model_canvas_poster.pdf Year
  • 27. Day Month Year No. Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? Hypothesis What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? Hypothesis What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? For whom are we creating value? Who are our most important customers? Hypothesis Hypothesis Hypothesis What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? Hypothesis What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? Hypothesis Hypothesis This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:/ /creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. BIG thanks to Alex Osterwalder! You can download the here: http://www.businessmodelgeneration.com/downloads/business_model_canvas_poster.pdf
  • 28. What is a startup? Workshop: hypothesis Presenting results Startup analytics 1 What is a MVP? Workshop MVP Presenting results Startup analytics 2
  • 29. Workshop: 6 hypothesis Pitch your idea and the underlying hypothesis (1) Pain aka problem? (2) Pain relief? (3) Solution? (4) Get the user engaged? (5) Growth (6) Revenue? How? Amount?
  • 32. How to present? Pitch your idea and the underlying hypothesis EACH - 5 minutes to pitch the idea & hypothesis - 10 minutes discussion
  • 33. What is a startup? Workshop: hypothesis Presenting results Startup analytics 1 What is a MVP? Workshop MVP Presenting results Startup analytics 2
  • 34. Hypothesis 1 Image curtsey: http://www.flickr.com/commons
  • 35. What is a startup? Workshop: hypothesis Presenting results Startup analytics 1 What is a MVP? Workshop MVP Presenting results Startup analytics 2
  • 36. How to gather customer insights and validate decisions? Image curtsey: http://www.flickr.com/commons
  • 37. Quantitative Measure customer behavior Image curtsey: http://www.flickr.com/commons
  • 38. vs.
  • 39. Qualitative Asking for customer intend Image curtsey: http://www.flickr.com/commons
  • 40. How to validate customer intend? Traction Product/Market Fit Problem/ Solution Fit Time
  • 41. We do this in two steps: 1st step Validate Problem 2nd step Validate Solution Do they care? Do they need it? Do they have budget for it? Who really is they? Does our solution really solve their Problem? Do they understand the solution? Would they pay for it?
  • 42. Numbers are a horrible way to understand customer intend! Image curtsey: http://www.flickr.com/commons
  • 43. So go and ask your customers!
  • 44. “If I had asked people what they wanted, they would have said faster horses.” – Henry Ford Image curtsey: http://www.flickr.com/commons
  • 45. Henry Ford asked wrong! “If I had asked people what they wanted, they would have said faster horses.” – Henry Ford Image curtsey: http://www.flickr.com/commons
  • 46. The hard things in customer interviews Knowing who your customer is. Define narrow segmentation! 5-10 customers per segment.
  • 47. The hard things in customer interviews Ask the right way. Did or do, NEVER would. Don‘t ask for opinions. Don‘t assume problems.
  • 48. The hard things in customer interviews Use their feedback. Know what you want to learn. Test your riskiest assumptions. Learn or pivot.
  • 49. The hard things in customer interviews Be prepared to kill your idea!
  • 50. The interview Design a questionnaire based on your assumptions. Testrun the interview. Let them speak. Ask open questions. Let them be the expert. In person, no Skype, no online survey, no phone, no email! Don‘t do more interviews if feedback repeats!
  • 51. The interview – protocol No laptop. Use Post-its. Write down exact customer phrase.
  • 52. NEVER delegate interviews! Interviews should be done by the product deciders. Lern to talk and listen to your customers! Image curtsey: http://www.flickr.com/commons
  • 53. Review with your team! Use exact wording by the customer. Understand their answers in their context. Reflect and rethink your assumptions. Which assuptions turned out wrong? See what you‘ve learned. Adapt your solution.
  • 54. Validate Solution. Come back to interviewees. Focus first on current solution. Discuss flaws of current solutions. Show mockups and interactive demos. Get improvement feedback. Get them to commit. Pay a price? Build a MVP. or iterate.
  • 55. If you were wrong – be HAPPY! You don‘t wasted your money, time and money Iterate or pivot Usually a successful startup didn‘t start with the final solution Image curtsey: http://www.flickr.com/commons
  • 56. What is a startup? Workshop: hypothesis Presenting results Startup analytics 1 What is a MVP? Workshop MVP Presenting results Startup analytics 2
  • 57. Numbers are a great way to verify customers intend! Image curtsey: http://www.flickr.com/commons
  • 58. MVPs to verify problem/solution fit & product/market fit
  • 59. „New ventures rapidly assemble minimum viable products and immediately elicit customer feedback. Then, using customers’ input to revise their assumptions, they start the cycle over again, testing redesigned offerings and making further small adjustments (iterations) or more substantive ones (pivots) to ideas that aren’t working.“ – Steve Blank
  • 63. Lessons learned Give the early adopters a hint of the product experience. The same feedback as if putting a product in their hand. Video had the waiting list (of emails) jump from 5000 to whopping 75000 in one single day Dropbox MVP
  • 66. Lessons learned Create a landingpage on the solution you offer. Drive traffic to your page: Google AdWord campaign or platform like betali.st Setup Google Analystics or other tool. Measure conversion and virality. Make questions easy, e.g. chat. Dropbox MVP
  • 69. Lessons learned No stocking of items and no backend required. No scalable business: all of it done by the founder himself, and by hand. Validate the most important assumptions with little investment with a real life shopping experience Dropbox MVP
  • 71. Food on the table
  • 72. Lessons learned Gather insides by offering a hands on real life service Add paying customers Start coding when you need to scale your service to satisfy demand Dropbox MVP
  • 75. Lessons learned Gather early adopters and raving fans Stay in constant contact with your backers Get strong commitment by potential customers via investment Not every product has a strong consumer focus with clear added value Dropbox MVP
  • 78. Lessons learned Focus is about saying NO! Many relate that their first mistake was to make too many features. Adding more features will not make the product a must have Dropbox MVP
  • 79. What is a startup? Workshop: hypothesis Presenting results Startup analytics 1 What is a MVP? Workshop MVP Presenting results Startup analytics 2
  • 81. How to present? Pitch your idea and the underlying hypothesis - 5 minutes to pitch the idea & hypothesis - 10 minutes discussion
  • 82. What is a startup? Workshop: 5 hypothesis Presenting results Startup analytics 1 What is a MVP? Workshop MVP Presenting results Startup analytics 2
  • 83. Our MVP is … Image curtsey: http://www.flickr.com/commons
  • 84. What is a startup? Workshop: 5 hypothesis Presenting results Startup analytics 1 What is a MVP? Workshop MVP Presenting results Startup analytics 2
  • 85. Traction Product/Market Fit How to achieve? Time Product/ Markt Fit
  • 86. The big leap for the startup Achieve product/market fit Image curtsey: http://www.flickr.com/commons
  • 87. Numbers are a great for decision making! Image curtsey: http://www.flickr.com/commons
  • 88. The metrics have to be to actionable!
  • 89. Where is the difference Actionable metric Vanity metric An actionable metric is one that ties specific and repeatable actions to observed results. Vanity metrics which only serve to document the current state of the product but offer no insight into how we got here or what to do next.
  • 90. 3 rules to actionable metrics (1) Identify the right metrics (2) Create simple reports (3) Metrics are people, too
  • 91. (1) Identify right key metrics Image curtsey: http://www.flickr.com/commons
  • 92. Startup Metrics for Pirates •  •  •  •  •  Acquisition: users come to site from various channels Activation: users enjoy 1st visit: "happy experience Retention: users come back, visit site multiple times Referral: users like product enough to refer others Revenue: users conduct some monetization behavior AARRR! (note: If you re in a hurry, Google Startup Metrics & watch 5m video)
  • 94. Product/Market Fit Providing a great first experience (Activation) and most important of all, that they come back. Image curtsey: http://www.flickr.com/commons
  • 96. Retention action Revisits Churn – cancelation no activity Key Activity – usage pattern Image curtsey: http://www.flickr.com/commons
  • 97. (2) Create simple reports Reports that are hard to understand simply won’t get used 1-page reports and funnels
  • 99. Conversion Funnel for June Sign-up 4200 (100%) Downloaded 3400 (81%) Did key activity 1880 (45%) Purchased 375 (9%) BIG thanks to © Ash Maurya!
  • 100. Split tests Variant A – Landing Page Variant B – Landing Page Sign-up Sign-up 4200 (100%) 4500 (100%) Downloaded Downloaded 3400 (81%) 3800 (84%) Did key activity Did key activity 1880 (45%) 2050 (45%) Purchased Purchased 375 (9%) 530 (12%) BIG thanks to © Ash Maurya!
  • 102. “Freemium” vs. “Free Trial” experiment Free Trial (control group) Freemium Sign-up Sign-up 1000 (100%) 1500 (100%) Downloaded Downloaded 800 (80%) 1200 (80%) Did key activity Did key activity 400 (40%) 450 (30%) Purchased Purchased 100 (10%) 75 (5%) BIG thanks to © Ash Maurya!
  • 103. “Freemium” vs. “Free Trial” experiment Free Trial (control group) Freemium Sign-up Sign-up 1000 (100%) 1500 (100%) Downloaded 800 (80%) Improve engagementactivity Did key and 400 (40%) drive people to upgrade. Purchased 100 (10%) Downloaded 1200 (80%) Did key activity 450 (30%) Purchased 75 (5%)
  • 104. Cohort
  • 105. June Sign-up 4200 (100%) Downloaded 3400 (81%) Did key activity 1880 (45%) Purchased 375 (9%) June Week 1 June Week 2 June Week 3 June Week 4 Sign-up Sign-up Sign-up Sign-up 900 (100%) 1000 (100%) 1100 (100%) 1200 (100%) Downloaded Downloaded Downloaded Downloaded 750 (83%) 800 (80%) 850 (81%) 900 (80%) Key activity Key activity Key activity Key activity 380 (42%) 500 (50%) 650 (60%) 350 (30%) Purchased Purchased Purchased Purchased 95 (11%) 100 (10%) 180 (16%) 0 (0%) BIG thanks to © Ash Maurya!
  • 106. June Sign-up 4200 (100%) Downloaded 3400 (81%) DidWhat happened key activity here? 1880 (45%) Feature release? Purchased New intro video? 375 (9%) QA on the live app? June Week 1 June Week 2 June Week 3 June Week 4 Sign-up Sign-up Sign-up Sign-up 900 (100%) 1000 (100%) 1100 (100%) 1200 (100%) Downloaded Downloaded Downloaded Downloaded 750 (83%) 800 (80%) 850 (81%) 900 (80%) Key activity Key activity Key activity Key activity 500 (50%) 650 (60%) 350 (30%) Purchased Purchased Purchased Purchased 95 (11%) 100 (10%) 180 (16%) 0 (0%) 380 (42%)
  • 108. BIG thanks to © Ash Maurya!
  • 109. (3) Metrics are people, too! Image curtsey: http://www.flickr.com/commons
  • 110. Free Trial (control group) Sign-up 1000 (100%) Downloaded 800 (80%) Troubleshooting when things go wrong. Did key activity 400 (40%) benjamin@example.com Purchased sebastian@example.com 100 (10%) zu@example.com chris@example.com
  • 112. Credits BIG Thx for inspiration go to Eric Ries Steve Blank Ash Maurya Dave McClure Alexander Osterwalder and to the Lean Startup Community Pictures by flickr.com/commons
  • 115. Tools Acquisition Google Analytics (web analytics) google.com/analytics Google Keyword Tool (keyword research tool) adwords.google.com/select/KeywordToolExternal SEO Book Tools (SEO related tools) tools.seobook.com
  • 116. Tools Activation Crazy Egg (Visual Click Mapping) http://crazyegg.com Google Website Optimizer (A/B & Multivariate Testing) http://google.com/websiteoptimizer Optimizely (A/B Testing) https://www.optimizely.com Kissmetrics (A/B Testing, Event Tracking, Cohort) https://www.kissmetrics.com Marketo.com (B2B Lead Generation Management) http://marketo.com
  • 117. Tools Retention Campaign Monitor / MailChimp (Email Newsletter Software) campaignmonitor.com / mailchimp.com TriggerMail (Site-centric Email Management) triggermail.net Litmus (Email and Website Design Testing - Clients / Browsers) litmusapp.com Mixpanel Cohort Analysis https://mixpanel.com