The lean startup methods focus on validated learning through building, measuring, and learning from minimum viable products (MVPs) and experiments. This allows startups to test hypotheses about their products and business models quickly to discover what works best under conditions of extreme uncertainty. Pivoting the business model or product based on learnings is preferable to wasting resources on assumptions that are not validated. Key aspects of the lean startup approach include developing an MVP to test hypotheses with minimum waste, measuring key metrics to understand what is working, and either pivoting the business or persevering based on experimental results.
Growing corporates is hard! There are so many challenges the theory never teaches you about like internal stakeholder management, legacy or not enough resources. That is why we teach our team and clients the Growth Mindset 2.0. A growth mindset made for the reality of growing an organisation.
Please note the raw data has been altered to protect the privacy of our clients.
Call centers have analytics from many sources, which one should you choose and why? This brief paper talks about how to choose the analytics within your call center.
Lean start up bootcamp 4 measure test pivot or perservereJames Cracknell
Stage 4 of the journey and the hardest aspect of being in business. Knowing when to Pivot or Persevere - hard because we need to confront home truths - valuable because e preserve capital
Growing corporates is hard! There are so many challenges the theory never teaches you about like internal stakeholder management, legacy or not enough resources. That is why we teach our team and clients the Growth Mindset 2.0. A growth mindset made for the reality of growing an organisation.
Please note the raw data has been altered to protect the privacy of our clients.
Call centers have analytics from many sources, which one should you choose and why? This brief paper talks about how to choose the analytics within your call center.
Lean start up bootcamp 4 measure test pivot or perservereJames Cracknell
Stage 4 of the journey and the hardest aspect of being in business. Knowing when to Pivot or Persevere - hard because we need to confront home truths - valuable because e preserve capital
When angels and venture capitalists started flooding the market with cash 20 years ago, people forgot that bootstrapping was the way most companies used to get started. Because it deserves to make a comeback as the best way to think about starting a company, I've shared here, my 4 rules for bootstrapping.
Experimentation as a growth strategy: A conversation with The Motley FoolChris Goward
In this on-demand webinar, join Nate Wallingsford—Head of US Marketing Operations & Optimization at The Motley Fool—for a virtual discussion about experimentation at his organization.
Discover how Nate and his team are leveraging experimentation to uncover massive revenue gains and actionable customer insights. And learn how Nate has worked to gain visibility and create excitement around testing.
I often meet companies whose revenue is stalled and they wonder why. What many of them don't realize is that they're not spending enough money on Sales and Marketing. This slide deck looks at 5 important metrics for a software company. If you want a detailed set of metics, contact me as I've got a full set of industry metics in Excel.
It’s true, the CSM Journey begins with User Adoption. Without strong adoption; retention and renewal become problematic.
Up until now, User Adoption has meant many different things to many different people. Today, Cloud and SaaS companies have redefined what User Adoption is and how it’s attained.
In this webinar, we've partnered with Tri Tuns Consulting to discuss:
- The UA/CSM Journey
- Who owns User Adoption?
- User Adoption: Defining Success
- User Adoption Planning
- Delivering the Goal
How To Build A Business Case For A Learning PlatformGary Stringer
Here are a few of the key points this business case guide will help you include and address, allowing you to make a compelling case for a learning platform.
- Justify why you need a learning platform.
- Present the costs and ROI.
- Discuss the risks and benefit of using and not using a learning platform.
- Present a number of options and your recommendation.
- Support your argument with numbers.
Maximize Customer Value (Optimove @ Market King Meetup - August 26, 2014)Amit Bivas
Retention Marketing: Maximize Your Customers' Value
Slides presented by Optimove's Head of Matrketing - Amit Bivas, at the Market King Meetup, August 26, 2014, Tel-Aviv.
What it is a North Star Metric? How do I find my North Star Metric?Sérgio Tavares, ph.D.
The North Star Metric is a metric for retention created by Sean Ellis (from GrowthHackers). In this presentation we show what is a North Star Metric with examples like the Facebook North Star Metric, Subway North Star Metric or AirBnB North Star Metric, and in deep detail. We also provide a simple framework for you to discover and implement your North Star Metric.
Customer, market and business validation for early-stage startupsJeff McClelland
A collection of tips on how to go about validating your offer to customers, choose a market, and scope a business. Touches on JTBD, lean startup, business model canvas. Also a brief case study on TransferWise and the keys to it's success.
Revealing Behavior: Web Analytics Strategy 101Ravi Singh
This talk is about Web Analytics Strategy,
Managing an in-house analytics program
And leveraging analytics to optimize your product.
Analytics involves measuring, testing and storytelling.
But it’s real purpose is to TAKE ACTION to improve, based on insights from well-interpreted data.
If you won’t take action, don’t bother with analytics.
How do you earn loyalty from someone you’ve never met?
According to a recent business insider study on banking, nearly 40% of millennials have not set foot inside a physical branch in the last year.*
With digital disruption in full effect, it’s important for banks and credit unions to invest wisely in their online experiences. With the right strategies in place, it’s possible to take control of the digital journey and offer both convenience and the personal touch that will earn long-term loyalty.
Join Qualtrics industry expert Bruce Paul and special guest Kelly McManus from Capital One as they host an interactive webinar.
How to Benefit From Digital Disruption in Banking
Learn how to earn customer loyalty from millennials, and everyone else, in a mobile age where customers are increasingly opting for digital interactions instead of face-to-face visits.
Creating a Growth Mindset: Preparing for the Future of WorkUdemy for Business
As disruptive technologies redefine business as we know it, organizations are adopting a growth mindset and continuous learning to keep their workforce up to speed with change.
But what does creating a growth mindset in the workplace really mean? How have organizations put this into practice in learning & development (L&D), particularly for technical teams on the frontlines of rapid technology change?
In this webinar, you’ll walk away with:
- Practical advice on how ITX, Appian, and [24]7.ai integrated a growth mindset in their L&D programs.
- Successful programs at ITX, Appian, and [24]7.ai that promote continuous learning and prepare for the future of work.
- How these programs moved the dial on key metrics from employee performance and engagement to = retention and recruitment.
- Useful tips on how to create a growth mindset and learning culture at your organization.
PUTTING THE VALUE BACK IN VALUE ENGINEERING: Leveraging Lean thinking to Driv...Amanda Ross
This deck was presented at a joint webinar with AgileCraft and Barry O'Reilly on Value Engineering. In this deck we cover:
- How Value Engineering enables enterprises to systematically manage the uncertainty and return of innovation in their organization
- Quickly and cheaply experiment to learn what are winning ideas, and what do not deliver value and should be discarded
- How to define outcome-based metrics to build value statements, and improves visibility and accountability across your organization
- How to drive rapid feedback loops to accelerate innovation and better decision-making
- How tools can play a role in the Value Engineering / Lean thinking cycle
Milion Dollar Impact Through Metrics, Analytics & A/B TestingAzhar Bandeali
This is an updated version of the talk I gave at Product Camp ATL 2017.
Atlanta doesn't talk enough about data analytics and A/B testing. I was able to follow my product's performance on a product scorecard built on (free) analytics tools to identify key areas of improvement. Once identified, I conducted A/B testing on potential fixes to find the best performing change that resulted in real revenue impact. This session is a case study on what I did and how you can do the same for your product.
Note: I presented this session last year and it helped someone get a promotion at work! So, I'll be presenting an updated version of it in 2017.
When angels and venture capitalists started flooding the market with cash 20 years ago, people forgot that bootstrapping was the way most companies used to get started. Because it deserves to make a comeback as the best way to think about starting a company, I've shared here, my 4 rules for bootstrapping.
Experimentation as a growth strategy: A conversation with The Motley FoolChris Goward
In this on-demand webinar, join Nate Wallingsford—Head of US Marketing Operations & Optimization at The Motley Fool—for a virtual discussion about experimentation at his organization.
Discover how Nate and his team are leveraging experimentation to uncover massive revenue gains and actionable customer insights. And learn how Nate has worked to gain visibility and create excitement around testing.
I often meet companies whose revenue is stalled and they wonder why. What many of them don't realize is that they're not spending enough money on Sales and Marketing. This slide deck looks at 5 important metrics for a software company. If you want a detailed set of metics, contact me as I've got a full set of industry metics in Excel.
It’s true, the CSM Journey begins with User Adoption. Without strong adoption; retention and renewal become problematic.
Up until now, User Adoption has meant many different things to many different people. Today, Cloud and SaaS companies have redefined what User Adoption is and how it’s attained.
In this webinar, we've partnered with Tri Tuns Consulting to discuss:
- The UA/CSM Journey
- Who owns User Adoption?
- User Adoption: Defining Success
- User Adoption Planning
- Delivering the Goal
How To Build A Business Case For A Learning PlatformGary Stringer
Here are a few of the key points this business case guide will help you include and address, allowing you to make a compelling case for a learning platform.
- Justify why you need a learning platform.
- Present the costs and ROI.
- Discuss the risks and benefit of using and not using a learning platform.
- Present a number of options and your recommendation.
- Support your argument with numbers.
Maximize Customer Value (Optimove @ Market King Meetup - August 26, 2014)Amit Bivas
Retention Marketing: Maximize Your Customers' Value
Slides presented by Optimove's Head of Matrketing - Amit Bivas, at the Market King Meetup, August 26, 2014, Tel-Aviv.
What it is a North Star Metric? How do I find my North Star Metric?Sérgio Tavares, ph.D.
The North Star Metric is a metric for retention created by Sean Ellis (from GrowthHackers). In this presentation we show what is a North Star Metric with examples like the Facebook North Star Metric, Subway North Star Metric or AirBnB North Star Metric, and in deep detail. We also provide a simple framework for you to discover and implement your North Star Metric.
Customer, market and business validation for early-stage startupsJeff McClelland
A collection of tips on how to go about validating your offer to customers, choose a market, and scope a business. Touches on JTBD, lean startup, business model canvas. Also a brief case study on TransferWise and the keys to it's success.
Revealing Behavior: Web Analytics Strategy 101Ravi Singh
This talk is about Web Analytics Strategy,
Managing an in-house analytics program
And leveraging analytics to optimize your product.
Analytics involves measuring, testing and storytelling.
But it’s real purpose is to TAKE ACTION to improve, based on insights from well-interpreted data.
If you won’t take action, don’t bother with analytics.
How do you earn loyalty from someone you’ve never met?
According to a recent business insider study on banking, nearly 40% of millennials have not set foot inside a physical branch in the last year.*
With digital disruption in full effect, it’s important for banks and credit unions to invest wisely in their online experiences. With the right strategies in place, it’s possible to take control of the digital journey and offer both convenience and the personal touch that will earn long-term loyalty.
Join Qualtrics industry expert Bruce Paul and special guest Kelly McManus from Capital One as they host an interactive webinar.
How to Benefit From Digital Disruption in Banking
Learn how to earn customer loyalty from millennials, and everyone else, in a mobile age where customers are increasingly opting for digital interactions instead of face-to-face visits.
Creating a Growth Mindset: Preparing for the Future of WorkUdemy for Business
As disruptive technologies redefine business as we know it, organizations are adopting a growth mindset and continuous learning to keep their workforce up to speed with change.
But what does creating a growth mindset in the workplace really mean? How have organizations put this into practice in learning & development (L&D), particularly for technical teams on the frontlines of rapid technology change?
In this webinar, you’ll walk away with:
- Practical advice on how ITX, Appian, and [24]7.ai integrated a growth mindset in their L&D programs.
- Successful programs at ITX, Appian, and [24]7.ai that promote continuous learning and prepare for the future of work.
- How these programs moved the dial on key metrics from employee performance and engagement to = retention and recruitment.
- Useful tips on how to create a growth mindset and learning culture at your organization.
PUTTING THE VALUE BACK IN VALUE ENGINEERING: Leveraging Lean thinking to Driv...Amanda Ross
This deck was presented at a joint webinar with AgileCraft and Barry O'Reilly on Value Engineering. In this deck we cover:
- How Value Engineering enables enterprises to systematically manage the uncertainty and return of innovation in their organization
- Quickly and cheaply experiment to learn what are winning ideas, and what do not deliver value and should be discarded
- How to define outcome-based metrics to build value statements, and improves visibility and accountability across your organization
- How to drive rapid feedback loops to accelerate innovation and better decision-making
- How tools can play a role in the Value Engineering / Lean thinking cycle
Milion Dollar Impact Through Metrics, Analytics & A/B TestingAzhar Bandeali
This is an updated version of the talk I gave at Product Camp ATL 2017.
Atlanta doesn't talk enough about data analytics and A/B testing. I was able to follow my product's performance on a product scorecard built on (free) analytics tools to identify key areas of improvement. Once identified, I conducted A/B testing on potential fixes to find the best performing change that resulted in real revenue impact. This session is a case study on what I did and how you can do the same for your product.
Note: I presented this session last year and it helped someone get a promotion at work! So, I'll be presenting an updated version of it in 2017.
Should UI/UX be gut-feeling or data-driven? How to stand out from the tough competition by perfecting your owned asset?
A/B testing a long-grind road but it does not have to be tough! Demyth the 4 steps approach to optimization and what it can bring to you
A guide to helping start-ups with building and operating data systems for growth. Highlights what makes a good metric, how to define the right metrics for your business, and then how to build data infrastructure so that you can collect the relevant data.
Presented at Grow Camp 2018 in MaRS Discovery District in Toronto, Canada.
Tom Willis will cover a range of tools, customer data and analytics that can be used to determine metrics and keep your marketing strategies in line with key business goals, regardless of your budget.
Driving Product Adoption with Insight-driven PlaybooksAmity
Driving product adoption is the key activity of any Customer Success team. It determines the effectiveness of free trials, paid pilots, churn reduction, renewals, upsells and referrals. Strong adoption leads to very strong growth.
In this webinar, you will learn how to:
- Identify when and where adoption stalls?
- Designing playbooks for driving customer adoption?
- Optimize the performance of your playbooks and Customer Success teams.
- Provide power insights to your sales, marketing and product management teams.
Amity is a powerful Customer Success platform that provides deep insights into product adoption for all your customers.
See how a LeadLife customer successfully implemented a lead scoring and nurturing system within their organization that increased their qualified leads by 78% and decreased their buy cycle time from months to weeks.
By viewing this online presentation, you will also see how they :improved their overall conversation rates by 1.5-3x; increased the quality of leads going to Sales; expanded their transaction size and increased marketing ROI
If you would like to automate lead scoring and nurturing, improve quality of leads passed to sales, or gain visibility into your leads, this presentation is for you!
3 keys to improving your customers checkout experience slidesharecloud.IQ
How often have you abandoned a checkout due to a confusing and difficult experience?
Unfortunately this is more common than it should be. Join Kath Pay of Plan to Engage and James Critchley of cloud.IQ, where we will focus on 3 keys to leverage in order to prevent abandonment of the shopping cart process.
Validation and hypothesis based product management by Abdallah Al-KhalidiAbdallah Al-Khalidi
Prioritization and validation are key activities for successful product management. As a product manager, how will you succeed if you are not able to prioritize correctly? How do you determine what feature to release next and if it is the correct feature to build in the first place?
This talk will cover principle methods and frameworks for feature validation and prioritization and is recommended for product managers and people working in product.
Calling Customers: It's About Time to Stop GuessingValgen, Inc.
Find out how predictive analytics can advise when sales reps should contact a customer for a sale. Predictive analytics can predict when a customer is ready to buy. As presented at AA-ISP May 2011 Leadership Summit.
Ben Yoskovitz, Co-author, Lean Analytics and VP Product, VarageSale talks about the One Key Metric that matters and how to use data to build a better startup faster. Traction Conf Vancouver 2015 - http://tractionconf.io.
Similar to Promoting Lean Startup at Zhihu in 2012 (20)
Explore Sarasota Collection's exquisite and long-lasting dining table sets and chairs in Sarasota. Elevate your dining experience with our high-quality collection!
Best Crypto Marketing Ideas to Lead Your Project to SuccessIntelisync
In this comprehensive slideshow presentation, we delve into the intricacies of crypto marketing, offering invaluable insights and strategies to propel your project to success in the dynamic cryptocurrency landscape. From understanding market trends to building a robust brand identity, engaging with influencers, and analyzing performance metrics, we cover all aspects essential for effective marketing in the crypto space.
Also Intelisync, our cutting-edge service designed to streamline and optimize your marketing efforts, leveraging data-driven insights and innovative strategies to drive growth and visibility for your project.
With a data-driven approach, transparent communication, and a commitment to excellence, InteliSync is your trusted partner for driving meaningful impact in the fast-paced world of Web3. Contact us today to learn more and embark on a journey to crypto marketing mastery!
Ready to elevate your Web3 project to new heights? Contact InteliSync now and unleash the full potential of your crypto venture!
What You're Going to Learn
- How These 4 Leaks Force You To Work Longer And Harder in order to grow your income… improve just one of these and the impact could be life changing.
- How to SHUT DOWN the revolving door of Income Stagnation… you know, where new sales come into your magazine while at the same time existing sponsors exit.
- How to transform your magazine business by fixing the 4 “DON’Ts”...
#1 LEADS Don’t Book
#2 PROSPECTS Don’t Show
#3 PROSPECTS Don’t Buy
#4 CLIENTS Don’t Stay
- How to identify which leak to fix first so you get the biggest bang for your income.
- Get actionable strategies you can use right away to improve your bookings, sales and retention.
7. Lean Manufacturing
Knowledge and accountability of individual
workers
The shrinking of batch sizes
Just-in-time production and inventory control
Acceleration of cycle times
8. Validated learning
The most vital function of startup is learning
What does it cost to learn something
Positive improvements in core metrics
(false feedback)
9. Experiment
Think big, Start small
For long-term change, experiment immediately
Break it down. Value/Growth hypothesis
An experiment is a product
Vision = hypothesis + prediction
12. Value & Growth
value-creating vs value-destroying
value vs waste
manufacture: profitability of each customer,
cost of acquiring, repeat purchase
marketplace: network effect
13. Engine of Growth
Paid: Customer Lifetime Value deducted by
Cost per Acquisition
Sticky: Rate of Acquisition over Churn Rate
Viral: The Viral coefficient
“P.S. Get your free e-mail at Hotmail”
and the Feedback Loop behind it
14. Get out of the building
Genchi Gembutsu
Go and See for yourself
whether I was in manufacturing, product development, sales, distribution,
or public affairs. You cannot be sure you really understand any part of
any business problem unless you go and see for yourself firsthand. It is
unacceptable to take anything for granted or to rely on the reports of
others.
Case study: Scott Cook, Intuit, 1982.
15. Go thru the feedback loop
with minimum effort
Early adopter
Quality?
When in doubt, simplify!
Any thing beyond what is required to learning
is a form of waste
16. Case study:
Food on the Table
An elaborate service
FotT's MVP
Inefficient? Or Progressing?
Automate the overhead
17. The role of quality and
design
High-quality exp - the principle
If t do not know who the customer is, we do not
know what quality is.
To learn instead of to speculate
Surprise!
18. Case study:
IMVU
Problem: Moving around your 3D avatar.
They kind of "cheated"
Which version is low quality?
(natural selection)
22. Cohort Analysis
(on $5 a day)
Day in and day out
Performance of indie
groups
Funnel / Flow
Hard facts to learn
23. Optimization vs Learning
Downward spiral follows
energy that could have been invested to help build a
sustainable business were used to resort to the usual bag
of success theater tricks: last-minute ad buys, channel
stuffing, and whiz-bang demos, in a desperate attempt to
make the gross numbers look better.
24. Caution: Vanity metrics
Isn't it exciting?
Driven by past initiatives
Irrelevant to the efficacy
of the team
Gross numbers are
misleading
Lack of cause-and-effect
inferences
25. Case study: Grockit
Lead by a visionary
Agile, process-oriented, disciplined
Efficiency, morale - learning culture
A/B tests on customer behavior reveal real
customer needs
Hypothesis testing for lazy registration
26. Kanban
Capacity Constraint
4 states: product backlog, actively being built,
done(from a technical perspective), or in the
process of being validated
Get the hang of it
27. Three A's of metrics
Actionable
Accessible
Auditable
29. Pivot or Persevere
Land of living dead
A sustainable business that creates value and
drive growth
Improve human faulty judgement by subjecting
to repeated tests
30. Case: Votizen
USA.gov, social network of verified voters, attracted early
adopters who love the concept, in the face of moderate
success, a series of pivot/persevere decisions
Customers would be interested enough to sign up
Able to verify them as registered voters
Verified voters would engage with Votizen's activism
tools overtime
Engaged customer would recruit friends into civic
causes
33. Success might be just around the corner
Leap-of-faith questions identified, tested, and with
quantitative predictions made
Failing business behind positive metrics
“I always wanted to get more involved, this
makes it so much easier”
“The fact that you prove I'm a voter matter”
“There's no one here, what's the point of coming
back”
34. Zoom In Pivot
Before Pivot After Pivot
E. of growth Sticky Paid
Registration 17% 42
Activation 90% 83
Retention 8% 21
Referral 6% 54
Revenue n/a < 1
Lifetime Value n/a Minimal
@2gov, social lobbying platform, translate twits into paper
petitions
35. Customer Segment Pivot
B2C > B2B: Political campaigning.
Companies/organizations showed extreme eager to
use and pay.
Sales didn't materialize.
Hypothesis refuted.
36. Platform Pivot
Before Pivot After Pivot
E. of growth Paid Viral
Registration 42 51
Activation 83 92
Retention 21 28
Referral 54 64
Revenue 1 11
Lifetime Value Minimal $.2 / message
Model based on Google Adwords, opinions of verified
voters carried weight with elected officials, high referral low
marketing cost
37. A startup's runway is the
number of pivots it can still
make
Raise money or Cut costs
/
Waste or Ability to B.M.L
Q: How to extend our runway?
38. A catalog of Pivots
Zoom in
Zoom out
Customer segment
Customer need
Platform
Business architecture
Value capture
Channel
Engine of growth
Technology
39. Pivot or Persevere meeting
Courage
A emotionally charged decision to make, so
schedule it in advance
Failure to pivot
One foot rooted
Acceleration
Success’ prerequisit
Editor's Notes
A startup is an institution, not just a product, and so it requires a new kind of management specifically geared to its context of extreme uncertainty.
Startups exist not just to make stuff, make money, or even serve customers. They exist to learn how to build a sustainable business.
how to measure progress, how to set up milestones, and how to prioritize work. This requires a new kind of accounting designed for startups 不挣钱
allure of a good plan, a solid strategy, and thorough market research. do not yet know who their customer is or what their product should be.
Planning and forecasting are only accurate when based on a long, stable operating history and a relatively static environment. Startups have neither.
the moment when a startup nally finds a widespread set of customers that resonate with its product
search keyword advertising, Internet auctions, and TCP/IP routers. Conversely, in a terrible market, you can have the best product in the world and an absolutely killer team, and it doesn’t matter—you’re going to fail.
Ford’s Model T, iphone
thrown up their hands and adopted the “Just Do It” school of startups. This school believes that if management is the problem, chaos is the answer.
something as disruptive, innovative, and chaotic as a startup can be managed or, to be accurate, must be managed. Most people think of process and management as boring and dull, whereas startups are dynamic and exciting.
职业棒球运动员的工作 取胜
Vision - Steer - Accelerate
difference between value-creating activities and waste - eliminating waste
manufacturing is measured by the production of high-quality physical goods. the Lean Startup uses a different unit of progress, called validated learning.
cross-functional vs departments. going back to 8-hour straight of coding. code is tangible, learning is not.
Because startups often accidentally build something nobody wants, it doesn’t matter much if they do it on time and on budget. The goal of a startup is to figure out the right thing to build—the thing customers want and will pay for—as quickly as possible
driving a car vs rocket. steering vs planning. learning vs making assumptions
Zappos’ hypothesis, buying shoes online.
1. It had more accurate data about customer demand because it was observing real customer behavior, not asking hypothetical questions.
2. It put itself in a position to interact with real customers and learn about their needs. For example, the business plan might call for discounted pricing, but how are customer perceptions of the product affected by the discounting strategy?
3. It allowed itself to be surprised when customers behaved in unexpected ways, revealing information Zappos might not have known to ask about. For example, what if customers returned the shoes?
Village Washing Machine
break down into value hypothesis and growth hypothesis:
50% daily retention rate,
dot-com failures were little more than middlemen, effectively paying money to acquire customers’ attention and then planning to resell it to others.
apply the lessons of Facebook: is it startups should not charge customers money in the early days? Or is it that startups should never spend money on marketing?
value has two aspects!! value-creating vs value-destroying & value vs waste
Value-destroying kind of growth & machines in a factory
the majority of my team’s efforts were wasted. Why? - IM interoperability of IMVU. network effects and viral growth
The ENGINE metaphor.
paid. $1 each vs $100000 each, subject to competition.
sticky. rate of compounding, which is simply the natural growth rate minus the churn rate. total customer, ARPU are irrelevant. 61% retention and 39% growth.
viral. different from word-of-mouth, p2p transmission is innate. Hotmail, 6 mon 1M, 5 weeks 2M, 18 mon 12M. sold to MS for $400M. though, value exchange is the confusion
draw the coefficient chart: 0.9/1.0/1.1
Toyota sienna minivan 2004 model.
unusual amount on internal deco. 60% boost. sustaining innovation.
Scott Cook, Intuit, 1982, calling random people, questions designed to answer the leap-of-faith assumption.
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“We have failed to meet the growth targets we predicted. In fact, we have almost no new customers and no new revenue. However, we have learned an incredible amount and are on the cusp of a breakthrough new line of business. All we need is another year.”
Compare two companies. 5% vs 10%
When a company pivots, it starts the process all over again, reestablishing a new baseline and then tuning the engine from there. The sign of a successful pivot is that these engine-tuning activities are more productive after the pivot than before.
The first company sets out with a clear baseline metric, a hypothesis about what will improve that metric, and a set of experiments designed to test that hypothesis. The second team sits around debating what would improve the product, implements several of those changes at once, and celebrates if there is any positive increase in any of the numbers. Which startup is more likely to be doing effective work and achieving lasting results?
lack of sales was related to the low quality. board meeting, last-minute analytics, more depressing
failure on the legacy of previous customers who were resistant to change, external market conditions, or any other excuse.
failure on the legacy of previous customers who were resistant to change, external market conditions, or any other excuse. As long as we are executing the plan well, hard work yields results. Machines in a factory.
our team is not working hard, not working effectively, or not working efficiently.
consultant - Every new insight became an emergency that had to be addressed immediately. As a result, long-term projects were hampered by constant interruptions. Even worse, the team had no clear sense of whether any of the changes they were making mattered to customers.
success was driven by decisions the team had made in the past. None of its current initiatives were having any impact. But this was obscured because the company’s gross metrics were all “up and to the right.”
Farbood Nivi, spent a decade working as a teacher at two large for-profit education companies, Princeton Review and Kaplan, helping students prepare for standardized tests such as the GMAT, LSAT, and SAT.
teacher-led lectures, individual homework, and group study, student-to-student peer-driven learning method
bring social peer-to-peer learning to people who could not aord an expensive class from Kaplan or Princeton Review
“Let’s forget educational design up until now, let’s forget what’s possible and just redesign learning with today’s students and today’s technology in mind. There were plenty of multi-billion-dollar organizations in the education space, and I don’t think they were innovating in the way that we needed them to and I didn’t think we needed them anymore. To me, it’s really all about the students and I didn’t feel like the students were being served as well as they could.”
Was the increase in their numbers actually caused by their development efforts? Or could it be due to other factors, such as mentions of Grockit in the press? When I met the team, I asked them this simple question: How do you know that the prioritization decisions that Farb is making actually make sense?
“How confident are you that you are making the right decisions in terms of establishing priorities?”
A disciplined team may apply the wrong methodology but can shift gears quickly once it discovers its error.
knowing whether the story was a good idea to have been done in the first place.
initial result is always frustrating: each bucket fills up, starting with the “validated” bucket and moving on to the “done” bucket, until it’s not possible to start any more work. Teams that are used to measuring their productivity narrowly, by the number of stories they are delivering, feel stuck.
often requires nonengineering eorts: talking to customers, looking at split-test data,
why build a new feature that is not part of a split- test
junior engineer face down a senior executive. A solid process lays the foundation for a healthy culture, one where ideas are evaluated by merit and not by job title.
begin to measure their productivity according to validated learning, not in terms of the production of new features.
For a report to be considered actionable, it must demonstrate clear cause and eect. Otherwise, it is a vanity metric.
now it’s somebody else’s fault. Thus, most team members or departments live in a world where their department is constantly making things better, ... from their actions. Human beings are innately talented learners when given a clear and objective assessment.
Departments too often spend their energy learning how to use data to get what they want rather than as genuine feedback to guide their future actions. as simple as possible so that everyone understands them. 10,000 conversations in a period. Is that good? Is that one person being very, very social, or is it 10,000 people each trying the product one time and then giving up?
widespread access to the reports. Every day well laid out and easy to read, a document containing the latest data for every single one of their split-test experiments and other leap-of- faith metrics.
our reporting data and its infrastructure were considered part of the product itself and were owned by the product development team. The reports were available on our website, accessible to anyone with an employee account.
First, remember that “Metrics are people, too.” We need to be able to test the data by hand, by talking to customers. Second, those building reports must make sure the mechanisms that generate the reports are drawn directly from the master data
Only 5 percent of entrepreneurship is the big idea, the business model, the whiteboard strategizing, and the splitting up of the spoils. The other 95 percent is the gritty work that is measured by innovation accounting: product prioritization decisions, deciding which customers to target or listen to, and having the courage to subject a grand vision to constant testing and feedback.
the most difficult, the most time-consuming, and the biggest source of waste for most startups. We all must face this fundamental test: deciding when to pivot and when to persevere.
a misconception that it offers a rigid clinical formula for making pivot or persevere decisions. This is not true. There is no way to remove the human element—vision, intuition, judgment—from the practice of entrepreneurship, nor would that be desirable.
have a remarkable ability to see the signal in the noise. In fact, we are so good at this that sometimes we see signals that aren’t there. The heart of the scientific method is the realization that although human judgment may be faulty, we can improve our judgment by subjecting our theories to repeated testing.
initial cohorts: 3 months, $1.2k. 5% signup, 17% verified.
social network of verified voters, a place where people passionate about civic causes could get together, share ideas, and recruit their friends.
next: 2 month, $5k. messaging, design.
dont go into stealth mode.
3 months $13k. countless a/b test
The goal of creating learning milestones is not to make the decision easy; it is to make sure that there is relevant data in the room when it comes time to decide.
launch early and iterate. The more money, time, and creative energy that has been sunk into an idea, the harder it is to pivot.
focused on actionable metrics for each of his leap-of-faith questions that he was able to accept that his company was failing. had not wasted energy on premature PR.
David’s hypothesis was that passionate activists would be willing to pay money to have @2gov facilitate contacts on behalf of voters who cared about their issues.
4 months, $30k. $50 in total, 12 month.
He did this not by working harder but by working smarter. Compared with the previous four months.
age-old entrepreneurial trap. His metrics and product were improving, but not fast enough.
Three months later, David had built the functionality he had promised, based on those early letters of intent.
All this time, David was learning and gaining feedback from his potential customers, but he was in an unsustainable situation. You can’t pay staff with what you’ve learned, and raising money at that juncture.
decided to reduce staff and pivot again
1 additional month. acceleration?
It is tempting to credit it to the product development work. much of the product had to be discarded between pivots. Worse, the product that remained was classified as a legacy product, Votizen accelerated its MVP process because it was learning critical things about its customers, market, and strategy.
$1.5 mil from Peter Thiel. Startup Visa Act (S.565), Washington consultants
amount of time remaining in which a startup must either achieve lift-o or fail. remaining cash in the bank divided by the monthly burn rate.
customer seg: the product it is building solves a real problem for real customers but that they are not the type of customers it originally planned to serve. facebook college to beyond
customer need: As a result of getting to know customers extremely well, it sometimes becomes clear that the problem we’re trying to solve for them is not very important. However, because of this customer intimacy, we often discover other related problems that are important and can be solved by our team. 味多美
business architectures: high margin, low volume (complex systems model) or low margin, high volume
value capture: capturing value is an intrinsic part of the product hypothesis. Often, changes to the way a company captures value can have far-reaching consequences for the rest of the business, product, and marketing strategies.
channel: internet is disruptive since it destroys former channel for established business.
technology: an incremental improvement designed to appeal to and retain an existing customer base. Established companies excel at this kind of pivot because so much is not changing.