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When and How to Pivot
 Presented at Startup Lessons Learned
             23 May 2011


             David Binetti
              @dbinetti
Preface

• Share!
• No Original Thoughts...
• We’re Hiring! slideshare.com/votizen

                                         @dbinetti
A Bit About Me

• Business Model Designer at Votizen
• Mentor at Hacker Dojo
• Six Startups both Agile and Fixed

                                       @dbinetti
A Bit About You

• Startups?
• Something else?
• Unsure?

                        @dbinetti
High Finance




               @dbinetti
High Finance


33%         33%




      33%




                           @dbinetti
High Finance


      10%
                  30%

30%



            30%




                                 @dbinetti
High Finance


       13%         20%

20%
                     20%
  7%
             20%




                                    @dbinetti
High Finance


              12%
  20%
                    12%


20%                 12%
                5%
        19%




                                   @dbinetti
High Finance

                          Sells for: $50M
              12%
  20%
                    12%   Your stake: ~$6M

20%                 12%
                          Chance of Success: 10%
                5%
        19%
                          Expected Value: $600K

                                             @dbinetti
High Finance
      Startup    Google
Y1      0         175
Y2      40        175
Y3     120        200
Y4     120        200
Y5   120 + 600    250



                          @dbinetti
High Finance
      Startup    Google
Y1      0         175
Y2      40        175
Y3     120        200
Y4     120        200
Y5   120 + 600    250



                          @dbinetti
High Finance
            Startup    Google
  Y1          0         175
  Y2          40        175
  Y3         120        200
  Y4         120        200
  Y5       120 + 600    250

Expected     1.0 M     1.0 M

                                @dbinetti
High Finance
            Startup      Google
  Y1           0          175
  Y2           40         175
  Y3          120         200
  Y4          120         200
  Y5       120 + 600      250

Expected     1.0 M       1.0 M
Variance   3.6 x 10^12     0
                                  @dbinetti
High Finance


• You must be high if you think this makes
  financial sense.
• But money isn’t everything.
• What makes the entrepreneur different?
                                         @dbinetti
@dbinetti
@dbinetti
@dbinetti
@dbinetti
Why Lean?

• Mitigates your reality distortion field.
• Helps avoid (expensive) false positives.
• Converts market risk to technical risk

                                             @dbinetti
Lean Framework
 Formulate       Iterate, Release &
   Model              Measure




             Pivot


                                      @dbinetti
Lean Framework
 Formulate       Iterate, Release &
   Model              Measure




             Pivot


                                      @dbinetti
Lean Framework
 Formulate    Iterate, Release &
   Model           Measure




             Pivot


                                   @dbinetti
Lean Framework
 Formulate      Iterate, Release &
   Model             Measure




             Pivot


                                     @dbinetti
On Pivots




            @dbinetti
On Pivots




            @dbinetti
On Pivots

• Pivots are restatements of your business
  model; not synonymous with change.
• Pivots are a consequence of learning about
  your business, not just your product.
• Pivots are vision-driven, not testing-driven.
                                           @dbinetti
Our Vision

• Social media is disrupting Politics.
• Voters can now join with each other and
  connect to their officials directly.
• Facilitating meaningful connections will
  result in a new form of civic participation
  that will profoundly change our world.

                                             @dbinetti
The Framework
 Formulate       Iterate, Release &
   Model              Measure




             Pivot


                                      @dbinetti
1.0         1.1          2.0          3.0     4.0

  Model                          Hypothesis
 Product      Facebook for politics

 Problem      People want a stronger voice

 Channel      Social networks

 Demand       Viral (self-perpetuating demand)

  Market      Resegmented (donations engine)

Competitive   Hyper-fragmented

                                                   @dbinetti
1.0         1.1          2.0         3.0   4.0

 Metric                         Description

Acquisition   Creates account

Activation    Certified authenticity

 Referrals    Forwards to friends

Retention     Uses system thrice or greater

 Revenue      Supports causes


                                                @dbinetti
The Framework
 Formulate    Iterate, Release &
   Model           Measure




             Pivot


                                   @dbinetti
1.0        1.1      2.0         3.0    4.0
• Did: The “MVP”, six weeks at $1206
• Learned: It’s a start.
  Metric       v.1   v.1.1    v.2    v.3   v.4
 Acquisition   5%
  Activation   17%
  Referrals     -
 Retention      -
  Revenue       -
                                                 @dbinetti
1.0        1.1      2.0         3.0    4.0
• Did: The “MVP”, six weeks at $1206
• Learned: It’s a start.
  Metric       v.1   v.1.1    v.2    v.3   v.4
 Acquisition   5%
  Activation   17%
  Referrals     -
 Retention      -
  Revenue       -
                                                 @dbinetti
1.0        1.1      2.0         3.0    4.0
• Did: The “MVP”, six weeks at $1206
• Learned: It’s a start.
  Metric       v.1   v.1.1    v.2    v.3   v.4
 Acquisition   5%
  Activation   17%
  Referrals     -
 Retention      -
  Revenue       -
                                                 @dbinetti
1.0        1.1         2.0         3.0    4.0
• Did: A/B testing to optimize
• Learned: Significant jump in conversion.
  Metric       v.1   v.1.1       v.2    v.3   v.4
 Acquisition   5%    17%
  Activation   17%   90%
  Referrals     -     4%
 Retention      -     5%
  Revenue       -      -
                                                    @dbinetti
1.0        1.1         2.0         3.0    4.0
• Did: A/B testing to optimize
• Learned: Significant jump in conversion.
  Metric       v.1   v.1.1       v.2    v.3   v.4
 Acquisition   5%    17%
  Activation   17%   90%
  Referrals     -     4%
 Retention      -     5%
  Revenue       -      -
                                                    @dbinetti
1.0        1.1         2.0         3.0    4.0
• Did: A/B testing to optimize
• Learned: Significant jump in conversion.
  Metric       v.1   v.1.1       v.2    v.3   v.4
 Acquisition   5%    17%
  Activation   17%   90%
  Referrals     -     4%
 Retention      -     5%
  Revenue       -      -
                                                    @dbinetti
1.0        1.1         2.0         3.0    4.0
• Did: A/B testing to optimize
• Learned: Significant jump in conversion.
  Metric       v.1   v.1.1       v.2    v.3   v.4
 Acquisition   5%    17%
  Activation   17%   90%
  Referrals     -     4%
 Retention      -     5%
  Revenue       -      -
                                                    @dbinetti
1.0        1.1         2.0         3.0    4.0
• Did: Same process as before
• Learned: Missing something important.
  Metric       v.1   v.1.1       v.2    v.3   v.4
 Acquisition   5%    17%
  Activation   17%   90%
  Referrals     -     4%
 Retention      -     5%
  Revenue       -      -
                                                    @dbinetti
1.0        1.1         2.0         3.0    4.0
• Did: Same process as before
• Learned: Missing something important.
  Metric       v.1   v.1.1       v.2    v.3   v.4
 Acquisition   5%    17%
  Activation   17%   90%
  Referrals     -     4%
 Retention      -     5%
  Revenue       -      -
                                                    @dbinetti
The Framework
 Formulate      Iterate, Release &
   Model             Measure




             Pivot


                                     @dbinetti
When to Pivot

• Surveys, A/B testing, landing pages, etc. are
  all good ways to find a local maximum for a
  given set of assumptions.
• If you’ve hit that local max and your model
  isn’t a sustainable business, it’s time to
  restate your assumptions (ie, to pivot.)

                                               @dbinetti
How to Pivot

• Put down the dry erase and step away from
  the whiteboard.
• You earned what you learned; don’t flail.
• Vision + Learning = Inspiration
                                         @dbinetti
In My Case
• Looked past the product to the nature of
  the problem.
  • “I’ve always wanted to get involved. This
    makes it so much easier.”
• Put myself in the “let’s make it easier”
  mindset and got out of the building.
• Lead to the inspiration for @2gov.
                                             @dbinetti
The Framework
 Formulate       Iterate, Release &
   Model              Measure




             Pivot


                                      @dbinetti
1.0         1.1          2.0          3.0     4.0

  Model                          Hypothesis
 Product      Simple messaging tool

 Problem      Getting involved is hard

 Channel      Social networks

 Demand       Viral (self-perpetuating demand)

  Market      Resegmented (donations engine)

Competitive   Hyper-fragmented

                                                   @dbinetti
The Framework
 Formulate    Iterate, Release &
   Model           Measure




             Pivot


                                   @dbinetti
1.0        1.1          2.0         3.0    4.0

•    Did: Asymmetric message delivery

•    Learned: Found a new local max on revenue


     Metric       v.1    v.1.1       v.2    v.3   v.4
    Acquisition   5%      17%      42%
    Activation    17%     90%      83%
     Referrals     -      4%      54%
     Retention     -      5%      21%
     Revenue       -       -         1%
                                                        @dbinetti
1.0        1.1          2.0         3.0    4.0

•    Did: Asymmetric message delivery

•    Learned: Found a new local max on revenue


     Metric       v.1    v.1.1       v.2    v.3   v.4
    Acquisition   5%      17%      42%
    Activation    17%     90%      83%
     Referrals     -      4%      54%
     Retention     -      5%      21%
     Revenue       -       -         1%
                                                        @dbinetti
1.0        1.1          2.0         3.0    4.0

•    Did: Asymmetric message delivery

•    Learned: Found a new local max on revenue


     Metric       v.1    v.1.1       v.2    v.3   v.4
    Acquisition   5%      17%      42%
    Activation    17%     90%      83%
     Referrals     -      4%      54%
     Retention     -      5%      21%
     Revenue       -       -         1%
                                                        @dbinetti
The Framework
 Formulate      Iterate, Release &
   Model             Measure




             Pivot


                                     @dbinetti
1.0         1.1          2.0          3.0     4.0

  Model                          Hypothesis
 Product      Simple involvement tool

 Problem      People want to be good citizens

 Channel      Social networks

 Demand       Viral (self-perpetuating demand)

  Market      Resegmented (campaign management)

Competitive   Hyper-fragmented

                                                   @dbinetti
Focus on Revenue

• Website, analytics, dashboards.
• Custom work specific to your issue.
• People loved it! Let’s Build!

                                       @dbinetti
1.0        1.1            2.0         3.0    4.0

•    Did: New tools and analytics

•    Learned: No signature means no sale


     Metric       v.1     v.1.1        v.2    v.3   v.4
    Acquisition   5%       17%      42%       43%
    Activation    17%      90%      83%       85%
     Referrals     -        4%      54%       52%
    Retention      -        5%      21%       24%
     Revenue       -         -         1%     0%
                                                          @dbinetti
1.0        1.1            2.0         3.0    4.0

•    Did: New tools and analytics

•    Learned: No signature means no sale


     Metric       v.1     v.1.1        v.2    v.3   v.4
    Acquisition   5%       17%      42%       43%
    Activation    17%      90%      83%       85%
     Referrals     -        4%      54%       52%
    Retention      -        5%      21%       24%
     Revenue       -         -         1%     0%
                                                          @dbinetti
1.0        1.1            2.0         3.0    4.0

•    Did: New tools and analytics

•    Learned: No signature means no sale


     Metric       v.1     v.1.1        v.2    v.3   v.4
    Acquisition   5%       17%      42%       43%
    Activation    17%      90%      83%       85%
     Referrals     -        4%      54%       52%




                                                                      !
    Retention      -        5%      21%       24%
     Revenue       -         -         1%     0%
                                                          @dbinetti
1.0        1.1            2.0         3.0    4.0

•    Did: New tools and analytics

•    Learned: No signature means no sale


     Metric       v.1     v.1.1        v.2    v.3   v.4
    Acquisition   5%       17%      42%       43%
    Activation    17%      90%      83%       85%
     Referrals     -        4%      54%       52%




                                                                      !
    Retention      -        5%      21%       24%
     Revenue       -         -         1%     0%
                                                          @dbinetti
Don’t Underestimate


• Easy to fool yourself
 • “Show Yourself the Money”
• This is why PR and vanity metrics are so
  dangerous.


                                         @dbinetti
The Framework
 Formulate      Iterate, Release &
   Model             Measure




             Pivot


                                     @dbinetti
Learning

• Poor Sales Cycle (contract, cost, channel)
 • “I’m just not sure about this Twitter
    thing.”
• Make the engagement easy to try and show
  ROI out of the gate.


                                          @dbinetti
1.0         1.1          2.0          3.0     4.0

  Model                          Hypothesis
 Product      Simple involvement tool

 Problem      People want to be good citizens

 Channel      Social networks

 Demand       Viral (self-perpetuating demand)

  Market      Resegmented (look like AdWords)

Competitive   Hyper-fragmented

                                                   @dbinetti
Ad Words for Activism

• Special Delivery on a per-message basis
 • Only pay for value
• Initial sale: $200 first day.

                                        @dbinetti
1.0         1.1           2.0         3.0       4.0

•    Total investment at this point: ~$120K and 18 months.

•    Model has promise; raise some funds


     Metric       v.1     v.1.1       v.2     v.3       v.4
    Acquisition   5%       17%        42%     43%      51%
    Activation    17%      90%        83%     85%      92%
     Referrals     -       4%         54%     52%      64%
    Retention      -       5%         21%     24%      28%
     Revenue       -        -         1%      0%       11%
                                                              @dbinetti
1.0         1.1           2.0         3.0       4.0

•    Total investment at this point: ~$120K and 18 months.

•    Model has promise; raise some funds


     Metric       v.1     v.1.1       v.2     v.3       v.4
    Acquisition   5%       17%        42%     43%      51%
    Activation    17%      90%        83%     85%      92%
     Referrals     -       4%         54%     52%      64%
    Retention      -       5%         21%     24%      28%
     Revenue       -        -         1%      0%       11%
                                                              @dbinetti
Important Notes
• Iteration loops got tighter.
• Each validation justified a higher level of
  investment/engagement.
  • 1K - 10K - 100K - 1000K
• Seek funding when you think you have
  more technical risk than market risk.

                                           @dbinetti
Summary

• Set Model so you know what your
  measuring and when you’re done.
• Use Metrics to find local maxima, not to
  find a business.
• Pivots are vision-driven.
                                      @dbinetti
Feedback

• bit.ly/sllconfdb
• slideshare.net/votizen
• @votizen

                           @dbinetti
Final Thought


                @dbinetti
@dbinetti

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David Binetti Lean Startup Votizen Pivot at SLLCONF 2011

  • 1. When and How to Pivot Presented at Startup Lessons Learned 23 May 2011 David Binetti @dbinetti
  • 2. Preface • Share! • No Original Thoughts... • We’re Hiring! slideshare.com/votizen @dbinetti
  • 3. A Bit About Me • Business Model Designer at Votizen • Mentor at Hacker Dojo • Six Startups both Agile and Fixed @dbinetti
  • 4. A Bit About You • Startups? • Something else? • Unsure? @dbinetti
  • 5. High Finance @dbinetti
  • 6. High Finance 33% 33% 33% @dbinetti
  • 7. High Finance 10% 30% 30% 30% @dbinetti
  • 8. High Finance 13% 20% 20% 20% 7% 20% @dbinetti
  • 9. High Finance 12% 20% 12% 20% 12% 5% 19% @dbinetti
  • 10. High Finance Sells for: $50M 12% 20% 12% Your stake: ~$6M 20% 12% Chance of Success: 10% 5% 19% Expected Value: $600K @dbinetti
  • 11. High Finance Startup Google Y1 0 175 Y2 40 175 Y3 120 200 Y4 120 200 Y5 120 + 600 250 @dbinetti
  • 12. High Finance Startup Google Y1 0 175 Y2 40 175 Y3 120 200 Y4 120 200 Y5 120 + 600 250 @dbinetti
  • 13. High Finance Startup Google Y1 0 175 Y2 40 175 Y3 120 200 Y4 120 200 Y5 120 + 600 250 Expected 1.0 M 1.0 M @dbinetti
  • 14. High Finance Startup Google Y1 0 175 Y2 40 175 Y3 120 200 Y4 120 200 Y5 120 + 600 250 Expected 1.0 M 1.0 M Variance 3.6 x 10^12 0 @dbinetti
  • 15. High Finance • You must be high if you think this makes financial sense. • But money isn’t everything. • What makes the entrepreneur different? @dbinetti
  • 20. Why Lean? • Mitigates your reality distortion field. • Helps avoid (expensive) false positives. • Converts market risk to technical risk @dbinetti
  • 21. Lean Framework Formulate Iterate, Release & Model Measure Pivot @dbinetti
  • 22. Lean Framework Formulate Iterate, Release & Model Measure Pivot @dbinetti
  • 23. Lean Framework Formulate Iterate, Release & Model Measure Pivot @dbinetti
  • 24. Lean Framework Formulate Iterate, Release & Model Measure Pivot @dbinetti
  • 25. On Pivots @dbinetti
  • 26. On Pivots @dbinetti
  • 27. On Pivots • Pivots are restatements of your business model; not synonymous with change. • Pivots are a consequence of learning about your business, not just your product. • Pivots are vision-driven, not testing-driven. @dbinetti
  • 28. Our Vision • Social media is disrupting Politics. • Voters can now join with each other and connect to their officials directly. • Facilitating meaningful connections will result in a new form of civic participation that will profoundly change our world. @dbinetti
  • 29. The Framework Formulate Iterate, Release & Model Measure Pivot @dbinetti
  • 30. 1.0 1.1 2.0 3.0 4.0 Model Hypothesis Product Facebook for politics Problem People want a stronger voice Channel Social networks Demand Viral (self-perpetuating demand) Market Resegmented (donations engine) Competitive Hyper-fragmented @dbinetti
  • 31. 1.0 1.1 2.0 3.0 4.0 Metric Description Acquisition Creates account Activation Certified authenticity Referrals Forwards to friends Retention Uses system thrice or greater Revenue Supports causes @dbinetti
  • 32. The Framework Formulate Iterate, Release & Model Measure Pivot @dbinetti
  • 33. 1.0 1.1 2.0 3.0 4.0 • Did: The “MVP”, six weeks at $1206 • Learned: It’s a start. Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% Activation 17% Referrals - Retention - Revenue - @dbinetti
  • 34. 1.0 1.1 2.0 3.0 4.0 • Did: The “MVP”, six weeks at $1206 • Learned: It’s a start. Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% Activation 17% Referrals - Retention - Revenue - @dbinetti
  • 35. 1.0 1.1 2.0 3.0 4.0 • Did: The “MVP”, six weeks at $1206 • Learned: It’s a start. Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% Activation 17% Referrals - Retention - Revenue - @dbinetti
  • 36. 1.0 1.1 2.0 3.0 4.0 • Did: A/B testing to optimize • Learned: Significant jump in conversion. Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% Activation 17% 90% Referrals - 4% Retention - 5% Revenue - - @dbinetti
  • 37. 1.0 1.1 2.0 3.0 4.0 • Did: A/B testing to optimize • Learned: Significant jump in conversion. Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% Activation 17% 90% Referrals - 4% Retention - 5% Revenue - - @dbinetti
  • 38. 1.0 1.1 2.0 3.0 4.0 • Did: A/B testing to optimize • Learned: Significant jump in conversion. Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% Activation 17% 90% Referrals - 4% Retention - 5% Revenue - - @dbinetti
  • 39. 1.0 1.1 2.0 3.0 4.0 • Did: A/B testing to optimize • Learned: Significant jump in conversion. Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% Activation 17% 90% Referrals - 4% Retention - 5% Revenue - - @dbinetti
  • 40. 1.0 1.1 2.0 3.0 4.0 • Did: Same process as before • Learned: Missing something important. Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% Activation 17% 90% Referrals - 4% Retention - 5% Revenue - - @dbinetti
  • 41. 1.0 1.1 2.0 3.0 4.0 • Did: Same process as before • Learned: Missing something important. Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% Activation 17% 90% Referrals - 4% Retention - 5% Revenue - - @dbinetti
  • 42. The Framework Formulate Iterate, Release & Model Measure Pivot @dbinetti
  • 43. When to Pivot • Surveys, A/B testing, landing pages, etc. are all good ways to find a local maximum for a given set of assumptions. • If you’ve hit that local max and your model isn’t a sustainable business, it’s time to restate your assumptions (ie, to pivot.) @dbinetti
  • 44. How to Pivot • Put down the dry erase and step away from the whiteboard. • You earned what you learned; don’t flail. • Vision + Learning = Inspiration @dbinetti
  • 45. In My Case • Looked past the product to the nature of the problem. • “I’ve always wanted to get involved. This makes it so much easier.” • Put myself in the “let’s make it easier” mindset and got out of the building. • Lead to the inspiration for @2gov. @dbinetti
  • 46. The Framework Formulate Iterate, Release & Model Measure Pivot @dbinetti
  • 47. 1.0 1.1 2.0 3.0 4.0 Model Hypothesis Product Simple messaging tool Problem Getting involved is hard Channel Social networks Demand Viral (self-perpetuating demand) Market Resegmented (donations engine) Competitive Hyper-fragmented @dbinetti
  • 48. The Framework Formulate Iterate, Release & Model Measure Pivot @dbinetti
  • 49. 1.0 1.1 2.0 3.0 4.0 • Did: Asymmetric message delivery • Learned: Found a new local max on revenue Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% 42% Activation 17% 90% 83% Referrals - 4% 54% Retention - 5% 21% Revenue - - 1% @dbinetti
  • 50. 1.0 1.1 2.0 3.0 4.0 • Did: Asymmetric message delivery • Learned: Found a new local max on revenue Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% 42% Activation 17% 90% 83% Referrals - 4% 54% Retention - 5% 21% Revenue - - 1% @dbinetti
  • 51. 1.0 1.1 2.0 3.0 4.0 • Did: Asymmetric message delivery • Learned: Found a new local max on revenue Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% 42% Activation 17% 90% 83% Referrals - 4% 54% Retention - 5% 21% Revenue - - 1% @dbinetti
  • 52. The Framework Formulate Iterate, Release & Model Measure Pivot @dbinetti
  • 53. 1.0 1.1 2.0 3.0 4.0 Model Hypothesis Product Simple involvement tool Problem People want to be good citizens Channel Social networks Demand Viral (self-perpetuating demand) Market Resegmented (campaign management) Competitive Hyper-fragmented @dbinetti
  • 54. Focus on Revenue • Website, analytics, dashboards. • Custom work specific to your issue. • People loved it! Let’s Build! @dbinetti
  • 55. 1.0 1.1 2.0 3.0 4.0 • Did: New tools and analytics • Learned: No signature means no sale Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% 42% 43% Activation 17% 90% 83% 85% Referrals - 4% 54% 52% Retention - 5% 21% 24% Revenue - - 1% 0% @dbinetti
  • 56. 1.0 1.1 2.0 3.0 4.0 • Did: New tools and analytics • Learned: No signature means no sale Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% 42% 43% Activation 17% 90% 83% 85% Referrals - 4% 54% 52% Retention - 5% 21% 24% Revenue - - 1% 0% @dbinetti
  • 57. 1.0 1.1 2.0 3.0 4.0 • Did: New tools and analytics • Learned: No signature means no sale Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% 42% 43% Activation 17% 90% 83% 85% Referrals - 4% 54% 52% ! Retention - 5% 21% 24% Revenue - - 1% 0% @dbinetti
  • 58. 1.0 1.1 2.0 3.0 4.0 • Did: New tools and analytics • Learned: No signature means no sale Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% 42% 43% Activation 17% 90% 83% 85% Referrals - 4% 54% 52% ! Retention - 5% 21% 24% Revenue - - 1% 0% @dbinetti
  • 59. Don’t Underestimate • Easy to fool yourself • “Show Yourself the Money” • This is why PR and vanity metrics are so dangerous. @dbinetti
  • 60. The Framework Formulate Iterate, Release & Model Measure Pivot @dbinetti
  • 61. Learning • Poor Sales Cycle (contract, cost, channel) • “I’m just not sure about this Twitter thing.” • Make the engagement easy to try and show ROI out of the gate. @dbinetti
  • 62. 1.0 1.1 2.0 3.0 4.0 Model Hypothesis Product Simple involvement tool Problem People want to be good citizens Channel Social networks Demand Viral (self-perpetuating demand) Market Resegmented (look like AdWords) Competitive Hyper-fragmented @dbinetti
  • 63. Ad Words for Activism • Special Delivery on a per-message basis • Only pay for value • Initial sale: $200 first day. @dbinetti
  • 64. 1.0 1.1 2.0 3.0 4.0 • Total investment at this point: ~$120K and 18 months. • Model has promise; raise some funds Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% 42% 43% 51% Activation 17% 90% 83% 85% 92% Referrals - 4% 54% 52% 64% Retention - 5% 21% 24% 28% Revenue - - 1% 0% 11% @dbinetti
  • 65. 1.0 1.1 2.0 3.0 4.0 • Total investment at this point: ~$120K and 18 months. • Model has promise; raise some funds Metric v.1 v.1.1 v.2 v.3 v.4 Acquisition 5% 17% 42% 43% 51% Activation 17% 90% 83% 85% 92% Referrals - 4% 54% 52% 64% Retention - 5% 21% 24% 28% Revenue - - 1% 0% 11% @dbinetti
  • 66. Important Notes • Iteration loops got tighter. • Each validation justified a higher level of investment/engagement. • 1K - 10K - 100K - 1000K • Seek funding when you think you have more technical risk than market risk. @dbinetti
  • 67. Summary • Set Model so you know what your measuring and when you’re done. • Use Metrics to find local maxima, not to find a business. • Pivots are vision-driven. @dbinetti
  • 69. Final Thought @dbinetti

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