Startup: 4. Building Product, Talking to Users, and Growing

Problem

  • What is it ?
  • How does it relate to you ? ( Am I passionate about that problem ? )
  • Verify others have it

Where to Start

  • Learn a lot ! Become Expert. ( How industry works )
  • Identify customers segments ( optimize for small group of users )
  • Storyboard Ideal User Experience ( write it down )
    • How Customers find about you (Ads, WOW)
    • What you communicate to them
    • Sign up, purchase
    • What they do after purchase (leave review, comment)

Minimum Viable Product ( MVP)

  • What’s the smallest feature set that you should build to solve the problem that you are trying to solve ?

First Few Users

  • you, your mom, friends, online communities, local communities, niche inluencers, mommy bloggers
  • Cold Calls, Emails, Press

Customer Feedback

  • support@
  • Surveys: OK
  • Interviews: Better
  • Quantitative: Retention, Ratings, NPS
  • Qualitative: ask Why, Why, Why
  • Honestly Curve ( paying customers are most honest, not your mom)

First Version of Product

  • Build Fast
  • Optimize for present stage ( 1-100 users)
  • Temporary Brokeness > Pernament Paralysis
  • Don’t build all features customers asking for

Growrth

Three Types:

  • Sticky ( Keeping current customers and get them either come often or pay more
  • Viral ( Word of mounth)
  • Paid (Ads, SEM, Display Ads, Groupon, B2B, street marketing)

Sticky Growth

  • Repeat Users
  • Good Expierence Wins -> They will want to use you
  • CLV/LTV (Customer Lifetime) + Retention Cohort Analysis

Viral

  • WOW Experience + Good Referral Programs
    • Customer Touch Points (How they will reffer to their friends)
    • Program mechanics ($10 for $10)
    • Referral Conversion Flow

Always watch your Growth ( Growth Plan)

Pivoting

  1. Bad Growth
  2. Bad Retention
  3. Bad Economics

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