Iteration After Problem/Solution Fit

Isaac SouweineHead of Product @ Frank & Oak

Preso to Fall 2014

I. what do you do?

you have a startup!

Biz co- founder

Tech co- founder

AWESOME CO.

your startup has a product!!

Biz co- founder

Tech co- founder

AWESOME CO.

Our Product

you want customers to use that product, so you tell them about it

Biz co- founder

Tech co- founder

AWESOME CO.

Our Product

Customers

your customers tell you (or show you) what they think of your product

Biz co- founder

Tech co- founder

AWESOME CO.

Our Product

Customers

you improve your product based on their feedback or actions

Biz co- founder

Tech co- founder

AWESOME CO.

Our Product

Customers

this is iterative product development. for most* early stage web startups, it is all you need to know about right now.

*things change if you cannot easily iterate on your product, e.g., hardware

here’s a more popular iteration diagram (with one addition)

LEARN

MEASURE BUILDMARKET*

*the addition

III. what should you iterate on?

this is a lean canvas

your job is to fill the canvas with hypotheses

and then prove or pivot them

right now, you are probably about here

which is to say that you’re here

- you’ve identified a real problem and a way to solve it- your solution has come to life in a product- you’re working to improve the product - you’re searching for scalable customer acquisition- you have some sense of key metrics you’re working on- you have a bit of revenue (optional)

Problem/Solution Fit

Your Startup Product/Market Fit

if so, you should be focused here

1. your product

● landing experience ● 1st time experience● core product experience

○ for user type 1○ for user type 2

2. your marketing

● traffic sources● marketing message

3. intersection of product and marketing

● click through experience● email● referrals and virality● etc.

IV. let’s look at some examples

product stuff that brownie points could be iterating on

● new merchant onboarding● merchant dashboard● in store user experience (e.g. QR code)● what else?

marketing stuff brownie points could be iterating on

● merchant demand drivers● merchant sales collateral● app demand drivers● in store marketing● what else?

product stuff that selective few could be testing

● landing experience● product display on site● product assortment on site● email flows● viral hooks (refer a friend) ● what else?

marketing stuff that selective few could be testing

● paid search● paid display (aka FB)● social● referral ● email● what else?

V. how should I iterate?

know your metrics

● computable● accessible● intuitive● less is more

make it happen

● don’t be stealthy● move fast b/c you have to

make it count

● test things you believe in● seek meaningful results● seek actionable results● be serious about testing methods

● don’t overbuild● don’t underbuild● make sure your sample is valid● trust your instinct

practice upaya (skillful means)

@sonofsarah

THANK YOU and HAPPY ITERATING