10 things we've learned building a six-figure product business
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10 Things We’ve Learned Building a Product Business
Nathan Hangen
Nathan Hangen @nhangen
Psyop Sergeant Runner & Triathlete Coach Soccer Addict Homebrewer Entrepreneur
IgnitionDeck.com | @IgnitionDeck
MattReport.com/embrace-suck-wordpress-business
1. Stand for Something
– Ayn Rand
“A building has integrity just like a man. And just as seldom.”
– Ayn Rand
“A company has integrity just like a man. And just as seldom.”
2. Don’t Wait, Iterate
– Albert Einstein
“A person who never made a mistake never tried anything new.”
That’s so beta
Iterate
Perfection is a myth
Iterate
Iteration is marketing
Iterate
Iteration is evidence
Iterate
Iteration is ammunition
Iterate
– Babe Ruth
“It’s hard to beat a person who never gives up.”
The proof is in the pudding
Iterate
3. 100 Customers
– Steve Blank
“A startup is not about executing a series of knowns. Most startups are facing a series of unknowns - unknown customer segments,
unknown customer needs, unknown product feature set, etc.”
Product Market Fit
Your First 100
Customer Advocates
Your First 100
Motivators
Your First 100
Eat Product for Breakfast
Your First 100
Customer Development
Your First 100
Financiers
Your First 100
4. Customer Acquisition
– Walt Disney
“Do what you do so well that they will want to see it again and bring their friends.”
Most people won’t know who you areand that’s ok…
Customer Acquisition
Dance your own dance
Customer Acquisition
if ( $organic_channel == ‘max’ ) { // try new stuff } else { // maximize organic channels }
Customer Acquisition
1 2 3 4 5 6
What works for us:
Customer Acquisition
- Partnerships & Affiliate Programs
Customer Acquisition
- Retargeting, Facebook, AdWords
Customer Acquisition
Conversion Funnels
Customer Acquisition
10% of the customers have 90% of the problems
Customer Acquisition
5. Service: Good vs Great
- Sam Walton
“The goal as a company is to have customer service that is not just the best, but legendary.”
Easy Differentiator
Customer Service
Loss Leader
Customer Service
Learning Tool
Customer Service
Working 9-5 just to stay alive… keeps the competition alive…
Customer Service
– Henry Ford
“A business absolutely devoted to service will have only one worry about profits. They will be
embarrassingly large.”
6. Cash Flow is King
- Lee Iacocca
“We are continually faced by great opportunities brilliantly disguised
as insoluble problems.”
Margins and Efficiency
Cash Flow
Sponsored Features
Cash Flow
Product Consulting
Cash Flow
Turnkey, add-on, & auxiliary items
Cash Flow
7. Product Depth vs Product Width
- Steve Jobs
“Be a yardstick of quality. Some people aren't used to an environment
where excellence is expected.”
Quality vs Quantity
Cash Flow
8. Don’t Do It All, But Do It All
– Jack Welch
“There's no such thing as work-life balance. There are work-life choices, and you make
them, and they have consequences.”
Personal Efficiency
Hard Work
Take care of yourself
Hard Work
Building a Team
Hard Work
9. Pricing
– Warren Buffett
“Price is what you pay. Value is what you get.”
It matters less than you think
Pricing
You’re probably pricing too low
Pricing
Beta Discounts
Pricing
Customer Segments
Pricing
Give more away as value increases
Pricing
10. Vision
- Elon Musk
“When something is important enough, you do it even if the odds are not in your favor.”
What are your goals?
Vision
What happens when you get there?
Vision
Don’t plan too far ahead
Vision
Trust your gut
Vision
– Charles F. Kettering
“Where there is an open mind, there will always be a frontier.”
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