greg isenberg: my million dollar product mistake
TRANSCRIPT
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My million dollar product mistakes
Greg Isenberg@gregisenberg
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Background. • Building products since I’ve been 13.
• McGill Computer Science Dropout
• Zynga, FedEX, AOL, TechCrunch
• Partner, Wall Street Survivor
• Now: CEO, fiveby.tv , Venture Partner at Good People Ventures.
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8 biggest products mistakes in building Wall Street Survivor
$1.5M spent to learn the following lessons.
This is my gi! to you.
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Big learning: Compelling copy is key to conversions and also making your brand human, friendly and fuzzy. Developers can’t write copy that
well. That’s what marketers are for.
#1 - Good copywriting is underrated
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Mistake: Allowed developers to write copy
#1 - Good copywriting is underrated
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Key insight: Great copy is a huge di!erentiator. It connect your audience to your brand. It has a direct impact on retention and
engagement.
#1 - Good copywriting is underrated
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Big learning: Scale users quickly by onboarding communities. For us, we got schools, trading rooms and blogs. Influencers hold the key to
these communities.
#2 - Influencers are a big deal
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Mistake: Thought that PR would drive influencers.
#2 - Influencers are a big deal
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Key insight: The best way to onboard influencers is the old school way by building a real relationship. Pick up a phone, email them or best yet,
take them out for drinks.
#2 - Influencers are a big deal
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Big learning: Ge"ing influencers onboarded is more di"cult than we thought.
#3 - How to sell to influencers
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Mistake: Did not make a compelling enough o!er to get influencers involved
#3 - Influencers are a big deal
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Key insight: Influencers love feeling special so the best way to get the involved is to give make them feel like they are VIP.
#3 - Influencers are a big deal
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Big learning: New technology opens up opportunities for disruption (ex: iOS and the app ecosystem, HTML5 etc...)
#4 - Ride those waves
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Mistake: Did not take advantage of mobile. Startups who were mobile-first like Kapitall who were competitors owned the space by the time
we realized it.
#4 - Ride those waves
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Key insight: Always questions how outside innovations provide opportunities for you to grow your business.
#4 - Ride those waves
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Big learning: Strategic alliances with partners helps create value-add for their userbase and helps you get tra#c (and SEO juice).
#5 - Distribution, distribution, distribution
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Mistake: Should have embedded “missions” on other publishers sites from day 1.
#5 - Distribution, distribution, distribution
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Key insight: Embeddable widgets that allow users to distribute content across the web, particularly powerful when its their content.
Find your most compelling feature that can be embeddable and do deals.
#5 - Distribution, distribution, distribution
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Big learning: Who says FOMO doesn’t exists on the web? Invite-only increases hype and WOM. People like to be apart of an exclusive club.
#6 - Create exclusivity, urgency and scarcity
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Mistake: Should have made our beta private and invite-only
#6 - Create exclusivity, urgency and scarcity
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Key insight: Emulate a land grab by providing users the ability to claim "land" on a first-come-first-serve basis (ex: About.me's vanity URL registration before launch,
Convore's chat room creation/moderation)
#6 - Create exclusivity, urgency and scarcity
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Mistake: Launched Wall Street Survivor at Finovate ’11 NYC. We rushed launch, built features that were cool to demo but not valuable for the
customers.
#7 - Dos/don’t at conferences
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Big learning: Launching at conferences although good for morale, PR and se"ing a date to launch is not always good for the company.
#7 - Dos/don’t at conferences
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Key insight: Only launch at a conference if it coincides with your product roadmap. Don’t match your product roadmap with conference schedules.
Tip: create a “canned” version of your demo in case internet goes down.
#7 - Dos/don’t at conferences
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Big learning: Just as design has a process and development has a process as should growth hacking.
#8 - Become a viral baker
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Mistake: Growth hacks (invites, sharing features, landing pages) were an a#erthought to product development.
#8 - Become a viral baker
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Key insight: The most beautiful products don’t win, it’s the one’s that are marketing machines from the core.
#8 - Become a viral baker
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UX makes or breaks companies
(Case study: Songza)
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Example: Songza
Came late the game, entered an incredibly crowded space and created a seriously
valuable business.
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Songza’s model isn’t really innovative.
Key insight: they just slapped on a killer UX towards music playlists.
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(Not much different)
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1) Built context 2) Copy that resonates with users
Key insight: They understood mood ma"ers with respect to music and created funnels around moods.
Why it works?
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iPad: 1M downloads in 10 days
Songza’s mood is pre$y happy now.
They are is killing it.
50% retention rate.
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Pandora (2.2B valuation) is freaking out.
“Pandora is threatened by Songza and that’s one of the reasons shares are
down” - Forbes
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<3Thanks!@gregisenberg
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