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Innovation Accounting by Ash Maurya
- 2. Breakthrough ideas evolve from seemingly small and often unintended discoveries.
- 5. But crafting effective experiments is hard.
- 6. START
- 7. CEILING OF ACHIEVEMENT 1 START 1. Disappointment !
- 8. CEILING OF ACHIEVEMENT 1 2 START 1. Disappointment ! 2. Resignation
- 9. CEILING OF ACHIEVEMENT 1 2 3 START 1. Disappointment ! 2. Resignation 3. Pivot !
- 10. A pivot not grounded in learning is a disguised “see what sticks” strategy.
- 11. CEILING OF ACHIEVEMENT 1 4 2 3 START 1. Disappointment ! 2. Resignation 3. Pivot ! 4. The cycle repeats
- 12. Demystify the art from the science.
- 14. AGENDA Part 1 Your Business Model as a System Part 2 The Art of the Scientist Part 3 Putting it to Practice
- 15. About Me
- 16. Life’s too short to build something nobody wants.
- 17. “If you can’t describe what you are doing as a process, you don’t know what you are doing.” ! - Edward Deming
- 18. Epiphany 1: Your business model is the product.
- 19. Document your Plan A
- 20. Document your Plan A Identify the riskiest parts of your plan
- 21. Document your Plan A Identify the riskiest parts of your plan Systematically test your plan
- 22. Document your Plan A Identify the riskiest parts of your plan Systematically test your plan
- 23. Document your Plan A Identify the riskiest parts of your plan Systematically test your plan
- 24. Easy to understand, hard to put to practice.
- 25. Epiphany 2: Everyone is in the manufacturing business.
- 27. Happy customers get you paid and doing this repeatedly and efficiently is the goal of every business.
- 29. Lean Thinking: ! Continuous improvement through elimination of waste in the customer value stream.
- 30. “Organizations live or die as systems not as processes.” ! - Goldratt, The Goal
- 31. Theory of Constraints: ! Every business is a system of interconnected processes with a single constraint.
- 33. Lean tells you what and how to improve. TOC tells you where to improve.
- 34. Right Action, Right Time: ! At any given point, there are only a few key actions that matter. ! Focus on those and ignore the rest.
- 35. The most important thing scientists do. (Hint: It’s not running experiments)
- 37. First and foremost, scientists build models.
- 38. First and foremost, scientists build models. They then run experiments to validate those models.
- 39. Entrepreneurs need models too.
- 40. Entrepreneurs need models too. (This idea isn’t without resistance)
- 41. Objection 1: Business planning is a waste of time.
- 42. Business Model versus Business Plan A document investors make you write that they don’t read
- 43. Problem ! Solution ! Top 3 problems Top 3 features Key Metrics ! Key activities you measure Unique Value Proposition ! Unfair Advantage Customer ! Segments Can’t be easily ! copied or bought Single, clear, compelling message that states why you are different and worth paying Channels attention Target customers ! Path to customers Cost Structure ! Revenue Streams ! Customer Acquisition Costs Distribution Costs Hosting People, etc. Revenue Model Life Time Value Revenue Gross Margin PRODUCT MARKET Lean Canvas is adapted from The Business Model Canvas (http://www.businessmodelgeneration.com) and is licensed under the Creative Commons Attribution-Share Alike 3.0 Un-ported License.
- 44. Objection 2: Customer behavior is too complex to model.
- 45. “...these irrational behaviors are neither random nor senseless - they are systematic and predictable.” ! - Dan Ariely, Predictably Irrational
- 46. 2%
- 48. Objection 3: Every business is different.
- 49. “Happy families are all alike; every unhappy family is unhappy in its own way.” ! - Tolstoy, Anna Karenina
- 50. The Goal: Sustainably deliver and capture customer value.
- 51. AGENDA Part 1 Your Business Model as a System Part 2 The Art of the Scientist Part 3 Putting it to Practice
- 52. Happy customers get you paid and doing this repeatedly and efficiently is the goal of every business.
- 53. Entrepreneurs build systems to manufacture happy customers.
- 54. The Happy Customer Manufacturing Process Unaware visitor ACQUISITION ACTIVATION RETENTION REVENUE Passionate Happy Customer REFERRAL
- 56. Acquisition
- 62. Startups don’t starve, they drown. ! -Shawn Carolan, Menlo Ventures
- 63. Macro versus Micro Critical for learning
- 65. Macro versus Micro Good for troubleshooting
- 67. 3 Stages of a Product PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3
- 68. 3 Stages of a Product PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Do I have a problem worth solving?
- 73. The Promise Problem ! ! ? Solution ! ! Unique Value Proposition ! ! Customer Segments ! ! Identity !
- 74. The Promise Problem ! ! Solution Unique Value Proposition ! ! ? ! Customer Segments ! ! Identity ! Revenue Streams Currency
- 75. The Promise Problem ! ! Solution Unique Value Proposition ! ! ? ! Customer Segments ! ! Identity ! Revenue Streams Currency
- 76. THE OFFER
- 77. UVP
- 78. DEMO UVP
- 79. DEMO UVP PRICING
- 81. An MVP is the smallest solution that delivers customer value.
- 82. An MVP is the delivers customer value (BONUS: And captures customer value.)
- 83. 3 Stages of a Product PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Have I built something people want?
- 84. Deliver value before growth.
- 88. 3 Stages of a Product PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT How do I accelerate growth? SCALE
- 89. Identify your primary engine of growth.
- 94. PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3 How do you measure success at each stage?
- 95. PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3 Problem/Solution Fit Questions 1. How many interviews? 2. How should I score them? 3. When do I stop?
- 96. PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3 Product/Market Fit Questions 1. What is Product/Market Fit? 2. How do I measure it? 3. When do I transition to scaling?
- 97. PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3 Scaling Questions 1. What is the best growth strategy? 2. What key metrics do we optimize? 3. When are we done?
- 98. 01 Each stage is a system. Repeatability is key. PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3
- 99. 02 Each stage is a smaller scale version of the next stage. PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3
- 100. 03 Each stage has a clearly defined success metric. PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3
- 101. Putting it to practice (Lean Stack)
- 102. “The mistake other people make is that they simply copy our tools and process and expect similar results.” ! - Jeffrey Liker, The Toyota Way
- 103. What is Lean Stack? 1. Lean Canvas 2. Lean Dashboard 3. Experiment Reports
- 104. What is Lean Stack? 1. Lean Canvas 2. Lean Dashboard 3. Experiment Reports
- 106. WHY
- 107. What is Lean Stack? 1. Lean Canvas 2. Lean Dashboard 3. Experiment Reports
- 108. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 109. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? EXPERIMENTS How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. HOW KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 110. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 EXPERIMENT QUEUE 1 2 3 5 EXPECTED 6 7 8 OUTCOMES Lean Dashboard 4 ACTUAL 15 13 14 OUTCOMES 16 Lean Stack by Spark59.com
- 111. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 EXPERIMENT QUEUE 1 2 3 5 EXPECTED 6 7 8 OUTCOMES Lean Dashboard 4 ACTUAL 15 13 14 OUTCOMES 16 Lean Stack by Spark59.com
- 112. What is Lean Stack? 1. Lean Canvas 2. Lean Dashboard 3. Experiment Reports
- 113. Back EXPERIMENT REPORT Author: [NAME] Title: [TITLE] Background! What are you trying to learn or achieve?! Created: [DATE] Results Enter your qualitative/quantitative data.! Falsifiable Hypotheses Declare your expected outcome. ! ! Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome]! Validated Learning [VALIDATED or INVALIDATED] Summarize your learning from the experiment. Details! How will you setup this experiment? Next Action! What’s the next experiment?! Lean Stack by Spark59.com
- 114. Back EXPERIMENT REPORT Author: [NAME] Title: [TITLE] Background! Created: [DATE] Results What are you trying to learn or achieve?! Enter your qualitative/quantitative data.! Falsifiable Hypotheses Declare your expected outcome. ! ! Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome]! WHAT Validated Learning [VALIDATED or INVALIDATED] Summarize your learning from the experiment. Details! How will you setup this experiment? Next Action! What’s the next experiment?! Lean Stack by Spark59.com
- 116. EXERCISE 1 MODEL YOUR BUSINESS
- 117. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 118. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. Milestones EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 119. If you don’t know where you are going, any road will get you there. ! - Lewis Carroll, Alice in Wonderland
- 120. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 122. Iterated How I Wrote My Book USERCYCLE CASE-STUDY Teaser Page Blog Time
- 123. PROBLEM ! ! ! ! CUSTOMER SEGMENTS ! 1. Hard to measure real progress.! 2. Drown in a sea of numbers.! Software Companies 3. Metrics can’t tell you why. EXISTING ALTERNATIVES ! KEY METRICS ! EARLY ADOPTERS $10M revenue / year SaaS products ! 1. Homegrown! with > 20 sign-ups/day 2. Analytics & CRM software ! REVENUE STREAMS ! $200/mo with 2 yr lifetime! ~ $5000 LTV USERcycle: Not More Numbers, But Actionable Metrics
- 124. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 125. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? ? How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS ? 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 126. Each stage is a smaller scale version of the next stage. PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3
- 127. Hockey-stick curve
- 129. Scale Product/Market Fit Problem/Solution Fit Hockey-stick curve 10x
- 130. Document your Plan A Identify the riskiest parts of your plan Systematically test your plan
- 131. Document your Plan A Identify the riskiest parts of your plan Systematically test your plan
- 132. PROSPECTS / USERS Stage 1 100 Stage 2 1,000 Stage 3 10,000 CUSTOMERS 10 High-touch, Market Risk, Qualitative 100 1,000 10X Product Launch Self-serve, Technical Risk, Quantiative
- 133. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200 CUSTOMERS How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 134. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200 CUSTOMERS ? How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 135. Problem/Solution Fit as a System
- 136. PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3 Problem/Solution Fit Questions 1. How many interviews? 2. How should I score them? 3. When do I stop?
- 137. PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3 Expert advice 1. Don’t lead prospects. 2. Listen to customers. 3. Avoid cognitive biases.
- 138. Focus on the macro
- 139. THE OFFER
- 140. DEMO UVP PRICING
- 142. Research versus Interviews Hypotheses generation Hypotheses validation
- 143. THE MAFIA OFFER
- 144. A C E S T S - Y D U
- 145. The Goal: You are done when you can create “ready” customers at a 80% production rate. 80%
- 146. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 20 CUSTOMERS 200 CUSTOMERS 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 147. THE SMOKE TEST OFFER
- 148. A C E S T S - Y D U
- 149. The Goal: You are done when you can demonstrate “sufficient” interest-based market demand. >X customers
- 150. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 2,000 LEADS 200 CUSTOMERS 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 151. THE PRE-ORDER OFFER
- 152. A C E S T S - Y D U
- 153. The Goal: You are done when you can raise “sufficient” funds from customers . > $X
- 154. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? X BACKERS 200 CUSTOMERS 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 155. THE MAFIA OFFER THE SMOKE TEST OFFER THE PRE-ORDER OFFER
- 156. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 157. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 158. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS Right Action, Right Time Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? BUILD MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 159. ! Identify your next significant key objective: !
- 160. ! Identify your next significant key objective: ! - Less than 3 months
- 161. ! Identify your next significant key objective: ! - Less than 3 months - Customer based
- 162. ! Identify your next significant key objective: ! - Less than 3 months - Customer based - Measurable
- 163. 3 Stages of a Startup PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3
- 164. 3 Stages of a Startup PROBLEM/SOLUTION FIT SCALE Stage 1 Time PRODUCT/MARKET FIT Stage 2 Stage 3
- 165. 3 Stages of a Startup PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3 X weeks Time Y months Z years
- 166. 3 Stages of a Startup PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3 X weeks Time 3 month objective Y months Z years
- 167. 3 Stages of a Startup PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3 X weeks Y months Time 3 month objective Z years
- 168. 3 Stages of a Startup PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3 X weeks Y months Time 3 month objective Z years
- 169. 3 Stages of a Startup PROBLEM/SOLUTION FIT PRODUCT/MARKET FIT SCALE Stage 1 Stage 2 Stage 3 X weeks Y months Time 3 month objective Z years
- 170. Iterated How I Wrote My Book Product Case-studies Teaser Page Blog Time
- 171. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? 20 CUSTOMERS @ $200/mo CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200CUSTOMERS @ $200/mo 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS @ $200/mo 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 172. THE MAFIA OFFER THE SMOKE TEST OFFER THE PRE-ORDER OFFER
- 173. THE MAFIA OFFER THE SMOKE TEST OFFER THE PRE-ORDER OFFER
- 174. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? 20 CUSTOMERS @ $200/mo CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200 CUSTOMERS @ $200/mo 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS @ $200/mo 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 175. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? 20 CUSTOMERS @ $200/mo CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200 CUSTOMERS @ $200/mo 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS @ $200/mo 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 20 CUSTOMERS @ 80% Close Rate 6 7 8 9 10 11 12 13 14 15 16 8 WEEKS FROM NOW EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 176. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? 20 CUSTOMERS @ $200/mo CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200 CUSTOMERS @ $200/mo 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS @ $200/mo 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 20 CUSTOMERS @ 80% Close Rate 6 7 8 9 10 11 12 13 14 15 16 8 WEEKS FROM NOW EXPERIMENT QUEUE 20 PROBLEM INTERVIEWS 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 177. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? 20 CUSTOMERS @ $200/mo CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200 CUSTOMERS @ $200/mo 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS @ $200/mo 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 20 CUSTOMERS @ 80% Close Rate 6 7 8 9 10 11 12 13 14 15 16 8 WEEKS FROM NOW EXPERIMENT QUEUE 20 40 PROBLEM SOLUTION INTERVIEWS INTERVIEWS 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 178. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? 20 CUSTOMERS @ $200/mo CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200 CUSTOMERS @ $200/mo 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS @ $200/mo 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 20 CUSTOMERS @ 80% Close Rate 6 7 8 9 10 11 12 13 14 15 16 8 WEEKS FROM NOW EXPERIMENT QUEUE 20 40 MARKETING PROBLEM SOLUTION WEBSITE INTERVIEWS INTERVIEWS 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 179. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? 20 CUSTOMERS @ $200/mo CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200 CUSTOMERS @ $200/mo 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS @ $200/mo 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 20 CUSTOMERS @ 80% Close Rate 6 7 8 9 10 11 12 13 14 15 16 8 WEEKS FROM NOW EXPERIMENT QUEUE 20 40 MARKETING PROBLEM SOLUTION WEBSITE INTERVIEWS INTERVIEWS 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 180. THE MAFIA OFFER THE SMOKE TEST OFFER THE PRE-ORDER OFFER
- 181. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? 2,000 LEADS CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200 CUSTOMERS @ $200/mo 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS @ $200/mo 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 2,000 LEADS @ 50% Conversion 6 7 8 9 10 11 12 13 14 15 16 8 WEEKS FROM NOW EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 182. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? 2,000 LEADS CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200 CUSTOMERS @ $200/mo 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS @ $200/mo 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 2,000 LEADS @ 50% Conversion 6 7 8 9 10 11 12 13 14 15 16 8 WEEKS FROM NOW EXPERIMENT QUEUE 20 PROBLEM INTERVIEWS 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 183. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? 2,000 LEADS CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200 CUSTOMERS @ $200/mo 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS @ $200/mo 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 2,000 LEADS @ 50% Conversion 6 7 8 9 10 11 12 13 14 15 16 8 WEEKS FROM NOW EXPERIMENT QUEUE 20 PROBLEM INTERVIEWS TEASER PAGE 2 3 4 5 6 7 8 1 Lean Dashboard Lean Stack by Spark59.com
- 184. THE MAFIA OFFER THE SMOKE TEST OFFER THE PRE-ORDER OFFER
- 185. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? 100 Backers @ $200 CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200 CUSTOMERS @ $200/mo 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS @ $200/mo 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 8 WEEKS FROM NOW 2 3 4 5 100 Backers @ 20% Conversion 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 186. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? 100 Backers @ $200 CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200 CUSTOMERS @ $200/mo 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS @ $200/mo 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 8 WEEKS FROM NOW 2 3 4 5 100 Backers @ 20% Conversion 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 20 PROBLEM INTERVIEWS 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 187. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? 100 Backers @ $200 CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 200 CUSTOMERS @ $200/mo 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS @ $200/mo 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 8 WEEKS FROM NOW 2 3 4 5 100 Backers @ 20% Conversion 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 20 KICK PROBLEM STARTER INTERVIEWS CAMPAIGN 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 188. + THE MAFIA OFFER + THE SMOKE TEST OFFER THE PRE-ORDER OFFER
- 189. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? 100 CUSTOMERS @ $20 CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 1,000 CUSTOMERS @ $20 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 10,000 CUSTOMERS @ $20 9 MTHS FROM NOW 2 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? 100 CUSTOMERS @ $20 MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 8 WEEKS FROM NOW EXPERIMENT QUEUE 20 20 PROBLEM SOLUTION INTERVIEWS INTERVIEWS 1 2 5 6 TEASER PAGE PREORDER OPTION 7 8 3 Lean Dashboard 4 Lean Stack by Spark59.com
- 190. Experiment like a scientist
- 191. What is an Experiment?
- 192. 01 Experiments aren’t standalone but additive.
- 193. 02 Expected outcomes need to be declared upfront.
- 194. “If you simply plan on seeing what happens, you will always succeed at seeing what happens.” ! - Eric Ries, The Lean Startup
- 195. Reasonably smart people can rationalize anything but entrepreneurs are especially gifted at this.
- 196. ! 1. They hate to be proven wrong. !
- 197. ! 1. They hate to be proven wrong. ! 2. They don’t have enough information to make these predictions.
- 198. 03 Expected outcomes need to be falsifiable.
- 199. Too Vague: Being known as an “expert” will drive early adopters !
- 200. Too Vague: Being known as an “expert” will drive early adopters ! Specific and Testable: Blog post will drive >100 early sign-ups
- 201. Falsifiable Hypothesis Specific Repeatable Action will drive Expected Measurable Outcome ! ! e.g. Blog post will drive >100 early sign-ups
- 202. 04 Experiments need to be time-boxed.
- 203. 05 Breakthrough insights are usually hidden within failed experiments.
- 204. A pivot not grounded in learning is a disguised “see what sticks” strategy.
- 206. “There is no such thing as a failed experiment- only unexpected outcomes. ” ! - Buckminster Fuller
- 207. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 3 4 6 7 8 9 10 11 12 13 14 15 16 Running Experiments 1 2 3 4 5 6 7 8 Lean Dashboard 2 5 EXPERIMENT QUEUE 1 Lean Stack by Spark59.com
- 208. SUCCESS METRICS CURRENT METRICS PROBLEM/SOLUTION FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? PRODUCT/MARKET FIT How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 20 CUSTOMERS 200 CUSTOMERS 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 EXPERIMENT TITLE 6 7 8 9 10 11 12 13 14 15 16 80% CLOSE RATE SEP 1 EXPERIMENT QUEUE EXPERIMENT TITLE EXPERIMENT TITLE EXPERIMENT TITLE EXPERIMENT TITLE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 209. Back EXPERIMENT REPORT Author: [NAME] Title: [TITLE] Background! What are you trying to learn or achieve?! Created: [DATE] Results Enter your qualitative/quantitative data.! Falsifiable Hypotheses Declare your expected outcome. ! ! Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome]! Validated Learning [VALIDATED or INVALIDATED] Summarize your learning from the experiment. Details! How will you setup this experiment? Next Action! What’s the next experiment?! Lean Stack by Spark59.com
- 210. Back EXPERIMENT REPORT Author: [NAME] Title: [TITLE] Background! What are you trying to learn or achieve?! B Created: [DATE] Results Enter your qualitative/quantitative data.! Falsifiable Hypotheses Declare your expected outcome. ! ! Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome]! U I Validated Learning [VALIDATED or INVALIDATED] Summarize your learning from the experiment. Details! How will you setup this experiment? L D Next Action! What’s the next experiment?! Lean Stack by Spark59.com
- 211. Back EXPERIMENT REPORT Author: [NAME] Title: [TITLE] Background! What are you trying to learn or achieve?! Created: [DATE] Results Enter your qualitative/quantitative data.! Falsifiable Hypotheses Declare your expected outcome. ! ! Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome]! ! What are you trying to achieve? Validated Learning [VALIDATED or INVALIDATED] Summarize your learning from the experiment. Details! How will you setup this experiment? Next Action! What’s the next experiment?! Lean Stack by Spark59.com
- 212. Back EXPERIMENT REPORT Author: [NAME] Title: [TITLE] Background! What are you trying to learn or achieve?! Created: [DATE] Results Enter your qualitative/quantitative data.! Falsifiable Hypotheses Declare your expected outcome. ! ! Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome]! ! Declare your expected outcomes Validated Learning [VALIDATED or INVALIDATED] Summarize your learning from the experiment. Details! How will you setup this experiment? Next Action! What’s the next experiment?! Lean Stack by Spark59.com
- 213. Back EXPERIMENT REPORT Author: [NAME] Title: [TITLE] Background! What are you trying to learn or achieve?! Created: [DATE] Results Enter your qualitative/quantitative data.! Falsifiable Hypotheses Declare your expected outcome. ! ! Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome]! ! How will you setup this experiment? Validated Learning [VALIDATED or INVALIDATED] Summarize your learning from the experiment. Details! How will you setup this experiment? Next Action! What’s the next experiment?! Lean Stack by Spark59.com
- 214. Back EXPERIMENT REPORT Author: [NAME] Title: [TITLE] Background! What are you trying to learn or achieve?! Created: [DATE] Results Enter your qualitative/quantitative data.! Falsifiable Hypotheses Declare your expected outcome. ! ! Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome]! ! How long will this experiment run? Validated Learning [VALIDATED or INVALIDATED] Summarize your learning from the experiment. Details! How will you setup this experiment? Next Action! What’s the next experiment?! Lean Stack by Spark59.com
- 215. SUCCESS METRICS CURRENT METRICS PROBLEM/SOLUTION FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? PRODUCT/MARKET FIT How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 20 CUSTOMERS 200 CUSTOMERS 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 EXPERIMENT TITLE 6 7 8 9 10 11 12 13 14 15 16 80% CLOSE RATE SEP 1 EXPERIMENT QUEUE EXPERIMENT TITLE EXPERIMENT TITLE EXPERIMENT TITLE EXPERIMENT TITLE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 216. Back EXPERIMENT REPORT Author: [NAME] Title: [TITLE] Background! What are you trying to learn or achieve?! B Falsifiable Hypotheses Declare your expected outcome. ! ! Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome]! U I Created: [DATE] Results Enter your qualitative/quantitative data.! MEASURE Validated Learning [VALIDATED or INVALIDATED] Summarize your learning from the experiment. Details! How will you setup this experiment? L D Next Action! What’s the next experiment?! Lean Stack by Spark59.com
- 217. SUCCESS METRICS CURRENT METRICS PROBLEM/SOLUTION FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? PRODUCT/MARKET FIT How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 20 CUSTOMERS 200 CUSTOMERS 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 EXPERIMENT TITLE 6 7 8 9 10 11 12 13 14 15 16 80% CLOSE RATE SEP 1 EXPERIMENT QUEUE EXPERIMENT TITLE EXPERIMENT TITLE EXPERIMENT TITLE EXPERIMENT TITLE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 218. Back EXPERIMENT REPORT Author: [NAME] Title: [TITLE] Background! What are you trying to learn or achieve?! B Falsifiable Hypotheses Declare your expected outcome. ! ! Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome]! U I Created: [DATE] Results Enter your qualitative/quantitative data.! MEASURE Validated Learning [VALIDATED or INVALIDATED] Summarize your learning from the experiment. Details! How will you setup this experiment? L D LEARN Next Action! What’s the next experiment?! Lean Stack by Spark59.com
- 219. Back EXPERIMENT REPORT Author: [NAME] Title: [TITLE] B Background! What are you trying to learn or achieve?! Falsifiable Hypotheses Declare your expected outcome. ! ! Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome]! ! U I Created: [DATE] Results Enter your qualitative/quantitative data.! MEASURE Validated Learning Summarize your learning from the experiment. Validated What is the next experiment to run? Details! How will you setup this experiment? L D LEARN Next Action! What’s the next experiment?! Lean Stack by Spark59.com
- 220. Back EXPERIMENT REPORT Author: [NAME] Title: [TITLE] Background! What are you trying to learn or achieve?! B Falsifiable Hypotheses Declare your expected outcome. ! ! Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome]! U I Created: [DATE] Results Enter your qualitative/quantitative data.! MEASURE Validated Learning Summarize your learning from the experiment. Invalidated Details! How will you setup this experiment? L D LEARN Next Action! What’s the next experiment?! Lean Stack by Spark59.com
- 221. Back EXPERIMENT REPORT Author: [NAME] Title: [TITLE] Background! What are you trying to learn or achieve?! B Falsifiable Hypotheses Declare your expected outcome. ! ! Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome]! U I Why did the experiment fail? - 5 Whys root cause analysis What is the next experiment? Created: [DATE] Results Enter your qualitative/quantitative data.! MEASURE Validated Learning Summarize your learning from the experiment. Invalidated Details! How will you setup this experiment? L D LEARN Next Action! What’s the next experiment?! Lean Stack by Spark59.com
- 222. SUCCESS METRICS PROBLEM/SOLUTION FIT How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? CURRENT METRICS PRODUCT/MARKET FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE Actual Progress COMPLETED EXPERIMENTS LEARN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 223. SUCCESS METRICS CURRENT METRICS PROBLEM/SOLUTION FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? PRODUCT/MARKET FIT How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 20 CUSTOMERS 200 CUSTOMERS 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS 1.5 YEARS FROM NOW 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN EXPERIMENT TITLE 80% CLOSE RATE 1 2 3 4 5 EXPERIMENT TITLE 6 7 8 9 10 11 12 13 14 15 16 JUL 25 SEP 1 EXPERIMENT QUEUE EXPERIMENT TITLE EXPERIMENT TITLE EXPERIMENT TITLE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 224. SUCCESS METRICS CURRENT METRICS PROBLEM/SOLUTION FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? PRODUCT/MARKET FIT How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 20 CUSTOMERS 200 CUSTOMERS 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS 1.5 YEARS FROM NOW REVENUE ACQUISITION ACTIVATION 2 20% 100 100% 10 10% REFERRAL 5 50% 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN EXPERIMENT TITLE 80% CLOSE RATE 1 2 3 4 5 EXPERIMENT TITLE 6 7 8 9 10 11 12 13 14 15 16 JUL 25 SEP 1 EXPERIMENT QUEUE EXPERIMENT TITLE EXPERIMENT TITLE EXPERIMENT TITLE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 225. SUCCESS METRICS CURRENT METRICS PROBLEM/SOLUTION FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? PRODUCT/MARKET FIT How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 20 CUSTOMERS 200 CUSTOMERS 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS 1.5 YEARS FROM NOW REVENUE ACQUISITION ACTIVATION 2 20% 100 100% 10 10% REFERRAL 5 50% 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN EXPERIMENT TITLE 80% CLOSE RATE 1 2 3 4 5 EXPERIMENT TITLE 6 7 8 9 10 11 12 13 14 15 16 JUL 25 SEP 1 EXPERIMENT QUEUE EXPERIMENT TITLE EXPERIMENT TITLE EXPERIMENT TITLE 1 2 3 4 5 6 7 8 Lean Dashboard Lean Stack by Spark59.com
- 226. SUCCESS METRICS CURRENT METRICS PROBLEM/SOLUTION FIT SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? PRODUCT/MARKET FIT How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 20 CUSTOMERS 200 CUSTOMERS 8 WEEKS FROM NOW How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. 2,000 CUSTOMERS 1.5 YEARS FROM NOW REVENUE ACQUISITION RETENTION ACTIVATION 400 50% 200 50% 800 80% REFERRAL 1,000 100% 200 25% 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? MEASURE COMPLETED EXPERIMENTS LEARN EXPERIMENT TITLE EXPERIMENT TITLE 1 2 EXPERIMENT TITLE 3 EXPERIMENT TITLE 4 $20,000 MRR EXPERIMENT TITLE EXPERIMENT TITLE EXPERIMENT TITLE 5 OCT 1 6 7 8 9 10 11 12 13 14 15 16 EXPERIMENT QUEUE EXPERIMENT TITLE 1 EXPERIMENT TITLE EXPERIMENT TITLE EXPERIMENT TITLE 2 3 4 6 7 8 EXPERIMENT TITLE 5 Lean Dashboard Lean Stack by Spark59.com
- 227. SUCCESS METRICS CURRENT METRICS PROBLEM/SOLUTION FIT How is your customer funnel performing?! Identify your current stage.! List out customer lifecycle (AARRR) metrics. SCALE How will you determine if you have built something enough people want?! What is your revenue goal?! How many customers does that represent?! By when? How will you determine if this is a problem worth solving?! What is your early validation criteria?! How many customers does that represent?! By when? PRODUCT/MARKET FIT How will scale your business model?! What is your engine of growth?! What is your revenue goal?! How many customers does that represent?! By when? 20 CUSTOMERS 200 CUSTOMERS 8 WEEKS FROM NOW REVENUE ACQUISITION ACTIVATION 400 50% 200 50% 800 80% REFERRAL 1,000 100% 2,000 CUSTOMERS 1.5 YEARS FROM NOW RETENTION 200 25% 3 YEARS FROM NOW EXPERIMENTS KEY OBJECTIVE ACTIVE EXPERIMENTS BUILD Determine right action, right time.! What are your riskiest assumptions or leaps of faiths?! What is your next significant goal?! How will you get there?! By when? EXPERIMENT TITLE $20,000 MRR AUG MEASURE EXPERIMENT TITLE JUL 30 COMPLETED EXPERIMENTS LEARN EXPERIMENT TITLE EXPERIMENT TITLE EXPERIMENT TITLE 1 2 EXPERIMENT TITLE AUG EXPERIMENT QUEUE EXPERIMENT TITLE 1 EXPERIMENT TITLE EXPERIMENT TITLE EXPERIMENT TITLE 2 3 4 6 7 8 EXPERIMENT TITLE 5 Lean Dashboard EXPERIMENT TITLE EXPERIMENT TITLE 3 EXPERIMENT TITLE 4 JUL 27 EXPERIMENT TITLE OCT 1 EXPERIMENT TITLE EXPERIMENT TITLE EXPERIMENT TITLE 5 6 7 8 9 10 11 12 13 14 15 16 AUG 3 AUG Lean Stack by Spark59.com
- 228. Communicate Progress
- 229. The Curse of the Specialist
- 230. Establish a regular reporting cadence.
- 232. Daily standup Tasks Weekly standup Experiment Report Time Experiment Report Experiment Report Experiment Report Experiment Report Experiment Report Experiment Report Experiment Report
- 233. Daily standup Tasks Weekly standup Experiment Report Experiment Report Experiment Report Experiment Report Experiment Report Experiment Report Experiment Report Monthly standup Progress Report Time Progress Report Experiment Report
- 234. Get the Workshop Kit What You Get: ! 1. Slides 2. Running Lean Book 3. Customer Factory Book (when published) 4. Tools Access 5. 30-minute chat with Ash Maurya 6. Additional Video Content URL: http://PracticeTrumpsTheory.com/workshop-access Password: RL-2013 Ash Maurya | ashmaurya.com | spark59.com |@ashmaurya Life’s too short to build something nobody wants.
- 240. How do you pick just a single engine of growth?
- 241. What’s stopping your business from growing 10X? ! -David Skok
- 242. One-time product Baseline metrics Consider viral engine of growth Yes No Is Viral? Consider paid engine of growth
- 243. Recurring product Baseline Metrics Consider viral engine of growth Is Viral? Yes No LTV > COCA? Yes No Consider sticky engine of growth Consider paid engine of growth
- 246. Sticky Paid Viral High retention Customer Acquisition Rate > Churn Rate
- 249. High referral rate is not the same as viral.