How to Build Products That Matter With Innovation Accounting
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Innovative Accounting will land you in prison, but Innovation Accounting will land you a product that matters. In this interactive Lean Startup workshop, David J Bland covers the basics of Innovation Accounting. We'll then dive into hands on exercises with Pirate Metrics, Lean Analytics Phases and the Passionate User Model. You'll leave this workshop with a better understanding of how to apply Innovation Accounting to both increase retention and reduce friction in your product or service.
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How to Build Products That Matter With Innovation Accounting
- 1. Innovation Accounting Agile2014 Orlando, FL – July 2014 @davidjbland Build Products That Matter With
- 2. David J Bland Principal Advisor Neo San Francisco 2 {insert vanity metrics here} {insert link to more vanity metrics here}
- 4. 4
- 5. 5 Empathy / Stickiness / Growth
- 6. 6 Adapted from Lean Analytics by Croll & Yoskovitz Empathy Stickiness Growth
- 7. 7 The Pitch
- 8. 8 Screen grab from HBO Silicon Valley “We’re X for Y and we make money by Z”
- 9. 9 Petsy!™ (now accepting Series-A funding in bitcoin)
- 10. 10 “We’re for and we make with transaction fees. Petsy!™
- 11. 11 for &
- 12. 12 User / Buyer / Decider
- 13. 13 Buyer = Pet Owner User = Pet Decider = Pet Owner Petsy!™ Buyer = Pet Fashion Designer User = Pet Fashion Designer Decider = Pet Fashion Designer + “Multi-sided Model”
- 14. 14 User = __________ Buyer = __________ Decider = __________
- 16. 16 Aware Hopeful Satisfied Passionate Adapted from Lean Entrepreneur – Brant Cooper & Patrick Vlaskovits
- 17. 17 Empathy Stickiness Growth Aware Hopeful Satisfied Passionate
- 18. 18 Empathy Stickiness Growth Aware Hopeful Satisfied Passionate
- 19. 19 Empathy Stickiness Growth Aware Hopeful Satisfied Passionate
- 20. 20 Empathy Stickiness Growth Aware Hopeful Satisfied Passionate
- 21. 21 We’ll create Awareness of [Solution] for [Customer] with [Business Action]. We’ll create Awareness of Petsy!™ for Pet Owners with an explainer video.
- 22. 22 We believe that [Customer] is Hopeful that [Solution] solves [Need] when [Customer Action]. We believe that Pet Owners are Hopeful that Petsy!™ solves their unique pet accessory needs when they create an account.
- 24. 24 Acquisition Activation Retention Referral Revenue Pirate Metrics – Dave McClure 500 Startups
- 25. 25 Empathy Stickiness Growth Acquisition Activation Retention Referral
- 26. 26 Empathy Stickiness Growth Acquisition Activation Retention Referral
- 27. 27 Empathy Stickiness Growth Acquisition Activation Retention Referral
- 28. 28 Empathy Stickiness Growth Acquisition Activation Retention Referral
- 29. 29 We’ll measure Acquisition of [Customer] with [Quantitative Metric]. We’ll measure Acquisition of Pet Owners with # of unique views of explainer video.
- 30. 30 We’ll measure Activation of [Customer] with [Quantitative Metric]. We’ll measure Activation of Pet Owners with # of unique accounts created.
- 31. 31 Stage Description Acquisition Quantitative Metrics Customer is visiting your product/service. Activation Retention Referral Revenue Customer is becoming active in your product/service. Customer is coming back repeatedly & using your product/service. Customer is actively referring others to use your product/service. Customer is performing a monetizing behavior in your product/service. visits, views, mentions, opens signups, subscription, account creation, feature usage, time on site usage over time, click through rate, repeat transactions invites sent, shares, viral coefficient conversion rate, lifetime value, transactions
- 33. 33 Empathy Stickiness Growth Acquisition Activation Retention Referral Aware Hopeful Satisfied Passionate
- 34. 34 Empathy Stickiness Growth Acquisition Activation Retention Referral Aware Hopeful Satisfied Passionate
- 35. 35 Empathy Stickiness Growth Acquisition Activation Retention Referral Aware Hopeful Satisfied Passionate
- 36. 36 Empathy Stickiness Growth Acquisition Activation Retention Referral Aware Hopeful Satisfied Passionate
- 38. 38 We believe that [Customer] is Satisfied with [Solution] when [Customer Action]. We believe that Pet Owners are Satisfied with Petsy!™ when customers make a 2nd purchase.
- 39. 39 We believe that [Customer] is Passionate about [Solution] when [Customer Action]. We believe that Pet Owners are Passionate about Petsy!™ when they refer a friend with our promo code.
- 40. 40 Funnels
- 41. 41 Visit Petsy Site Watch Explainer Video Create an Account Add Item to Cart Purchase Item
- 42. 42 All kinds of risky assumptions in your funnel.
- 43. 43 Visit Petsy Site Watch Explainer Video Create an Account Add Item to Cart Purchase 6,893 4,195 2,757 1,985 875
- 44. 44 Visit Petsy Site Watch Explainer Video Create an Account Add Item to Cart Purchase 6,893 4,195 2,757 1,985 875 Create hypotheses about why people are not converting and run experiments to test them.
- 47. 47 Aug Sept Oct Nov Dec Unique Visitors 1589 2845 4539 9804 14382 Returning Visitors 534 793 1432 1589 5794 Created an Account 454 589 1584 3953 4753 Added Item to Cart 389 414 645 1265 3654 Purchased Item 276 298 566 799 1432 Things are getting better, right?
- 48. 48 Aug Sept Oct Nov Dec Unique Visitors 1589 2845 4539 9804 14382 Returning Visitors 534 793 1432 1589 5794 Created an Account 454 589 1584 3953 4753 Added Item to Cart 389 414 645 1265 3654 Purchased Item 276 298 566 799 1432 Who are these “Visitors”
- 49. 49
- 51. 51 Aug Sept Oct Nov Dec Unique Visitors 1589 2845 4539 9804 14382 Returning Visitors 534 793 1432 1589 5794 Created an Account 454 589 1584 3953 4753 Added Item to Cart 389 414 645 1265 3654 Purchased Item 276 298 566 799 1432 What would this chart look like if you could see Cat Owners vs Dog Owners vs El Chupacabra Owners?
- 52. 52 … now things get interesting