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Fake Doors - How to Test Product Ideas Quickly - Hustlecon 2013
1. FAKE DOOR TESTING
How to Test Product Ideas Quickly
Jess Lee, CEO & Co-founder, Polyvore
2. Jess Lee
HONG KONG /
STANFORD CS 2004 /
GOOGLE MAPS PM /
POLYVORE CEO /
DRAWING / BACON /
SCI FI & ACTION MOVIES /
jessyoko.com
@jesskah
jess.polyvore.com
3. The Evolution of Shopping
INFORMATION
SPECS / FACTUAL REVIEWS / PRICE
INSPIRATION
TASTE / TRENDS / ASPIRATION
4. Mix & match products you love • Shop looks created by tastemakers
6. The Great Startup Rollercoaster
TIME
EFFORT/ANXIETY
1ST HIRE
FUNDRAISING
FIRST N USERS
PRODUCT-MARKET FIT
LIKELIHOOD OF
HEAVY DRINKING
SOURCE: HTTP://BLOG.ELADGIL.COM/2010/09/ARE-YOU-ALCOHOLIC-YET-OR-GREAT-STARTUP.HTML
21. List key assumptions
Identify the biggest unknowns
Build the unknowns, fake the rest
Measure your success
Steps for Fake Doors
22. • People will buy more items if they get a bigger discount
• We can establish partnerships with retailers for this idea
List Key Assumptions
IDEA: Shop user-generated outfits and get a sliding
discount based on the # of items you buy
• People are interested in shopping outfits
• We can scalably create outfits with products from partners
ASSUMPTIONS:
• We can handle payment, fulfillment, shipping, returns
23. Identify Biggest Unknowns
• We can establish partnerships with retailers for this idea
• We can scalably create outfits with products from partners
• People will buy more items if they get a bigger discount
• People are interested in shopping outfits
BIGGEST UNKNOWNS:
• We can handle payment, fulfillment, shipping, returns
SEEMS LIKE A SOLVABLE PROBLEM:
24. • We can establish partnerships with retailers for this idea
• We can scalably create outfits with products from partners
• People will buy more items if they get a bigger discount
• People are interested in shopping outfits
BIGGEST UNKNOWNS:
• We can handle payment, fulfillment, shipping, returns
SEEMS LIKE A SOLVABLE PROBLEM:
Build the Unknowns,
Fake the Rest
Build outfit sale UI
Handle shipping ourselves
Show it to real users
Fake the partners
Make the outfits ourselves
30. Measure Your Success
RESULTS AFTER 3 MONTHS, 63 OUTFITS, $3722.16:
• 1.89% conversion rate
• 2.93% checkout rate
• 2.32 items / order
• 21% return rate
LESSONS LEARNED
• People will buy more if the discount goes up
• Our checkout flow with Amazon Payments is terrible
• Needs further improvements to be highly profitable
31. Need to be tolerant of failure
Define clear metrics & constraints
Don’t betray your users’ trust
Not a replacement for ideation
Tips for Fake Doors