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The Lean Startup

This is part of the deck I used in the Lean Startup Workshop here in the Philippines. Know how to start up a company in a lean, cost-efficient way.

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The Lean Startup

  1. 1. The Lean Startup
  2. 2. Who I am
  3. 3. case study of lean startup at work
  4. 4. qeryz
  5. 5. I started qeryz april 2014
  6. 6. It was fully bootstrapped
  7. 7. I didn’t really have a lot of money to burn in the runway
  8. 8. I only had 1 year to build a profitable software company
  9. 9. So we started with the leap-of-faith assumption
  10. 10. People are willing to pay for a microsurvey but not at the existing price
  11. 11. Our main competitor was charging $79/mo with a 3-month minimum lock-in
  12. 12. There was no alternative during the time
  13. 13. Our value hypothesis
  14. 14. if we get the pricing model to become value- for-money, we can be profitable in a year
  15. 15. This is our initial pricing model
  16. 16. The main difference is that we have a free forever plan and our most expensive plan is $79/mo
  17. 17. Granted, we did not have a lot of integrations and features but it did one thing right
  18. 18. Gather customer feedback
  19. 19. Our growth hypothesis
  20. 20. We have a natural engine of growth so long as users are running our product
  21. 21. This is how our product looks like
  22. 22. Notice how we have a ‘powered by qeryz’ link at the bottom part of the microsurvey
  23. 23. That’s our main source of traffic and user acquisition
  24. 24. After we set our leap-of-faith assumptions in stone
  25. 25. we went ahead and built the mvp
  26. 26. This is how it looked like
  27. 27. During the time we had minimal traffic
  28. 28. We would have mostly 0 – 1 signups per day
  29. 29. Most of them were not able to use the product and reap the benefit
  30. 30. But for those who did, they were able to let us know their experience
  31. 31. They told us the difficulty of signing up
  32. 32. The difficulty of getting the software to work
  33. 33. And a lot more
  34. 34. From what we learned, we set measurements
  35. 35. We measured signups per day so we can measure successful users
  36. 36. Successful users are people who were able to activate the benefit of the software for themselves
  37. 37. Based on those measurements, We learned how to increase the success rate of our users
  38. 38. we made tweaks based on the things we learned
  39. 39. We added an explainer video
  40. 40. That increased our visitors-to-users signup rate by 84.95%
  41. 41. We added a signup form in the homepage
  42. 42. That increased our visitors-to-users signup rate by 21.02%
  43. 43. We added a 4-step user onboarding process
  44. 44. That increased our user success rate by over 600% in 4 months
  45. 45. We reduced all friction in our user onboarding process
  46. 46. We did a lot more experiments using the build- measure-learn loop
  47. 47. Here is how our homepages have changed
  48. 48. And it will change again
  49. 49. We started making money 8 months after starting - dec 2014
  50. 50. It’s a slow climb but you could see the gradual improvement in our MRR
  51. 51. In our first year, we missed turning profitable
  52. 52. Our value hypothesis was mistaken
  53. 53. So we made a pivot
  54. 54. we cut expenses, changed our pricing model and introduced an annual subscription plan
  55. 55. We introduced behavioral email triggers to encourage people to upgrade
  56. 56. We lowered the free forever plan’s monthly responses from 200 to just 50
  57. 57. We re-prioritized feature development and put bug squishing as top priority
  58. 58. We improved our growth model to include viral display ad re-targeting
  59. 59. Qeryz turned 2 on april 2016
  60. 60. Because of our lean operation and continuous learning
  61. 61. we have already reached profitability
  62. 62. We were a 6-man startup company
  63. 63. We are still a 6-man startup company
  64. 64. The point is: we are as lean as possible but we are serving thousands of users
  65. 65. I’ve burned a considerable sum in the runway
  66. 66. But I learned a lot and we’ve built a solid product
  67. 67. My contact details
  68. 68. Thank you very much!