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