LeanStartup Challenge Presentation
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Transcript of LeanStartup Challenge Presentation
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Build & Test Your Idea Without Programming
Elizabeth Yinco-founder of LaunchBit
Lean Startup ChallengeJuly 15, 2011
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Agenda
Introduction Interviewing customers Wizard-of-Oz prototypes Q & A
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In high school, we decided to become internet entrepreneurs
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Shiny Orb is a social shopping site for wedding apparel
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DressMob is a social shopping site for all dresses
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The first step is to achieve product/market fit
Maximize Profit
Product/Market Fit Scale Up
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Progress happens in parallel
Collect landing page signups
Wizard-of-Oz your prototype
Talk with customers
Talk with customers
Talk with customers
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Talk to a range of customers… not your mom!
?
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Post an ad on Craigslist to find local people willing to help you
http://www.craigslist.org
http://www.surveymonkey.com http://docs.google.com
Cindy Alvarez
http://www.slideshare.net/cindyalvarez/user-testing-tactics
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Start by asking questions to help you understand user behavior
What are the most frustrating aspects of ABC?
If you had a magic wand to help you with ABC, what would it do?
What is the process you go through today to do ABC?
How much would you expect this magic wand to cost?
May I ask you why ABC is frustrating?
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In subsequent interviews, present your solution for feedback
Would you use it?
How much would you expect this to cost, if anything?
Do you have any friends whom you think could
benefit from this?
We’d love to learn from your friend, mind making an intro?
So, you said ZYX of ABC was frustrating, what if the product
looked like this?
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Ask about behavior and bring a simple set of “paper” prototypes
Do people “get” your idea?
Image credit: Simon Collison (flickr)
Image Credit: Mathieu Brault
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Hanging around coffee shops helps Pulse refine their new ideas
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Collect signups with a simple landing page
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Make sure your messaging is clear and there is a call to action
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Your Minimum Viable Product should have just 1 or 2 functions
Can you explain your product in 1 sentence?
Image Credit: Hammacher Schlemmer
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Aardvark went to see the wonderful Wizard of Oz
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Food on the Table started with real, live “concierge” service
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The Wed Connect is our own experience at quick idea testing
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Online tools made it possible to work behind the curtain
Image Credit: Wizard of Oz
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Get your first users:5 – 50 customers
Image Credit: Wizard of Oz
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Find out what your users are doing on your website
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There are many affordable tools for quantitative & qualitative analysis
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In 5 days, we had numbers to evaluate The Wed Connect
Quick math: Charge wedding vendors $2 / lead * 21 leads = $42 Costs: $0.44 * 68 people = $29.92 Potential profit: $0.58 / person
Bounce Rates
87% of 68 people
56% of 16 people
21 Signups
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Qualitative feedback taught us about the customer
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We determined the viability of The Wed Connect in just 1 week
Great initial numbers but a frustrating business
0 1 2 7 8
1 day Customer Research
1 day Build MVP
5 days Testing and Marketing
1 day Analysis
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LaunchBit Startup Guide helps new entrepreneurs launch ideas
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Build and test your idea without programming – Get going!
More questions? [email protected] Blog: blog.launchbit.com @launchbit www.launchbit.com