the lean startup

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The Lean Startup

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Page 1: The Lean Startup

The Lean Startup

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Who I am

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case study of lean startup at work

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qeryz

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I started qeryz april 2014

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It was fully bootstrapped

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I didn’t really have a lot of money to burn in the runway

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I only had 1 year to build a profitable software company

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So we started with the leap-of-faith assumption

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People are willing to pay for a microsurvey but not at the existing price

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Our main competitor was charging $79/mo with a 3-month minimum lock-in

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There was no alternative during the time

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Our value hypothesis

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if we get the pricing model to become value-for-money, we can be profitable in a year

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This is our initial pricing model

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The main difference is that we have a free forever plan and our most expensive plan is $79/mo

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Granted, we did not have a lot of integrations and features but it did one thing right

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Gather customer feedback

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Our growth hypothesis

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We have a natural engine of growth so long as users are running our product

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This is how our product looks like

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Notice how we have a ‘powered by qeryz’ link at the bottom part of the microsurvey

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That’s our main source of traffic and user acquisition

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After we set our leap-of-faith assumptions in stone

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we went ahead and built the mvp

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This is how it looked like

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During the time we had minimal traffic

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We would have mostly 0 – 1 signups per day

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Most of them were not able to use the product and reap the benefit

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But for those who did, they were able to let us know their experience

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They told us the difficulty of signing up

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The difficulty of getting the software to work

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And a lot more

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From what we learned, we set measurements

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We measured signups per day so we can measure successful users

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Successful users are people who were able to activate the benefit of the software for themselves

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Based on those measurements, We learned how to increase the success rate of our users

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we made tweaks based on the things we learned

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We added an explainer video

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That increased our visitors-to-users signup rate by 84.95%

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We added a signup form in the homepage

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That increased our visitors-to-users signup rate by 21.02%

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We added a 4-step user onboarding process

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That increased our user success rate by over 600% in 4 months

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We reduced all friction in our user onboarding process

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We did a lot more experiments using the build-measure-learn loop

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Here is how our homepages have changed

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And it will change again

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We started making money 8 months after starting - dec 2014

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It’s a slow climb but you could see the gradual improvement in our MRR

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In our first year, we missed turning profitable

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Our value hypothesis was mistaken

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So we made a pivot

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we cut expenses, changed our pricing model and introduced an annual subscription plan

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We introduced behavioral email triggers to encourage people to upgrade

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We lowered the free forever plan’s monthly responses from 200 to just 50

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We re-prioritized feature development and put bug squishing as top priority

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We improved our growth model to include viral display ad re-targeting

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Qeryz turned 2 on april 2016

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Because of our lean operation and continuous learning

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we have already reached profitability

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We were a 6-man startup company

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We are still a 6-man startup company

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The point is: we are as lean as possible but we are serving thousands of users

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I’ve burned a considerable sum in the runway

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But I learned a lot and we’ve built a solid product

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My contact details

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Thank you very much!