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Slides from James Currier, Co-Founder Ooga Labs & Curator of the NFX- LeWeb'13 Paris - The Next 10 Years

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Slides from James Currier, Co-Founder Ooga Labs & Curator of the NFX- LeWeb'13 Paris - The Next 10 Years

  1. 1. The Psychology of Startup Growth James Currier https://www.nfx.com/post/psychology-startup-growth/
  2. 2. Founder Psychology
  3. 3. It doesn’t work that way. Growth is not a one-time gimmick. To get 1000% growth, there is no silver bullet.
  4. 4. 1. Language First
  5. 5. The language you choose to describe your company defines what you will build.
  6. 6. Get the users attention
  7. 7. Few realize it, but language comes first in growth.
  8. 8. 2. Empathy for users
  9. 9. The great Founder spends more time thinking about how the user thinks and feels. About their psychology.
  10. 10. The user has many choices
  11. 11. Be relevant Meet their needs
  12. 12. Why should they use your app?
  13. 13. Why should the user give you a slice of their time each day?
  14. 14. So the question you have to ask every day is “What is your product to them so that it deserves a place in their complex lives?”
  15. 15. Your answer should reflect the observation that behind every interesting tech company, there’s a powerful insight about human psychology. An insight that makes that sliver stand out to their users.
  16. 16. For example: • Facebook’s insight was the human need for acclaim and social reputation: “See me perform.” • Snapchat capitalized on the desire for privacy (even secrecy) and ephemerality: “I’m sick of performing”. • Instagram tapped into the hunger for glamor and appearance. Statuary and portraiture for the internet age: “See my good side.” • Etsy allows people to buy and sell small-scale craft goods in a time of mass commercialization. “I want to feel unique.” • WeWork tapped into the desire for community in a rising gig and remote work economy with increasing social atomization: “I want to belong.”
  17. 17. Understand your user psychology — know what you are to them — and your way to 1000% growth will become much clearer.
  18. 18. 3. Always be moving
  19. 19. Move constantly. Make more moves than anyone else. To grow, you have to run quicker experiments. Iterate faster. Never stop. This requires the shrew psychology.
  20. 20. 4. Data Love
  21. 21. If you want to grow, you have to be committed to measuring everything. You must test, measure, and iterate. That’s the engine that powers growth.
  22. 22. Data can’t be an afterthought. “Data-driven” can’t be a buzzword. You have to truly commit to it. Devote significant engineering resources to measurement. Even up to half of your engineering resources.
  23. 23. You have to love your data. That has to be your psychology. Your daily stats email should be a core part of your culture and outstanding enough that everyone at your company can be proud of it.
  24. 24. From a VC:
 I want everybody looking at triangle retention charts. I want to see the stats dashboard displayed on a big screen on the wall of your office in full view of everyone.
  25. 25. Cohort Analysis AKA Customer Churn Analysis
  26. 26. Measure everything
  27. 27. 5. Sustain pain of failure
  28. 28. Iterating relentlessly is the next part of the growth engine, and it’s much easier said than done.  It means that in your psychology, you have to learn to sustain the pain of failure.
  29. 29. You’re going to fail daily. Most of the things you put time and effort into will come back negative. Most new tactics aren’t going to work.
  30. 30. You’ve got to be able to mentally move on from the losses. And so do each of the members of your team. It’s the system, it’s the growth psychology that can’t fail.
  31. 31. There’s a great quote: “Success is going from failure to failure with no loss of enthusiasm.” That’s the psychology you need to embrace in order to grow 1000%. Such improvements don’t come easy. You need the grit and grind that lets you keep going past when others give up.

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