10 Things We've Learned Building a Six-Figure Product Business
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The 10 most important business lessons we've learned building, launching, and deploying a software product. WordCamp Miam 2014.
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10 Things We've Learned Building a Six-Figure Product Business
- 1. 10 Things We’ve Learned Building a Product Business Nathan Hangen
- 2. Nathan Hangen @nhangen Psyop Sergeant Runner & Triathlete Coach Soccer Addict Homebrewer Entrepreneur
- 4. 1. Stand for Something
- 5. – Ayn Rand “A building has integrity just like a man. And just as seldom.”
- 6. – Ayn Rand “A company has integrity just like a man. And just as seldom.”
- 7. 2. Don’t Wait, Iterate
- 8. – Albert Einstein “A person who never made a mistake never tried anything new.”
- 10. Perfection is a myth Iterate
- 14. – Babe Ruth “It’s hard to beat a person who never gives up.”
- 15. The proof is in the pudding Iterate
- 16. 3. 100 Customers
- 17. – Steve Blank “A startup is not about executing a series of knowns. Most startups are facing a series of unknowns - unknown customer segments, unknown customer needs, unknown product feature set, etc.”
- 18. Product Market Fit Your First 100
- 19. Customer Advocates Your First 100
- 21. Eat Product for Breakfast Your First 100
- 22. Customer Development Your First 100
- 25. – Walt Disney “Do what you do so well that they will want to see it again and bring their friends.”
- 26. Most people won’t know who you are and that’s ok… Customer Acquisition
- 27. Dance your own dance Customer Acquisition
- 28. if ( $organic_channel == ‘max’ ) { // try new stuff } else { // maximize organic channels } Customer Acquisition 1 2 3 4 5 6
- 29. What works for us: Customer Acquisition
- 30. - Partnerships & Affiliate Programs Customer Acquisition
- 31. - Retargeting, Facebook, AdWords Customer Acquisition
- 33. 10% of the customers have 90% of the problems Customer Acquisition
- 34. 5. Service: Good vs Great
- 35. - Sam Walton “The goal as a company is to have customer service that is not just the best, but legendary.”
- 39. Working 9-5 just to stay alive… keeps the competition alive… Customer Service
- 40. – Henry Ford “A business absolutely devoted to service will have only one worry about profits. They will be embarrassingly large.”
- 41. 6. Cash Flow is King
- 42. - Lee Iacocca “We are continually faced by great opportunities brilliantly disguised as insoluble problems.”
- 43. Margins and Efficiency Cash Flow
- 46. Turnkey, add-on, & auxiliary items Cash Flow
- 47. 7. Product Depth vs Product Width
- 48. - Steve Jobs “Be a yardstick of quality. Some people aren't used to an environment where excellence is expected.”
- 49. Quality vs Quantity Cash Flow
- 50. 8. Don’t Do It All, But Do It All
- 51. – Jack Welch “There's no such thing as work-life balance. There are work-life choices, and you make them, and they have consequences.”
- 53. Take care of yourself Hard Work
- 54. Building a Team Hard Work
- 55. 9. Pricing
- 56. – Warren Buffett “Price is what you pay. Value is what you get.”
- 57. It matters less than you think Pricing
- 58. You’re probably pricing too low Pricing
- 61. Give more away as value increases Pricing
- 62. 10. Vision
- 63. - Elon Musk “When something is important enough, you do it even if the odds are not in your favor.”
- 64. What are your goals? Vision
- 65. What happens when you get there? Vision
- 66. Don’t plan too far ahead Vision
- 68. – Charles F. Kettering “Where there is an open mind, there will always be a frontier.”