Janna Bastow — The Power of Product Focus (Turing Festival 2016)
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Presentation by Janna Bastow, co-founder & CEO of ProdPad. Delivered at the Turing Festival in Edinburgh on Thursday 18 August 2016.
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Janna Bastow — The Power of Product Focus (Turing Festival 2016)
- 1. The Power of Product Focus @simplybastow // Turing Festival, Aug 2016
- 2. Hello! I’m Janna Bastow You can talk to me about product, or say hi at @simplybastow
- 3. (really nice product management tool)
- 4. 2010 Idea + hack project @simplybastow
- 6. 2010 2011 2012 Quit jobs @simplybastow
- 7. 2010 2011 2012 Launch product 2013 @simplybastow
- 8. 2010 2011 2012 2013 2014 Traction! @simplybastow
- 9. Swoosh! 2010 2011 2012 2013 2014 2015 @simplybastow
- 10. 2015: The year of faffing about Hiring (and unhiring) Some outside help Let’s try advertising! Events and outings Founder “hobbies” Should we raise money? Bonus: New product version @simplybastow
- 11. @simplybastow Uh oh… 2011 2012 2013 2014 2015
- 12. @simplybastow Plateau of Doom 2011 2012 2013 2014 2015
- 14. Ways to get rich 1. More traffic 2. More free trials 3. More trial users signing up to pay 4. Get users to buy bigger packages 5. Get users to stick around longer @simplybastow
- 15. Ways to get rich 1. More traffic 2. More free trials 3. More trial users signing up to pay 4. Get users to buy bigger packages 5. Get users to stick around longer @simplybastow
- 16. Ways to get rich 1. More traffic 2. More free trials 3. More trial users signing up to pay 4. Get users to buy bigger packages 5. Get users to stick around longer @simplybastow
- 17. Ways to get rich 1. More traffic 2. More free trials 3. More trial users signing up to pay 4. Get users to buy bigger packages 5. Get users to stick around longer @simplybastow
- 18. Ways to get rich 1. More traffic 2. More free trials 3. More trial users signing up to pay 4. Get users to buy bigger packages 5. Get users to stick around longer
- 19. Ways to get rich 1. More traffic 2. More free trials 3. More trial users signing up to pay 4. Get users to buy bigger packages 5. Get users to stick around longer @simplybastow
- 20. Revelation: Just the process of thinking about funding was enough to prove we didn’t need it. @simplybastow
- 21. Idea: FOCUS on the product metrics that matter. @simplybastow
- 22. Our goal is to increase the trial-to-paid rate from 0% to 15%. @simplybastow
- 23. Our goal is to increase the trial-to-paid rate from 0% to 15%. That’s it. @simplybastow
- 24. Experiment #1: Shorten trial time. @simplybastow
- 25. 30
- 26. 30 14
- 27. 30 14 7
- 28. Experiment #2: Gamify the trial. @simplybastow
- 31. “Thank you for finding these edge cases!” Ian, Support at Drip
- 33. @simplybastow Wee! 2011 2012 2013 2014 2015 2016
- 34. But what about the money? @simplybastow
- 35. Ways to get rich 1. More traffic 2. More free trials ✔ More trial users signing up to pay 4. Get users to buy bigger packages 5. Get users to stick around longer @simplybastow
- 36. Ways to get rich 1. More traffic 2. More free trials ✔ More trial users signing up to pay 4. Get users to buy bigger packages 5. Get users to stick around longer @simplybastow
- 37. Bonus experiment: Play with pricing. @simplybastow
- 39. Results @simplybastow Cash in the bank
- 42. That’s the Power of Product Focus. @simplybastow
- 43. Thank you! Let’s go for a and talk about product. Drop me a line at janna@prodpad.com or say hi at @simplybastow Weeeeee!
Notas del editor
- Well at least we’re not alone.
- We had plenty of traffic, or at least would have if everything else was working. Pumping money into this probably wasn’t going to move the needle and would cost us a lot of cash.
- We had enough of these signing up for a free trial each month. Probably about 400-500 free trials started each month. Again, all good. We could spend a bunch of money and time on lead campaigns, but wouldn’t help us significantly.
- We had a few packages, but the uplift opportunities were scant (required them to grow the team – not like we had new magical functionality to upgrade them to in order to squeeze out a few more bucks)
- This would definitely change our numbers and was worth the effort… though would take months to come to fruition, a lot of effort.
- This is where the numbers really stacked up. And because the product was meant to be self serve, getting a sales person or throwing money at advertising wasn’t going to help. This was something we could do ourselves.
- Taking money means having to really think about why you’re taking money and what you’re going to do with it. Expectation that if you take money, you’ll spend a good chunk of it. Expectation that if you spend a chunk of it, you’ll have something to show for it. Analysis showed that HAVING money and SPENDING money didn’t really mean that we’d have growth Matter of fact, the biggest indicator of MRR growth was to increase our trial to paid conversion rate.
- So I said to my team…
- Gives permission Makes room Anything can be done, just a matter of diverting resource and effort to it.
- This is where the numbers really stacked up. And because the product was meant to be self serve, getting a sales person or throwing money at advertising wasn’t going to help. This was something we could do ourselves.
- This is where the numbers really stacked up. And because the product was meant to be self serve, getting a sales person or throwing money at advertising wasn’t going to help. This was something we could do ourselves.
- Introduced annual plans Smoothed out the process to add extra users, products, and integrations to the package.