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Our journey to product-market fit.



                                                Otto Hilska, Founder & CEO
                                                                                      1

Otto Hilska’s talk at Scan-Agile: Lean Startup track.

Discussing our own story on our long but entertaining journey to product/market fit.
2

Most of my professional life written software for others.

Last 8 years: our own consulting shop Nodeta, specialized in Ruby on Rails.

Built and sold a Ruby on Rails hosting company.
3

One of the side projects we’ve built is APIdock.com, a social documentation site. 170k MAU.

Didn’t have a business model, but turned out to be a great exercise in terms of driving traffic
to our other projects, learning, gaining traction in the Ruby community.
4

Every time we started a new project, we argued about the toolset.

We learned that developers tend to live in a group chat - they use it all day long. Then there’s
email, where you get thousands of automatic emails that you never read. There’s project
management for tracking progress, and actual development also happens somewhere.

This kind of workflow is very slow and error-prone.
5

Flowdock is a centralized communication hub for your team. It’s based on the group chat,
that everyone’s already using. Thus, we’re not another communication tool, but we’re
improving something you already have. But on the left you see a shared team inbox, that’s
connected to all the other tools your team is using.
6

Traditionally work and communication were disconnected.

Instead of forwarding emails around, real-time discussions now take place in Flowdock, with
the right context. Issues are solved in minutes instead of days.
7

The lean startup principles should be easy to understand to all people agile. However, the
concept of measuring tends to be quite different: traditionally we just asked the Product
Owner if something’s ok, but when building a product for the unknown market, different
tools are needed.
8

Product market-fit: just like the name suggests, need to find a match. Square peg in a round
hole.
Technology looking for a market
                                  9
When a great team meets a
         lousy market, market wins.



                                                                                         10

Sometimes you just need to understand that the market isn’t there. New markets can be
created, but it doesn’t happen every day.

Doing market sizing was not the kind of thing I wanted to do when I started a company.
The only thing that matters is
          getting to product/market fit.
                                          Andy Rachleff, Benchmark Capital




                                                                                      11

So many companies die trying.

My friends always wonder if someone’s not trying to scale the company aggressively.
Wouldn’t burn much money before that.

Searching for a business model is different from executing a validated one.
Problem:


         Time tracking

                                                                                             12

Consulting at a major corporation, time tracking was a pain. Social time tracking, people
knowing what others are doing.

Ignored the idea before writing any code: 350 million search results. Weren’t feeling very
passionate about it.
Problem:


       Let’s build a platform!


                                                                                              13

Idea evolved to social time tracking. What if everyone was present at a team hub, and time
tracking would just happen automatically?

Or what if time tracking was just one of the team hub’s features? Next we wanted to build a
platform for real-time collaboration widgets.

Problem: the platform isn’t anyone’s problem, it’s just something that might be cool to build.
No one asked for it...
Team Inbox with Chat

                                                                                      14

Ended up building something for ourselves.

At the time, we were randomly using IRC, Skype and Jabber servers for internal team
communication.
LAUNCH
                                                                                            15

So after some self-funded experimentation we decided to launch. It wasn’t pretty, it lacked a
lot of functionality, but it demonstrated the basic concept.
16

If you’ve ever launched anything, you know it often looks like this.

Even my friends didn’t continue using the app after a couple of minutes. And then they just
stop answering your calls.

While launching was important, it probably wasn’t pleasant. Soft launches becoming popular.
MVP
                                                                                           17

Term coined by Eric Ries. Minimum Viable Product, doing as little as possible to produce
validated learning.
Meg Robichaud, MinimumViablePants.com




                                                                                             18

As extreme as running Adwords without a real product. Offering a plan that isn’t really
available.
MVP ≠ cheap

                                                                                                 19

Confused with one day of hacking. Need to consider: what’s your assumption? When is it
verified?

Developing metrics is actually a lot of work, and it’s not a part of something people consider
quick prototypes.
Validated learning?




                                                                                        20

Our initial launch didn’t provide that much validated learning. We saw that it wasn’t
skyrocketing, but didn’t have a great understanding on why it happened.
Leaps of faith
                  Willing to pay?
            x     Possible on web?
                  Companies ready for SaaS?
            x     Do teams use group chat?

                                                                                           21

Turns out some of the assumptions could’ve been validated even without writing a single line
of code.
Vanity metrics:
                 Total number of signups
                 Number of visits



                                                                                             22

It’s easy to look at the biggest numbers you’re able to measure. Unfortunately, they don’t
give a proper view to the performance of your business.
Real metrics:

         Monthly signups
         Conversion funnels
         Monthly Recurring Revenue
         Average Revenue Per User
         Customer Lifetime Value
         Churn
         Total time online
                                                                                              23

These are just some of the metrics we ended up measuring a bit later. Some of them directly
related to money, and thus not applicable at very early stage.
However: thousands of feedback emails




                                                                                         24

Considering how rarely I send feedback to app authors, I think we were doing something
right when we started receiving thousands of emails from the users.

We had a small Feedback button integrated to the app UI very early on.
Honesty
             with yourself

                                                                                                 25

It’s so easy to look at the good metrics, but it’s extremely important to focus on things that
DO NOT work, and fix them.
How would you feel if you
           could no longer use [product]?




                                                                                            26

One approach to measuring product-market fit:

Sean Ellis, marketing guru, asks this question from active users. He says you’ve got product-
market fit when 40% answer they’d be “Very disappointed”.
27

When you’re nailing it, you’ll notice it.
28

And when you don’t, you should be able to notice it as well.
New                     Money-making
                                   machine                             Churn
         users




                                                                                          29

In the beginning churn and signups are easily about the same size.

Your machine is leaking from behind, and spending a lot of money on customer acquisition is
going to kill you.
Customer score




                                                                                           30

We have a free 30-day trial, and we needed to iterate faster. Can’t wait 30 days to see if
something’s working or not, so we introduced a “customer score” that helps us in guessing if
someone’s going to start paying.

We could also apply some machine learning techniques the accuracy.
Conversion funnels

            1000                      Site visits                       1000

             3%                     Signup form                          10%

            15%                         Signups                          30%


  = 4.5 signups                                                 = 30 signups

                                                                                           31

The impact we got from A/B testing, website redesign, repositioning etc. was significant. And
the work continues. Naturally affects customer acquisition cost.

Then there’s another funnel from signup to a paying customer.

Changes made over a 6-month period. Churn rate dropped from 10% to 3%.
So who’s really

                                 active?

                                                                                    32

Every startup needs to figure out, what’s the metric of valuing their users.

Money brought by the customer is not the only thing. Also, viral coefficient etc.
33

Asking for money was one of the best decisions. Customers took us more seriously, and we
started getting better feedback. Should have done it earlier.
Cohort analysis
                        1st week 2nd week 3rd week 4th week

          4 weeks
                             25             23             21             20
            ago

          3 weeks
                             25             23             21
            ago

          2 weeks
                             29             28
            ago

          1 week
                             30
            ago

                                                                                         34

Once you’ve established your metrics, you don’t want to be looking at a single number.
Instead, follow what’s happening over the time.
35

First manual emails, then more and more automatic emails when patterns emerged.

Also helps us to figure out why companies are leaving, or why they never got started in the
first place.

What they were doing before, and what they’re doing now with Flowdock.
36

Looking at the configuration, it became obvious that we need to help users get rid of some of
the tools (Skype). We don’t want to be the Yet Another Tool.

Sometimes it means that we features that don’t necessarily make sense in our original
context are still needed.

Made us the must-have tool (painkiller) instead of just nice-to-have (vitamins)!
Who is the customer?

                                                                                              37

As funny as it may seem, after you’ve spent a year coding, you still might not know who the
customer is, who’s making the decisions etc.

Automatic emails were a great way to extract that information.

Also need to identify who’s getting the most value out of the app. Even if you have several
customer segments, there’s probably one you want to focus on.
38

Initially didn’t want to limit the audience too much. Doing different landing pages is a good
way to test expectations about the audience.
39

Today our customers have a face.

At a pitching competition, the next guy started their pitch by saying how much they love
Flowdock. :)

Someone emailed telling us that there hasn’t been anything to complain about, so they
hadn’t sent any feedback.
Marketing by Engineers




                                              40
                                                                                              40

My own background: technology.

Turns out, marketing is great for technologists. Yes, some copywriting, but also lots of
measuring, understanding the users, tracking behavior.

Since we’re targeting developers, my current opinion is that everyone in the company should
know how to code.
Product Management
           a.k.a. The Prioritization Hell



                                                                                             41

So when you’ve got the attention of these wonderful people, you need to start prioritizing
their feature requests.
42

Failed feature: keyboard shortcuts.

Hard even for vim users, probably requested by one user.

Surprisingly hard to implement. Doesn’t work well with some browsers.

Experimentation feature, though.
Amazing!
                                                                                               43

Good feature: notifications and marking them read.

Facebook marks everything read automatically. Not good for important business messages.
GitHub requires you to mark all notifications read explicitly. Really annoying, I always have
100+ “unread” notifications.

Our solution: marking messages read when the user sees it. How Steve would do it. :)
1st iteration
         2nd iteration

                                                                                                44

To create amazing products, you must not stop at the first iteration of anything. We did this
several times, for example: mobile web client

It’s a tempting idea to go on with the huge feature backlog, instead of going back to the old
features.
1st iteration
         2nd iteration
         3rd iteration
         4th iteration
         5th iteration                                                              45

Equally, UX will not always survive from several iterations. Courage to redesign.
Throwing it away
                                                                                         46

Sometimes something you did a while ago is not needed anymore. We had a dashboard that
really didn’t serve a purpose anymore, so we removed it entirely.
Feature 1
                                  x     Feature 2




                                                                                         47

Great for testing: Features toggles. Facebook does this all the time, we just started.

You don’t want to add features that are not wanted.
Premature optimization
    is the root of all evil.


                                                                                              48

Wasted a lot of time playing with funny and really experimental databases. The best part of
doing your own startup is that you get to choose the database, right?

If you know Ruby on Rails and MySQL, go with that, don’t think about the scalability.
49

Many experts recommend to avoid bizdev partnerships early on. We got to a great position by
being the only chat-based communication tool that works together with all Atlassian’s major
products.

Distribution makes or breaks a SaaS product.

Heavy focus on partnerships wasn’t in our original plan, but it turned out to make our
product much more useful. Also, it filters out users who obviously aren’t willing to pay for a
SaaS product.
50

We’ve recently put a lot of effort to improving our API. Will be cool to see what the users will
come up with.

Don’t really know what business developers do, but as Paul Graham said: APIs are self-
service business development.

Already some mobile clients in development.

Question: should we have done it earlier?
Alex Rosen,
          Marten Mickos                                              Gil Penchina
                                         IDG Ventures




                                                          Mike Arrington,
                      Naval Ravikant
                                                           CrunchFund
                                                                                              51

We bootstrapped for quite a while. The longer you can survive without external funding, the
better.

Raised funding from Silicon Valley. Great for entering a foreign market.
flowdock.com
                                                 twitter.com/flowdock

                                                 twitter.com/mutru
                                                 otto@flowdock.com


                        Otto Hilska, Founder & CEO
                                                                                             52

This is just the beginning, and I’m constantly learning new things. 6 months from now this
presentation will likely be obsolete. :)

Thank you for your time, let’s discuss.

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Lean Startup: Flowdock's Journey to Product-Market Fit

  • 1. Our journey to product-market fit. Otto Hilska, Founder & CEO 1 Otto Hilska’s talk at Scan-Agile: Lean Startup track. Discussing our own story on our long but entertaining journey to product/market fit.
  • 2. 2 Most of my professional life written software for others. Last 8 years: our own consulting shop Nodeta, specialized in Ruby on Rails. Built and sold a Ruby on Rails hosting company.
  • 3. 3 One of the side projects we’ve built is APIdock.com, a social documentation site. 170k MAU. Didn’t have a business model, but turned out to be a great exercise in terms of driving traffic to our other projects, learning, gaining traction in the Ruby community.
  • 4. 4 Every time we started a new project, we argued about the toolset. We learned that developers tend to live in a group chat - they use it all day long. Then there’s email, where you get thousands of automatic emails that you never read. There’s project management for tracking progress, and actual development also happens somewhere. This kind of workflow is very slow and error-prone.
  • 5. 5 Flowdock is a centralized communication hub for your team. It’s based on the group chat, that everyone’s already using. Thus, we’re not another communication tool, but we’re improving something you already have. But on the left you see a shared team inbox, that’s connected to all the other tools your team is using.
  • 6. 6 Traditionally work and communication were disconnected. Instead of forwarding emails around, real-time discussions now take place in Flowdock, with the right context. Issues are solved in minutes instead of days.
  • 7. 7 The lean startup principles should be easy to understand to all people agile. However, the concept of measuring tends to be quite different: traditionally we just asked the Product Owner if something’s ok, but when building a product for the unknown market, different tools are needed.
  • 8. 8 Product market-fit: just like the name suggests, need to find a match. Square peg in a round hole.
  • 10. When a great team meets a lousy market, market wins. 10 Sometimes you just need to understand that the market isn’t there. New markets can be created, but it doesn’t happen every day. Doing market sizing was not the kind of thing I wanted to do when I started a company.
  • 11. The only thing that matters is getting to product/market fit. Andy Rachleff, Benchmark Capital 11 So many companies die trying. My friends always wonder if someone’s not trying to scale the company aggressively. Wouldn’t burn much money before that. Searching for a business model is different from executing a validated one.
  • 12. Problem: Time tracking 12 Consulting at a major corporation, time tracking was a pain. Social time tracking, people knowing what others are doing. Ignored the idea before writing any code: 350 million search results. Weren’t feeling very passionate about it.
  • 13. Problem: Let’s build a platform! 13 Idea evolved to social time tracking. What if everyone was present at a team hub, and time tracking would just happen automatically? Or what if time tracking was just one of the team hub’s features? Next we wanted to build a platform for real-time collaboration widgets. Problem: the platform isn’t anyone’s problem, it’s just something that might be cool to build. No one asked for it...
  • 14. Team Inbox with Chat 14 Ended up building something for ourselves. At the time, we were randomly using IRC, Skype and Jabber servers for internal team communication.
  • 15. LAUNCH 15 So after some self-funded experimentation we decided to launch. It wasn’t pretty, it lacked a lot of functionality, but it demonstrated the basic concept.
  • 16. 16 If you’ve ever launched anything, you know it often looks like this. Even my friends didn’t continue using the app after a couple of minutes. And then they just stop answering your calls. While launching was important, it probably wasn’t pleasant. Soft launches becoming popular.
  • 17. MVP 17 Term coined by Eric Ries. Minimum Viable Product, doing as little as possible to produce validated learning.
  • 18. Meg Robichaud, MinimumViablePants.com 18 As extreme as running Adwords without a real product. Offering a plan that isn’t really available.
  • 19. MVP ≠ cheap 19 Confused with one day of hacking. Need to consider: what’s your assumption? When is it verified? Developing metrics is actually a lot of work, and it’s not a part of something people consider quick prototypes.
  • 20. Validated learning? 20 Our initial launch didn’t provide that much validated learning. We saw that it wasn’t skyrocketing, but didn’t have a great understanding on why it happened.
  • 21. Leaps of faith Willing to pay? x Possible on web? Companies ready for SaaS? x Do teams use group chat? 21 Turns out some of the assumptions could’ve been validated even without writing a single line of code.
  • 22. Vanity metrics: Total number of signups Number of visits 22 It’s easy to look at the biggest numbers you’re able to measure. Unfortunately, they don’t give a proper view to the performance of your business.
  • 23. Real metrics: Monthly signups Conversion funnels Monthly Recurring Revenue Average Revenue Per User Customer Lifetime Value Churn Total time online 23 These are just some of the metrics we ended up measuring a bit later. Some of them directly related to money, and thus not applicable at very early stage.
  • 24. However: thousands of feedback emails 24 Considering how rarely I send feedback to app authors, I think we were doing something right when we started receiving thousands of emails from the users. We had a small Feedback button integrated to the app UI very early on.
  • 25. Honesty with yourself 25 It’s so easy to look at the good metrics, but it’s extremely important to focus on things that DO NOT work, and fix them.
  • 26. How would you feel if you could no longer use [product]? 26 One approach to measuring product-market fit: Sean Ellis, marketing guru, asks this question from active users. He says you’ve got product- market fit when 40% answer they’d be “Very disappointed”.
  • 27. 27 When you’re nailing it, you’ll notice it.
  • 28. 28 And when you don’t, you should be able to notice it as well.
  • 29. New Money-making machine Churn users 29 In the beginning churn and signups are easily about the same size. Your machine is leaking from behind, and spending a lot of money on customer acquisition is going to kill you.
  • 30. Customer score 30 We have a free 30-day trial, and we needed to iterate faster. Can’t wait 30 days to see if something’s working or not, so we introduced a “customer score” that helps us in guessing if someone’s going to start paying. We could also apply some machine learning techniques the accuracy.
  • 31. Conversion funnels 1000 Site visits 1000 3% Signup form 10% 15% Signups 30% = 4.5 signups = 30 signups 31 The impact we got from A/B testing, website redesign, repositioning etc. was significant. And the work continues. Naturally affects customer acquisition cost. Then there’s another funnel from signup to a paying customer. Changes made over a 6-month period. Churn rate dropped from 10% to 3%.
  • 32. So who’s really active? 32 Every startup needs to figure out, what’s the metric of valuing their users. Money brought by the customer is not the only thing. Also, viral coefficient etc.
  • 33. 33 Asking for money was one of the best decisions. Customers took us more seriously, and we started getting better feedback. Should have done it earlier.
  • 34. Cohort analysis 1st week 2nd week 3rd week 4th week 4 weeks 25 23 21 20 ago 3 weeks 25 23 21 ago 2 weeks 29 28 ago 1 week 30 ago 34 Once you’ve established your metrics, you don’t want to be looking at a single number. Instead, follow what’s happening over the time.
  • 35. 35 First manual emails, then more and more automatic emails when patterns emerged. Also helps us to figure out why companies are leaving, or why they never got started in the first place. What they were doing before, and what they’re doing now with Flowdock.
  • 36. 36 Looking at the configuration, it became obvious that we need to help users get rid of some of the tools (Skype). We don’t want to be the Yet Another Tool. Sometimes it means that we features that don’t necessarily make sense in our original context are still needed. Made us the must-have tool (painkiller) instead of just nice-to-have (vitamins)!
  • 37. Who is the customer? 37 As funny as it may seem, after you’ve spent a year coding, you still might not know who the customer is, who’s making the decisions etc. Automatic emails were a great way to extract that information. Also need to identify who’s getting the most value out of the app. Even if you have several customer segments, there’s probably one you want to focus on.
  • 38. 38 Initially didn’t want to limit the audience too much. Doing different landing pages is a good way to test expectations about the audience.
  • 39. 39 Today our customers have a face. At a pitching competition, the next guy started their pitch by saying how much they love Flowdock. :) Someone emailed telling us that there hasn’t been anything to complain about, so they hadn’t sent any feedback.
  • 40. Marketing by Engineers 40 40 My own background: technology. Turns out, marketing is great for technologists. Yes, some copywriting, but also lots of measuring, understanding the users, tracking behavior. Since we’re targeting developers, my current opinion is that everyone in the company should know how to code.
  • 41. Product Management a.k.a. The Prioritization Hell 41 So when you’ve got the attention of these wonderful people, you need to start prioritizing their feature requests.
  • 42. 42 Failed feature: keyboard shortcuts. Hard even for vim users, probably requested by one user. Surprisingly hard to implement. Doesn’t work well with some browsers. Experimentation feature, though.
  • 43. Amazing! 43 Good feature: notifications and marking them read. Facebook marks everything read automatically. Not good for important business messages. GitHub requires you to mark all notifications read explicitly. Really annoying, I always have 100+ “unread” notifications. Our solution: marking messages read when the user sees it. How Steve would do it. :)
  • 44. 1st iteration 2nd iteration 44 To create amazing products, you must not stop at the first iteration of anything. We did this several times, for example: mobile web client It’s a tempting idea to go on with the huge feature backlog, instead of going back to the old features.
  • 45. 1st iteration 2nd iteration 3rd iteration 4th iteration 5th iteration 45 Equally, UX will not always survive from several iterations. Courage to redesign.
  • 46. Throwing it away 46 Sometimes something you did a while ago is not needed anymore. We had a dashboard that really didn’t serve a purpose anymore, so we removed it entirely.
  • 47. Feature 1 x Feature 2 47 Great for testing: Features toggles. Facebook does this all the time, we just started. You don’t want to add features that are not wanted.
  • 48. Premature optimization is the root of all evil. 48 Wasted a lot of time playing with funny and really experimental databases. The best part of doing your own startup is that you get to choose the database, right? If you know Ruby on Rails and MySQL, go with that, don’t think about the scalability.
  • 49. 49 Many experts recommend to avoid bizdev partnerships early on. We got to a great position by being the only chat-based communication tool that works together with all Atlassian’s major products. Distribution makes or breaks a SaaS product. Heavy focus on partnerships wasn’t in our original plan, but it turned out to make our product much more useful. Also, it filters out users who obviously aren’t willing to pay for a SaaS product.
  • 50. 50 We’ve recently put a lot of effort to improving our API. Will be cool to see what the users will come up with. Don’t really know what business developers do, but as Paul Graham said: APIs are self- service business development. Already some mobile clients in development. Question: should we have done it earlier?
  • 51. Alex Rosen, Marten Mickos Gil Penchina IDG Ventures Mike Arrington, Naval Ravikant CrunchFund 51 We bootstrapped for quite a while. The longer you can survive without external funding, the better. Raised funding from Silicon Valley. Great for entering a foreign market.
  • 52. flowdock.com twitter.com/flowdock twitter.com/mutru otto@flowdock.com Otto Hilska, Founder & CEO 52 This is just the beginning, and I’m constantly learning new things. 6 months from now this presentation will likely be obsolete. :) Thank you for your time, let’s discuss.