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l@missrogue | @tctotem | #startuplies
The 5 Lies That Will Kill
Your Startup Dreams
by Tara Hunt
l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
l@missrogue | @tctotem | #startuplieshttp://www.flickr.com/photos/milkyworld/3128291642/sizes/l/in/photostream/
l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
l@missrogue | @tctotem | #startuplies
the 5 lies I believed
l@missrogue | @tctotem | #startuplies
1. build
awesome stuff
+ they will come
@missrogue
case study
product:
subscription model
@missrogue
“Subscription services
are a fad.”
BEFORE
“The market isn’t big
enough.”
“We don’t invest in high
costs with low margins.”
“Women don’t need this
service.”
l@missrogue | @tctotem | #startuplies
https://www.youtube.com/watch?v=0XnzfRqkRxU
~10million views
@missrogue
“What a brilliant idea!”
AFTER
“Best tampon ad in the
history of the world.”
“What [revenue] took me
a month, I now do in an
hour.”
@missrogue
“My tiny company that had been limping along released a video. And the
video exploded...Suddenly I had a flood of orders and received an
outpouring of support in the form of emails from women and girls around
the world.”
Naama Bloom, CEO HelloFlo
l@missrogue | @tctotem | #startuplies
marketing is important
(and marketing is more than you think)
l@missrogue | @tctotem | #startuplies
the customer path to use/
purchase
l@missrogue | @tctotem | #startuplies
where is the marketing problem?
AWARENESS RESEARCH DECISION USE RE-USE REFER LOVE
Do they
know you
exist?
Can they
find you
when they
are looking?
How do you
stack up
against the
competition?
What’s the
user
experience?
How
frequently
would
people use
your product
Is there a
reason that
people
would share/
recommend?
Do your
users fall in
love?
PR, WOM,
ads
SEO, SEM Reviews
Product*,
customer
service
Usage/
demand
Sharability/
Growth
Hacking
Community
We were in
the wrong
places, not
building
relationships
with the
right people.
Our SEO
was pretty
decent, but
we didn’t
have any
budget for
SEM.
Very few
reviews.
Most people
were raving
about
Pinterest
and
Shopstyle.
Took us a
while, but
we finally
got to a
great user
experience.
Too late…
The
frequency
for
searching
for specific
fashion
items too
rare.
People did
share when
they found
and used us.
A few did.
But we
didn’t build
the
community
we should
have.
l@missrogue | @tctotem | #startuplies
2. build stuff
people need +
they will come
https://www.flickr.com/photos/ep_jhu/3308079338
l@missrogue | @tctotem | #startuplieshttp://www.flickr.com/photos/28291679@N06/4039684475/
The market is saturated with
products, apps, and services. It’s
no longer about building
something that people need. It’s
about building something that
people love. That’s really hard.
l@missrogue | @tctotem | #startuplies
product
market
l@missrogue | @tctotem | #startuplies
market research is
essential
l@missrogue | @tctotem | #startuplies
market research 101
Start with core assumptions. Here are a few:
1. a target customer (not everyone): Ours was “women
who love fashion + shop online”
2. the problem you are solving: Ours was “Shopping for
fashion is frustrating. Too much choice + not enough
personalization.”
3. knowledge of the current ‘solutions’ + why they don’t
measure up: Ours was Shopstyle + that it doesn’t account
for personal style and doesn’t include non-affilate shops
l@missrogue | @tctotem | #startuplies
http://www.talkingtohumans.com/
Talking to Humans
by Giff Constable.
BUY IT.
l@missrogue | @tctotem | #startuplies
market research 101
Now, challenge those assumptions with real research:
1. walk a day in your customer’s shoes (go through the
exercise of buying something or using something)
2. find a way to observe how people actually solve the
problem
3. ask people (strangers - not friends) who have just gone
through the exercise about their experience
http://www.talkingtohumans.com/
l@missrogue | @tctotem | #startuplies
3. you’ll figure out your
business model later
l@missrogue | @tctotem | #startuplies
how do you figure out
your business model?
l@missrogue | @tctotem | #startuplies
http://www.businessmodelgeneration.com/
l@missrogue | @tctotem | #startuplies
l@missrogue | @tctotem | #startuplies
steve blank’s edits:
l@missrogue | @tctotem | #startuplies
also:
0
250000
500000
750000
1000000
year 1 year 2 year 3 year 4
users profit
be realistic here
l@missrogue | @tctotem | #startuplies
4. press = success
l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
l@missrogue | @tctotem | #startuplies
55 articles about
Buyosphere in major
publications.
traffic generated?
(negligible - don’t believe the hype)
l@missrogue | @tctotem | #startuplies
5. raising money
= success
https://www.flickr.com/photos/togawanderings/5899676716
l@missrogue | @tctotem | #startuplies
raising money was
our biggest downfall.
l@missrogue | @tctotem | #startuplies
$$ stole our focus
https://www.flickr.com/photos/chicanerii/4410122852
l@missrogue | @tctotem | #startuplies
l@missrogue | @tctotem | #startuplies
$$ made us lazy
l@missrogue | @tctotem | #startuplies
l@missrogue | @tctotem | #startuplies
$$ took us off track
l@missrogue | @tctotem | #startuplies
l@missrogue | @tctotem | #startuplies
we weren’t
entrepreneurs. we were
fundraisers.
(and we aren’t alone)
l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplieshttps://www.flickr.com/photos/kylaborg/9639740284
l@missrogue | @tctotem | #startuplies
entrepreneurialism is
heartbreaking.
l@missrogue | @tctotem | #startuplies
entrepreneurialism is
exhausting.
l@missrogue | @tctotem | #startuplies
entrepreneurialism is
hard work.
l@missrogue | @tctotem | #startuplies
entrepreneurialism is
NOT heroic.
l@missrogue | @tctotem | #startuplies
entrepreneurialism is
about making.
l@missrogue | @tctotem | #startuplies
entrepreneurialism is
about solving.
l@missrogue | @tctotem | #startuplies
entrepreneurialism is
about growing.
l@missrogue | @tctotem | #startuplies
entrepreneurialism is
ultimately rewarding.
(if you are doing it right)
l@missrogue | @tctotem | #startuplies
don’t fall for the lies.
l@missrogue | @tctotem | #startuplies
l@missrogue | @tctotem | #startuplies
make your own path
l@missrogue | @tctotem | #startuplieshttps://www.flickr.com/photos/mlinksva/4086886707
l@missrogue | @tctotem | #startuplies
thank you!
Tara Hunt
Director, Audience Development
Entrepreneur-forever
tara@tarahunt.com
tara.hunt@totem.tc
tarahunt.com / totem.tc
@missrogue
l

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The Five Lies That Will Kill Your Startup Dreams

  • 1. l@missrogue | @tctotem | #startuplies The 5 Lies That Will Kill Your Startup Dreams by Tara Hunt
  • 2. l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
  • 3. l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
  • 4. l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
  • 5. l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
  • 6. l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
  • 7. l@missrogue | @tctotem | #startuplieshttp://www.flickr.com/photos/milkyworld/3128291642/sizes/l/in/photostream/
  • 8. l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
  • 9. l@missrogue | @tctotem | #startuplies the 5 lies I believed
  • 10. l@missrogue | @tctotem | #startuplies 1. build awesome stuff + they will come
  • 12. @missrogue “Subscription services are a fad.” BEFORE “The market isn’t big enough.” “We don’t invest in high costs with low margins.” “Women don’t need this service.”
  • 13. l@missrogue | @tctotem | #startuplies https://www.youtube.com/watch?v=0XnzfRqkRxU ~10million views
  • 14. @missrogue “What a brilliant idea!” AFTER “Best tampon ad in the history of the world.” “What [revenue] took me a month, I now do in an hour.”
  • 15. @missrogue “My tiny company that had been limping along released a video. And the video exploded...Suddenly I had a flood of orders and received an outpouring of support in the form of emails from women and girls around the world.” Naama Bloom, CEO HelloFlo
  • 16. l@missrogue | @tctotem | #startuplies marketing is important (and marketing is more than you think)
  • 17. l@missrogue | @tctotem | #startuplies the customer path to use/ purchase
  • 18. l@missrogue | @tctotem | #startuplies where is the marketing problem? AWARENESS RESEARCH DECISION USE RE-USE REFER LOVE Do they know you exist? Can they find you when they are looking? How do you stack up against the competition? What’s the user experience? How frequently would people use your product Is there a reason that people would share/ recommend? Do your users fall in love? PR, WOM, ads SEO, SEM Reviews Product*, customer service Usage/ demand Sharability/ Growth Hacking Community We were in the wrong places, not building relationships with the right people. Our SEO was pretty decent, but we didn’t have any budget for SEM. Very few reviews. Most people were raving about Pinterest and Shopstyle. Took us a while, but we finally got to a great user experience. Too late… The frequency for searching for specific fashion items too rare. People did share when they found and used us. A few did. But we didn’t build the community we should have.
  • 19. l@missrogue | @tctotem | #startuplies 2. build stuff people need + they will come https://www.flickr.com/photos/ep_jhu/3308079338
  • 20. l@missrogue | @tctotem | #startuplieshttp://www.flickr.com/photos/28291679@N06/4039684475/ The market is saturated with products, apps, and services. It’s no longer about building something that people need. It’s about building something that people love. That’s really hard.
  • 21. l@missrogue | @tctotem | #startuplies product market
  • 22. l@missrogue | @tctotem | #startuplies market research is essential
  • 23. l@missrogue | @tctotem | #startuplies market research 101 Start with core assumptions. Here are a few: 1. a target customer (not everyone): Ours was “women who love fashion + shop online” 2. the problem you are solving: Ours was “Shopping for fashion is frustrating. Too much choice + not enough personalization.” 3. knowledge of the current ‘solutions’ + why they don’t measure up: Ours was Shopstyle + that it doesn’t account for personal style and doesn’t include non-affilate shops
  • 24. l@missrogue | @tctotem | #startuplies http://www.talkingtohumans.com/ Talking to Humans by Giff Constable. BUY IT.
  • 25. l@missrogue | @tctotem | #startuplies market research 101 Now, challenge those assumptions with real research: 1. walk a day in your customer’s shoes (go through the exercise of buying something or using something) 2. find a way to observe how people actually solve the problem 3. ask people (strangers - not friends) who have just gone through the exercise about their experience http://www.talkingtohumans.com/
  • 26. l@missrogue | @tctotem | #startuplies 3. you’ll figure out your business model later
  • 27. l@missrogue | @tctotem | #startuplies how do you figure out your business model?
  • 28. l@missrogue | @tctotem | #startuplies http://www.businessmodelgeneration.com/
  • 29. l@missrogue | @tctotem | #startuplies
  • 30. l@missrogue | @tctotem | #startuplies steve blank’s edits:
  • 31. l@missrogue | @tctotem | #startuplies also: 0 250000 500000 750000 1000000 year 1 year 2 year 3 year 4 users profit be realistic here
  • 32. l@missrogue | @tctotem | #startuplies 4. press = success
  • 33. l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
  • 34. l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
  • 35. l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplies
  • 36. l@missrogue | @tctotem | #startuplies 55 articles about Buyosphere in major publications. traffic generated? (negligible - don’t believe the hype)
  • 37. l@missrogue | @tctotem | #startuplies 5. raising money = success https://www.flickr.com/photos/togawanderings/5899676716
  • 38. l@missrogue | @tctotem | #startuplies raising money was our biggest downfall.
  • 39. l@missrogue | @tctotem | #startuplies $$ stole our focus https://www.flickr.com/photos/chicanerii/4410122852 l@missrogue | @tctotem | #startuplies
  • 40. l@missrogue | @tctotem | #startuplies $$ made us lazy l@missrogue | @tctotem | #startuplies
  • 41. l@missrogue | @tctotem | #startuplies $$ took us off track l@missrogue | @tctotem | #startuplies
  • 42. l@missrogue | @tctotem | #startuplies we weren’t entrepreneurs. we were fundraisers. (and we aren’t alone)
  • 43. l@missrogue | @tctotem | #startuplies l@missrogue | @tctotem | #startuplieshttps://www.flickr.com/photos/kylaborg/9639740284
  • 44. l@missrogue | @tctotem | #startuplies entrepreneurialism is heartbreaking.
  • 45. l@missrogue | @tctotem | #startuplies entrepreneurialism is exhausting.
  • 46. l@missrogue | @tctotem | #startuplies entrepreneurialism is hard work.
  • 47. l@missrogue | @tctotem | #startuplies entrepreneurialism is NOT heroic.
  • 48. l@missrogue | @tctotem | #startuplies entrepreneurialism is about making.
  • 49. l@missrogue | @tctotem | #startuplies entrepreneurialism is about solving.
  • 50. l@missrogue | @tctotem | #startuplies entrepreneurialism is about growing.
  • 51. l@missrogue | @tctotem | #startuplies entrepreneurialism is ultimately rewarding. (if you are doing it right)
  • 52. l@missrogue | @tctotem | #startuplies don’t fall for the lies. l@missrogue | @tctotem | #startuplies
  • 53. l@missrogue | @tctotem | #startuplies make your own path l@missrogue | @tctotem | #startuplieshttps://www.flickr.com/photos/mlinksva/4086886707
  • 54. l@missrogue | @tctotem | #startuplies thank you! Tara Hunt Director, Audience Development Entrepreneur-forever tara@tarahunt.com tara.hunt@totem.tc tarahunt.com / totem.tc @missrogue l