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Startup Monetization in the Trenches
1. MONETIZATION IN THE
TRENCHES
Metrics, tips and tricks for making money with software
2. ABOUT ME
â˘I donât smoke a pipe.
â˘Founder and CEO of RescueTime
â˘Founded and sold a recruiting software startup
â˘Founded and sold a 20ish person web
consultancy in Anchorage, Alaska
contact:
@webwright (Twitter)
tony@rescuetime.com (Email)
tonywright.com (interweb site)
3. ABOUT RESCUETIME
â˘Helps people get more productive by:
â˘showing individuals and businesses exactly how
they spend their time and attention (with no
data entry!)
â˘Giving people tools to focus better including
ânudgesâ or actual blocking of sites under certain
conditions.
â˘Feature Iâm most excited about: âFocus Buttonâ
more info:
www.rescuetime.com
team@rescuetime.com
4. TWO TRUTHS
#1: There are virtually no examples of software that people
really really love going out of business.
#2: The most amazing businesses have a great story about how
they make money.
13. âSKINNY PARTS WITH BIG
OPPORTUNITIESâ
â˘Find the part of your funnel that gets skinny
â˘Take a guess at how âlow hangingâ the fruit is
â˘Goal is maximizing the ratio of time/$ investment and how
how much it improves the output
â˘When in doubt, aim low on the funnel
20. BUY A SUPERBOWL AD
â˘Huge 1-time shot in the arm for trafďŹc
â˘Monsterous credibility boost
â˘Big acquisition boost moves down the funnel and
helps all of your metrics
Short Term Result: Big win (100,000 new
customers when you normally only get 1,000 per
month)
Long Term Result: Back down to about
5,000 next month and 1,200 the month after that.
21. HIGH LEVERAGE EXAMPLE
What one thing could you improve thatâd have the biggest effect
on proďŹt for the longest period of time?
22. BUMP RETENTION
FROM 80% TO 90%
â˘No meaningful revenue impact that month.
Short Term Result: Meh. You retain 900 of
your customers that month instead of 800.
Long Term Result: After 1 year, 282 of the
1,000 are still around instead of 68. So a 300%
revenue increase for that cohort!
(and itâs a gift that keeps on giving)
24. EVANGELISM &
HAPPY CUSTOMERS
â˘Make your product really freakinâ good. Give WAY more value
than you ask for.
â˘Make your product FEEL really freakinâ good.
â˘Make sharing/talking about your product an implicit part of the
experience
â˘If people start evangelizing on their own, build features that
help them do it!
â˘Reward evangelism (with love/thanks/recognition)
â˘Build features from customer requests
â˘Great support (Zappos, Wufoo)
â˘Other ideas?
25. 1ST CYCLE
RETENTION
â˘Great new user experience - youâve only got a minute
or two to hook them
â˘Nag/survey on abandons - âHey, we noticed that you
didnât get up and running... What did we miss? Here are a few
links to help you out!â
â˘Checklists - Give users a list of things to check off to get
oriented.
â˘Any other ideas?
26. PEOPLE âGET ITâ, TAKE
ACTION, & PURCHASE
⢠Beware the âcurse of knowledgeâ - the more you grok your
product, the worse you are at explaining it.
⢠Action/Signup isnât about ease. Itâs the ratio of how much they care to how
easy it is. Make them care more!
⢠Minimize steps to signup - less screens, less form ďŹelds
⢠Donât sweat fraud - fewer ďŹelds means higher credit card transaction
costs, but itâs worth it.
⢠Minimize Customer Risk with clear pricing, free trials, demos,
screencasts
⢠Sell BeneďŹts not features.
⢠Show, donât tell.
⢠Credibility (design, writing, clear contact info, press coverage)
⢠Social Proof - show that other people use/love it
⢠BABB - Big ass beveled buttons. Everywhere. With drop shadows.
⢠Any other ideas?
27. ACQUISITION
⢠Get enough users to experiment but âsolveâ the bottom of the
funnel if you have the luxury to do so.
⢠SEO - itâs slow to build value, but SEO is truly a gift that gives forever.
⢠Donât chase PR - focus on being worth talking about. Empathize with
reporters/bloggers and give them a story that rocks.
⢠Viral wins, but donât staple it on - âtell a friendâ links donât work if
people donât think youâre awesome.
⢠Word-of-mouth is not a marketing strategy. Seriously.
⢠Donât buy eyeballs unless your conversion and retention are solid.
⢠After TechCrunch comes the trough of sorrow. Worth it for
SEO, but converts poorly. See âdonât chase PR!â
⢠Any other ideas?