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The Lean Startup

The Lean Startup

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  • The Lean Startup

  • Who I am

  • case study of lean startup at work

  • qeryz

  • I started qeryz april 2014

  • It was fully bootstrapped

  • I didnt really have a lot of money to burn in the runway

  • I only had 1 year to build a profitable software company

  • So we started with the leap-of-faith assumption

  • People are willing to pay for a microsurvey but not at the existing price

  • Our main competitor was charging $79/mo with a 3-month minimum lock-in

  • There was no alternative during the time

  • Our value hypothesis

  • if we get the pricing model to become value-for-money, we can be profitable in a year

  • This is our initial pricing model

  • The main difference is that we have a free forever plan and our most expensive plan is $79/mo

  • Granted, we did not have a lot of integrations and features but it did one thing right

  • Gather customer feedback

  • Our growth hypothesis

  • We have a natural engine of growth so long as users are running our product

  • This is how our product looks like

  • Notice how we have a powered by qeryz link at the bottom part of the microsurvey

  • Thats our main source of traffic and user acquisition

  • After we set our leap-of-faith assumptions in stone

  • we went ahead and built the mvp

  • This is how it looked like

  • During the time we had minimal traffic

  • We would have mostly 0 1 signups per day

  • Most of them were not able to use the product and reap the benefit

  • But for those who did, they were able to let us know their experience

  • They told us the difficulty of signing up

  • The difficulty of getting the software to work

  • And a lot more

  • From what we learned, we set measurements

  • We measured signups per day so we can measure successful users

  • Successful users are people who were able to activate the benefit of the software for themselves

  • Based on those measurements, We learned how to increase the success rate of our users

  • we made tweaks based on the things we learned

  • We added an explainer video

  • That increased our visitors-to-users signup rate by 84.95%

  • We added a signup form in the homepage

  • That increased our visitors-to-users signup rate by 21.02%

  • We added a 4-step user onboarding process

  • That increased our user success rate by over 600% in 4 months

  • We reduced all friction in our user onboarding process

  • We did a lot more experiments using the build-measure-learn loop

  • Here is how our homepages have changed

  • And it will change again

  • We started making money 8 months after starting - dec 2014

  • Its a slow climb but you could see the gradual improvement in our MRR

  • In our first year, we missed turning profitable

  • Our value hypothesis was mistaken

  • So we made a pivot

  • we cut expenses, changed our pricing model and introduced an annual subscription plan

  • We introduced behavioral email triggers to encourage people to upgrade

  • We lowered the free forever plans monthly responses from 200 to just 50

  • We re-prioritized feature development and put bug squishing as top priority

  • We improved our growth model to include viral display ad re-targeting

  • Qeryz turned 2 on april 2016

  • Because of our lean operation and continuous learning

  • we have already reached profitability

  • We were a 6-man startup company

  • We are still a 6-man startup company

  • The point is: we are as lean as possible but we are serving thousands of users

  • Ive burned a considerable sum in the runway

  • But I learned a lot and weve built a solid product

  • My contact details

  • Thank you very much!