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The Lean Startup
Qeryz, founded in April 2014 as a lean startup, focused on providing a microsurvey product with a value-for-money pricing model, which included a free plan and a competitive $79/mo plan. Over time, the team learned from user feedback, implemented numerous improvements in user onboarding, and adjusted their pricing model after realizing their initial value hypothesis was flawed. They achieved profitability by April 2016 through careful cost management and iterative product development, remaining a small team while serving a growing user base.
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Introduction to the Lean Startup methodology and the speaker's personal introduction.
Details on starting Qeryz in April 2014 as a bootstrapped software company with a one-year profit goal.
Initial assumptions about customer willingness to pay and competitor pricing models informing the pricing strategy.
Formulation of a value hypothesis focusing on a more affordable pricing model with a comparison to competitors.
The growth hypothesis centered around product use leading to organic growth, alongside a product overview.
Building the MVP, user signup challenges, and results of implementing changes based on user feedback.
Adapting the business after initial setbacks, including changing pricing, improving successful user outcomes, and achieving profitability.
Maintaining lean operations while serving a growing user base and reflecting on learning experiences.
Thanking the audience and providing personal contact information for follow-up.
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The Lean Startup
- 1.
- 2.
- 8. case study oflean startup at work
- 9.
- 10. I started qeryzapril 2014
- 11. It was fullybootstrapped
- 12. I didn’t reallyhave a lot of money to burn in the runway
- 13. I only had1 year to build a profitable software company
- 14. So we startedwith the leap-of-faith assumption
- 15. People are willingto pay for a microsurvey but not at the existing price
- 16. Our main competitorwas charging $79/mo with a 3-month minimum lock-in
- 17. There was noalternative during the time
- 18.
- 19. if we getthe pricing model to become value- for-money, we can be profitable in a year
- 20. This is ourinitial pricing model
- 22. The main differenceis that we have a free forever plan and our most expensive plan is $79/mo
- 23. Granted, we didnot have a lot of integrations and features but it did one thing right
- 24.
- 25.
- 26. We have anatural engine of growth so long as users are running our product
- 27. This is howour product looks like
- 28. Notice how wehave a ‘powered by qeryz’ link at the bottom part of the microsurvey
- 29. That’s our mainsource of traffic and user acquisition
- 30. After we setour leap-of-faith assumptions in stone
- 31. we went aheadand built the mvp
- 32. This is howit looked like
- 33. During the timewe had minimal traffic
- 34. We would havemostly 0 – 1 signups per day
- 35. Most of themwere not able to use the product and reap the benefit
- 36. But for thosewho did, they were able to let us know their experience
- 37. They told usthe difficulty of signing up
- 38. The difficulty ofgetting the software to work
- 39. And a lotmore
- 40. From what welearned, we set measurements
- 41. We measured signupsper day so we can measure successful users
- 42. Successful users arepeople who were able to activate the benefit of the software for themselves
- 43. Based on thosemeasurements, We learned how to increase the success rate of our users
- 44. we made tweaksbased on the things we learned
- 45. We added anexplainer video
- 46. That increased ourvisitors-to-users signup rate by 84.95%
- 47. We added asignup form in the homepage
- 48. That increased ourvisitors-to-users signup rate by 21.02%
- 49. We added a4-step user onboarding process
- 50. That increased ouruser success rate by over 600% in 4 months
- 51. We reduced allfriction in our user onboarding process
- 52. We did alot more experiments using the build- measure-learn loop
- 53. Here is howour homepages have changed
- 54. And it willchange again
- 55. We started makingmoney 8 months after starting - dec 2014
- 56. It’s a slowclimb but you could see the gradual improvement in our MRR
- 57. In our firstyear, we missed turning profitable
- 58. Our value hypothesiswas mistaken
- 59. So we madea pivot
- 60. we cut expenses,changed our pricing model and introduced an annual subscription plan
- 61. We introduced behavioralemail triggers to encourage people to upgrade
- 62. We lowered thefree forever plan’s monthly responses from 200 to just 50
- 63. We re-prioritized featuredevelopment and put bug squishing as top priority
- 64. We improved ourgrowth model to include viral display ad re-targeting
- 65. Qeryz turned 2on april 2016
- 66. Because of ourlean operation and continuous learning
- 67. we have alreadyreached profitability
- 68. We were a6-man startup company
- 69. We are stilla 6-man startup company
- 70. The point is:we are as lean as possible but we are serving thousands of users
- 71. I’ve burned aconsiderable sum in the runway
- 72. But I learneda lot and we’ve built a solid product
- 73.
- 74. Thank you verymuch!