beyond the early adopter - product lifecycle growth
TRANSCRIPT
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Beyond The Early Adopter
@craigstrong@LeanPLC
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● Approx 40,000 employees worldwide
● Institutional sales & print background
● The world’s largest publisher and education company
● Operates in over 80+ countries
● Growth through acquisition
● 170 years old
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Product Lifecycle
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Product Age Young Mature
Status Before Market-Fit After Market-Fit
Focus Searching for a Business Model Executing Against Business Models
Duration Days Weeks Months <1 Year Years
MetricsCustomer Discovery, Innovation Accounting, Lean Analytics, Pirate Metrics Revenues, Profit-Margins, ROI, IRR, NPV
Product Lifecycle
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A Nonlinear Process
Learn Build
Measure
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Search and Execution are different
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Early Adopters / Early Majority
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https://flic.kr/p/cZEh9J
NOT EVERYBODY IS YOUR CUSTOMER!
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https://flic.kr/p/cZEh9J
Strategy Is Key!
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Idea Explore Validate Grow Sustain
Geoffrey Moore’s ‘Crossing the Chasm’ diagramCirca 1991
Smallerchasm
Innovators Early Adopters
Early Majority
Late Majority
Laggards
The Big Scary Chasm
in Question
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Customer(Early Adopter)
Market(Early Majority)
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Product Lifecycle
Status MVP Scaling
Focus Early Adopters Early Majority, Late Majority, Laggards
Duration Days Weeks Months Years
MetricsCustomer Discovery, Innovation Accounting, Lean Analytics, Pirate Metrics Revenues, Profit-Margins, ROI, IRR, NPV
Scale NO YES
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Beyond The MVP
MVP
Early Adopters
Early Majority
HigherProduct Expectations
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Recognise Differences To Satisfy Needs
Learn Build
Measure
Growth Is An Assumption
New Market = New Geography or Customer Cohort
Negative/Positive change
New Product/Feature =
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Customers Trump New Leads
?https://flic.kr/p/k7xw5y
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https://flic.kr/p/c1oRoG
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Early Majority Non-Scaleable Interactions
https://flic.kr/p/5ueUT6
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Recognise Traction And Opportunities
https://flic.kr/p/56Ui5
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QuarterlyHypotheses
Product Metrics
Political Economic Social Technological Legal Environmental
Strategic Growth
Hypotheses
Political
Economic
Social
Technological
Legal
Environmental
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Short Term Performance
Long Term Growth
● NPS/CSAT/Ratings ● Acquisition ● Activation● Retention● Revenue● Referral● Refunds● Engagement Metrics● Support ● LTV● Growth capability/performance
(technology)● Learnings!● More +
● NPV● IRR● Market Share ● ROI● LTV● Competitors● Learnings !● More +
Learning As You Grow
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https://flic.kr/p/4NhZT8
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https://flic.kr/p/yVfd4Y
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Know Your Growth Engine
1. Paid
2. Sticky
3. Viral
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Sticky - Cost Of Switching Is High
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Sticky - Cost Of Switching Is High
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Adding New Features? Is this increasing Stickiness?
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Stay Connected
5-10xMORE
It costs 5-10x more to acquire a new customer than retain an existing one.
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Beyond Early Adopters
1. Be clear who your customers are/aren’t2. Growth is an assumption, but you need a
strategy 3. Early Majority want more than a just a product4. Data is King! It’s all Relative5. Customers Trump New Leads
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Thank You
@craigstrong@LeanPLC