The Market Opportunity

How to be wrong every day and still be right

Caelen KingCEO and Founder

The Market Opportunity

Founder & CEO of RevaHealth.comPreviously VP Product for NewBay

SoftwarePreviously Product Manager for Baltimore

Technology

Who am I?

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The Market OpportunityMost of us want to do something

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NEW

The Market OpportunityThe Emotional Rollercoaster – Stage 1

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•This is going to be great. •We just do A+B+ C and...•WE RULE THE WORLD

The Market OpportunityEmotional Rollercoaster – Stage 2

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•What was I thinking•I am so totally screwed

The Market OpportunityEmotional Rollercoaster – Stage 3

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OK

Let’s do it

Again

The Market Opportunity

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The Market Opportunity

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The Market Opportunity

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The Market Opportunity

Bounce rate went from 45% to 51%, Page view reduced by 25% worst of all Conversion rate went from 7.2% down to 2.4%. IT WAS KILLING 75% OF OUR REVENUE! After a week of counting the cost we pulled it out

and brought back the old design.

Results

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The Market Opportunity

In Baltimore I launched 5 product lines – ONE SOLD

In NewBay I launched another 5 product lines – TWO SOLD

In RevaHealth.com of the 4,000+ feature/UI changes logged in basecamp about 500 are used

We re-invent on a daily basis

Nearly Everything is Binware

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The Market Opportunity

Concentrate on your core functionality – copy everything else

Write you own documentationGet it out earlyUse it yourselfRecognise failure as a success

What to do

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The Market Opportunity

Don’t try and be 100% right Don’t pull a feature before giving it time to bed down Don’t worry about colours Don’t code for scalability Don’t add ‘nice to haves’ Don’t spend a lot of money getting expert advice

hoping that it will stop you from being wrong Don’t stubbornly insist that you got it right and the

world is wrong

What not to do

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The Market Opportunity

1. You fail because you got it wrong – this is good

2. You fail because you couldn’t be bothered – this is bad

Two Types of Failure

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