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Fake Doors - How to Test Product Ideas Quickly - Hustlecon 2013
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Transcript of Fake Doors - How to Test Product Ideas Quickly - Hustlecon 2013
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FAKE DOOR TESTING How to Test Product Ideas Quickly
Jess Lee, CEO & Co-founder, Polyvore
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Jess Lee HONG KONG /
STANFORD CS 2004 /
GOOGLE MAPS PM /
POLYVORE CEO /
DRAWING / BACON /
SCI FI & ACTION MOVIES /
jessyoko.com @jesskah jess.polyvore.com
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The Evolution of Shopping INFORMATION
SPECS / FACTUAL REVIEWS / PRICE INSPIRATION
TASTE / TRENDS / ASPIRATION
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Mix & match products you love • Shop looks created by tastemakers
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POLYVORE.COM
POLYVORE APP
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The Great Startup Rollercoaster
TIME
EFFO
RT
/ A
NX
IETY
1ST HIRE
FUNDRAISING FIRST N USERS
PRODUCT-MARKET FIT
LIKELIHOOD OF HEAVY DRINKING
SOURCE: HTTP://BLOG.ELADGIL.COM/2010/09/ARE-YOU-ALCOHOLIC-YET-OR-GREAT-STARTUP.HTML
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Product-Market Fit Being in a good market with a product that can satisfy that market
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Market Whose problem are you trying to solve? How many people have this problem?
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Product What solution will best serve this market?
How can I build this solution?
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Ask friends / family
CONVENTIONAL WISDOM
Talk to Users
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Ask Industry Experts / Entrepreneurs / VCs
CONVENTIONAL WISDOM
Talk to Users
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THE UNFORTUNATE TRUTH
People are bad at predicting what they want
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People are good at reacting to things that exist
THE SAVING GRACE
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THE ONLY SOLUTION
Build & test it quickly
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HOW TO BUILD & TEST QUICKLY
Fake Door Testing
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Only build the important bits. Fake the rest. Test on real users.
HOW TO BUILD & TEST QUICKLY
Fake Door Testing
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EXAMPLE #1
App Notifications
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EXAMPLE #2
Universal Shopping Cart
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EXAMPLE #3
App Internationalization
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EXAMPLE #4
Outfit Sales
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List key assumptions
Identify the biggest unknowns
Build the unknowns, fake the rest
Measure your success
Steps for Fake Doors
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• People will buy more items if they get a bigger discount
• We can establish partnerships with retailers for this idea
List Key Assumptions IDEA: Shop user-generated outfits and get a sliding discount based on the # of items you buy
• People are interested in shopping outfits
• We can scalably create outfits with products from partners
ASSUMPTIONS:
• We can handle payment, fulfillment, shipping, returns
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Identify Biggest Unknowns
• We can establish partnerships with retailers for this idea
• We can scalably create outfits with products from partners
• People will buy more items if they get a bigger discount
• People are interested in shopping outfits
BIGGEST UNKNOWNS:
• We can handle payment, fulfillment, shipping, returns
SEEMS LIKE A SOLVABLE PROBLEM:
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• We can establish partnerships with retailers for this idea
• We can scalably create outfits with products from partners
• People will buy more items if they get a bigger discount
• People are interested in shopping outfits
BIGGEST UNKNOWNS:
• We can handle payment, fulfillment, shipping, returns
SEEMS LIKE A SOLVABLE PROBLEM:
Build the Unknowns, Fake the Rest
Build outfit sale UI
Handle shipping ourselves
Show it to real users
Fake the partners
Make the outfits ourselves
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Build outfit sales UI
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Show it to users
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Fake the Partners
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Make the outfits ourselves
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Handle shipping, fulfillment, returns ourselves
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Measure Your Success RESULTS AFTER 3 MONTHS, 63 OUTFITS, $3722.16: • 1.89% conversion rate
• 2.93% checkout rate
• 2.32 items / order
• 21% return rate
LESSONS LEARNED
• People will buy more if the discount goes up
• Our checkout flow with Amazon Payments is terrible
• Needs further improvements to be highly profitable
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Need to be tolerant of failure
Define clear metrics & constraints
Don’t betray your users’ trust
Not a replacement for ideation
Tips for Fake Doors
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Tolerance for Failure
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Clear Metrics & Constraints
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Don’t Betray Users’ Trust
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Not a Replacement for Ideation
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Thank You!