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The Proven Step-by-Step Guide for Building Ventures
By Martin Bell
THE 100 TASK PLAYBOOK
2
SETUP
LAUNCH
SCALE
Copyright © 2019 Bell Ventures GmbH. All rights reserved. For private and single use only.
Navigate Using Daily, Weekly, & Monthly Reports
Navigate venture based on KPI reporting to make timely and informed decisions
• Function: Business
• Responsibility: Startup only
• Start Week: 15
• End Week: 15
• Sub-Stage: Learn from Data
S C A L E
Cockpit
Example Daily Report
Validate the accuracy and
completeness of data
1. Complete Data Sanity Check
Analyze the data to extract relevant
insights you can act upon
2. Measure Performance
Use insights to make timely
decisions and meet target KPIs
3. Create Action List
Navigation Process

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We know that a product is viable when User, Product and Business aspects are equally represented. But when we look at existing metrics frameworks we see that most focus on isolated parts of the triad. The Full Loop Analytics framework, is a new metrics framework that provides a holistic view of the performance of a product by looking at its 3 key dimensions: user, product and business. This way of looking at metrics takes organizations out of a fragmented vision and moves them into a holistic one. In other words, this framework takes organizations from output to outcome focused product metrics.

analytics frameworkbusiness analyticsbusiness metrics
Copyright © 2019 Bell Ventures GmbH. All rights reserved. For private and single use only.
Analyze Customer Engagement with Product
Learn from customer data and pivot (if necessary) to achieve product-market fit
• Function: Product & Tech
• Responsibility: Startup only
• Start Week: 15
• End Week: 16
• Sub-Stage: Learn from Data
S C A L E
Cockpit
AARRR Framework Product Releases (Conversion %)
Description Metrics (examples) v1.0 v1.1 v2.0
Acquisition How do people find you? Downloads, Website Visits 13% 25% 36%
Activation
Do users engage with the
product?
Registrations, Session Length 20% 44% 70%
Revenue Do users pay for the product? ARPA, CLV - 11% 23%
Retention Do users come back? MAU, Churn, Cohorts - 10% 7%
Referral Do users tell others? Referrals, Reviews, NPS - - 15%
Sources: How and When to pivot by David Binetti; Startup Metrics for Pirates by Dave McClure
How to Pivot?
Track Performance Across Channels
Customer Engagement Data
Product Business Model
Use data gathered from iteration cycles
to adjust components of the model (see
#1-5 below). Run the cycle again –
continue to improve conversion in the
AARRR funnel stages.
1. Problem
2. Solution
3. Customer
4. Value
5. Distribution
Customer
Discovery
Customer
Validation
Each iteration is a cycle of setting
and validating hypotheses about
the product or business model
Use the data to measure
conversion rates within AARRR
funnel and change the model
accordingly
Remember to only test a single
hypothesis per cycle, as many will
hinder specific measurements
Pivot
Customer
Creation
Company
Building
Iteration Execution
Scale organization and operations
Copyright © 2019 Bell Ventures GmbH. All rights reserved. For private and single use only.
Finalize Name
Finalize name after trademark/registration & domain checks
• Function: Business
• Responsibility: Corporate + Startup
• Start Week: 10
• End Week: 10
• Sub-Stage: Build Functions
L A U N C H
Cockpit
Customer Discovery aims to identify your first
customers
2
International Check: Test the suitable names
regionally with native speakers in your target
markets to avoid negative connotations
3
Domain Check: Test the availability of domains
in target markets. Use services like united
domains (website) and App Annie (mobile apps)
4
Trademark Check: For trademark check, use
Google research and keyword research by your
SEO team using tools like Markify and TMView
5 Final Vote: Decide on one of the eligible names
1
Brainstorm Names: Brainstorm names and
come up with your own criteria or guidelines
(see best practices on the right for examples)
6
Register Patent & Buy Domain: For the final
name, register all domains worldwide (~130)
and assign a patent lawyer to patent the name
Best practices
Names should
ü Be sophisticated, edgy,
original
ü Not follow current
trends (e.g. “-ify”, “-24”)
ü Be phonetic
ü Have 3 syllables max.
ü Not be similar to
competitors
Copyright © 2019 Bell Ventures GmbH. All rights reserved. For private and single use only.
Improve Management of Sales Funnel
Re-design sales funnel gates and actions on each phase based on conversion
performance at each gate
• Function: Sales & Marketing
• Responsibility: Startup only
• Start Week: 17
• End Week: 17
• Sub-Stage: Optimize Functions
S C A L E
Cockpit
Sales Funnel Analysis
2. Marketing Leads
1. Potential Leads
3. Sales Leads
4. Sales Process
5. Deals
900
420
175
40
12
1
Map customer journey: understand
user actions at each stage of the funnel
Sales Funnel Optimization
4
Run split tests: conduct various tests
and measure the impact on
conversions
2
Set up funnel goals: define the goals of
your funnel to determine benchmarks
3
Set-up funnel analytics: quantify user
behavior to measure conversion rates
Implement Lead Scoring
Sources: Funnel Analysis by Freshmarketer; Google Analytics Conversion Funnel by Neil Patel; Scaling sales by Mark Suster
1%
4%
19%
46%
Bottleneck Check: Look for areas with the
most amount of drops
Time Delay Check: Find funnel steps with
the biggest delay to the next step
User Segmentation: Segment leads to
reveal which group converts the best
Sales Velocity
Sales Velocity measures how fast you are
generating revenue. It captures the important
funnel metrics to assess sales performance.
Potential Leads x
Conversion = Velocity
[
]
Average Deal Value x
/ Sales Cycle
Segment users to understand who
are the high-intent buyers and
allocate your sales resources there.
A deals B deals C deals
Expected to close in:
3 months 3-12 months 12+ months
Allocation of resources:
75% 25% 0%
Nurture with marketing activities
B2B Sales Example
Copyright © 2019 Bell Ventures GmbH. All rights reserved. For private and single use only.
Secure External Investment
Bring in investment professionals from corporate to ready venture for external
funding, prepare sales pitch and identify the right co-investors
• Function: Business
• Responsibility: Corporate + Startup
• Start Week: 18
• End Week: 18
• Sub-Stage: Optimize Functions
S C A L E
Cockpit
Types of Early Stage Funding
Typical Investment Process
Business Angel Accelerator Venture Capital Grants & Subsidies Crowdfunding
Suitable for Scalable
companies in
growing
markets
Technology
companies
Technology
companies with
scalable business
models
Research heavy
projects with
scientific
background
Consumer
oriented
products and
services
Investment Size <100.000 <50.000 < 1.000.000 < 100.000 < 500.000
Dilution Medium / High None / Low High None / Low None
Strategic Support Medium High High Low Low
Speed to Funding 1 – 3 months 1 – 3 months 3 – 6 months 6 – 9 months 3 – 6 months
Go for if you
need
Cash & Support Support Cash & Support Cash Cash
Define Investment Size
1st Meeting 2nd Meeting Business DD* Term Sheet Tax, Legal, Tech DD* Signing
Make sure to raise enough funding
that will allow you to achieve crucial
milestones in your roadmap
Key Milestones Date From Now
1. Product release Nov-18 4 months
2. Launch in France Feb-19 7 months
3. Acquire 10k users May-19 10 months
Investment Size* € 250.000
Time Till Milestone x Monthly Burn (in €)
Investment Size
=
*assuming a company is burning €25.000 monthly
*DD = Due Diligence
Likelihood of investment >80%

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Copyright © 2019 Bell Ventures GmbH. All rights reserved. For private and single use only.
• CLV:CAC Ratio 3:1
• Churn Rate <3% monthly
• CAC Payback <12 months
Optimize CAC vs. CLV
Create bottom-line focused culture and make decisions based on CAC vs CLV
data from Sales & Marketing and Operations
• Function: Business
• Responsibility: Startup only
• Start Week: 17
• End Week: 18
• Sub-Stage: Optimize Functions
S C A L E
Cockpit
Important Metrics
Customer Acquisition Cost (CAC) – how much
does it cost to acquire a customer?
Customer Lifetime Value (CLV) – how much
money does a customer bring over the
lifetime?
CLV:CAC Ratio – what is the relative value of a
customer?
CAC Payback
CAC, CLV & Payback
Total acquisition costs* /
# of customers
acquired
= CAC
Monthly revenue x Gross profit (%)
# of lifetime
months*
x
= CLV
CLV / = CLV:CAC Ratio
CAC
LTV
Churn
Upsell
Cross-Sell
Optimize CLV:CAC Ratio
Benchmarks
• Recurring revenue
• Scalable pricing
• Cross Sell/Upsell
• Loyalty programs
• Customer relationship
management
• Marketing automation
• Customer referrals
• Content curation
• Inbound marketing
• Strategic partnerships
Reduce CAC Increase CLV
CLV
*# months lifetime = 1 / (avg. (%) monthly churn rate)
*Including salaries for sales & marketing employees
Sources: CAC and CLTV by RedGranite; How to increase CLV by Shopify; Cohort analysis by Andrew Chen
Churn Rate & Cohort Analysis
Start
Month
New
Customers 1 2 3 4
Jan 19 90 2% 10% 17% 35%
Feb 19 120 5% 19% 27%
Mar 19 86 1% 8%
Apr 19 97 1%
% of customers retained in month
Churn Rate measures how many customers you
are losing over a certain period of time (cohorts)
Mar 19 Cohort
10
Uncover the Secrets of Company-Building
by Discovering Popular Tasks such as:
Transfer Proven Business Models to Ecosystems of the Future
Design Operating Model
Implement Starter Kits
Kick Off Hiring Roadmap
Focus on Cross-Channel Marketing Mix that Works
Enhance UI/UX According to Usability Tests
Dig Deeper Using Ad-Hoc Reports for Each Function
Groom & Prioritize Product Roadmap
Create Self-Explanatory Internationalization Blueprint
Boost Tech Stack’s Scalability, Availability, Speed & Security
And many more…
11
About the Author
Martin Bell is a thought leader and keynote speaker on the topic of company building and
the founder & CEO of Bell Ventures.
§ Author of The 100 Task Playbook
§ Before founding Bell Ventures, he helped build 50+ companies, incl. Zalando,
Foodora, Delivery Hero, and several others, at Rocket Internet and worked in
various functions in startups from day 1 to IPO
§ Martin is a Wharton MBA / Harvard MPA
> He was the chief architect of Rocket Internet’s famous 100 day launch
process, through which he led 20+ companies
> He pushed Rocket's best practices for marketing, CRM, business
intelligence, tech, payment, and mobile into its 25 largest companies
§ Through Bell Ventures, Martin has advised over 50 private and public sector entities –
corporations, startups, governments, and investors – on building successful startups
§ Martin lives with his wife and two kids in Berlin
Copyright © 2019 Bell Ventures GmbH. All rights reserved. For private and single use only.
Get Your Own Full Playbook Today at
100tasks.com!

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The100TaskPlaybookFreeSamplev201-200127-183734.pdf

  • 1. 1 < The Proven Step-by-Step Guide for Building Ventures By Martin Bell THE 100 TASK PLAYBOOK
  • 2. 2
  • 4. Copyright © 2019 Bell Ventures GmbH. All rights reserved. For private and single use only. Navigate Using Daily, Weekly, & Monthly Reports Navigate venture based on KPI reporting to make timely and informed decisions • Function: Business • Responsibility: Startup only • Start Week: 15 • End Week: 15 • Sub-Stage: Learn from Data S C A L E Cockpit Example Daily Report Validate the accuracy and completeness of data 1. Complete Data Sanity Check Analyze the data to extract relevant insights you can act upon 2. Measure Performance Use insights to make timely decisions and meet target KPIs 3. Create Action List Navigation Process
  • 5. Copyright © 2019 Bell Ventures GmbH. All rights reserved. For private and single use only. Analyze Customer Engagement with Product Learn from customer data and pivot (if necessary) to achieve product-market fit • Function: Product & Tech • Responsibility: Startup only • Start Week: 15 • End Week: 16 • Sub-Stage: Learn from Data S C A L E Cockpit AARRR Framework Product Releases (Conversion %) Description Metrics (examples) v1.0 v1.1 v2.0 Acquisition How do people find you? Downloads, Website Visits 13% 25% 36% Activation Do users engage with the product? Registrations, Session Length 20% 44% 70% Revenue Do users pay for the product? ARPA, CLV - 11% 23% Retention Do users come back? MAU, Churn, Cohorts - 10% 7% Referral Do users tell others? Referrals, Reviews, NPS - - 15% Sources: How and When to pivot by David Binetti; Startup Metrics for Pirates by Dave McClure How to Pivot? Track Performance Across Channels Customer Engagement Data Product Business Model Use data gathered from iteration cycles to adjust components of the model (see #1-5 below). Run the cycle again – continue to improve conversion in the AARRR funnel stages. 1. Problem 2. Solution 3. Customer 4. Value 5. Distribution Customer Discovery Customer Validation Each iteration is a cycle of setting and validating hypotheses about the product or business model Use the data to measure conversion rates within AARRR funnel and change the model accordingly Remember to only test a single hypothesis per cycle, as many will hinder specific measurements Pivot Customer Creation Company Building Iteration Execution Scale organization and operations
  • 6. Copyright © 2019 Bell Ventures GmbH. All rights reserved. For private and single use only. Finalize Name Finalize name after trademark/registration & domain checks • Function: Business • Responsibility: Corporate + Startup • Start Week: 10 • End Week: 10 • Sub-Stage: Build Functions L A U N C H Cockpit Customer Discovery aims to identify your first customers 2 International Check: Test the suitable names regionally with native speakers in your target markets to avoid negative connotations 3 Domain Check: Test the availability of domains in target markets. Use services like united domains (website) and App Annie (mobile apps) 4 Trademark Check: For trademark check, use Google research and keyword research by your SEO team using tools like Markify and TMView 5 Final Vote: Decide on one of the eligible names 1 Brainstorm Names: Brainstorm names and come up with your own criteria or guidelines (see best practices on the right for examples) 6 Register Patent & Buy Domain: For the final name, register all domains worldwide (~130) and assign a patent lawyer to patent the name Best practices Names should ü Be sophisticated, edgy, original ü Not follow current trends (e.g. “-ify”, “-24”) ü Be phonetic ü Have 3 syllables max. ü Not be similar to competitors
  • 7. Copyright © 2019 Bell Ventures GmbH. All rights reserved. For private and single use only. Improve Management of Sales Funnel Re-design sales funnel gates and actions on each phase based on conversion performance at each gate • Function: Sales & Marketing • Responsibility: Startup only • Start Week: 17 • End Week: 17 • Sub-Stage: Optimize Functions S C A L E Cockpit Sales Funnel Analysis 2. Marketing Leads 1. Potential Leads 3. Sales Leads 4. Sales Process 5. Deals 900 420 175 40 12 1 Map customer journey: understand user actions at each stage of the funnel Sales Funnel Optimization 4 Run split tests: conduct various tests and measure the impact on conversions 2 Set up funnel goals: define the goals of your funnel to determine benchmarks 3 Set-up funnel analytics: quantify user behavior to measure conversion rates Implement Lead Scoring Sources: Funnel Analysis by Freshmarketer; Google Analytics Conversion Funnel by Neil Patel; Scaling sales by Mark Suster 1% 4% 19% 46% Bottleneck Check: Look for areas with the most amount of drops Time Delay Check: Find funnel steps with the biggest delay to the next step User Segmentation: Segment leads to reveal which group converts the best Sales Velocity Sales Velocity measures how fast you are generating revenue. It captures the important funnel metrics to assess sales performance. Potential Leads x Conversion = Velocity [ ] Average Deal Value x / Sales Cycle Segment users to understand who are the high-intent buyers and allocate your sales resources there. A deals B deals C deals Expected to close in: 3 months 3-12 months 12+ months Allocation of resources: 75% 25% 0% Nurture with marketing activities B2B Sales Example
  • 8. Copyright © 2019 Bell Ventures GmbH. All rights reserved. For private and single use only. Secure External Investment Bring in investment professionals from corporate to ready venture for external funding, prepare sales pitch and identify the right co-investors • Function: Business • Responsibility: Corporate + Startup • Start Week: 18 • End Week: 18 • Sub-Stage: Optimize Functions S C A L E Cockpit Types of Early Stage Funding Typical Investment Process Business Angel Accelerator Venture Capital Grants & Subsidies Crowdfunding Suitable for Scalable companies in growing markets Technology companies Technology companies with scalable business models Research heavy projects with scientific background Consumer oriented products and services Investment Size <100.000 <50.000 < 1.000.000 < 100.000 < 500.000 Dilution Medium / High None / Low High None / Low None Strategic Support Medium High High Low Low Speed to Funding 1 – 3 months 1 – 3 months 3 – 6 months 6 – 9 months 3 – 6 months Go for if you need Cash & Support Support Cash & Support Cash Cash Define Investment Size 1st Meeting 2nd Meeting Business DD* Term Sheet Tax, Legal, Tech DD* Signing Make sure to raise enough funding that will allow you to achieve crucial milestones in your roadmap Key Milestones Date From Now 1. Product release Nov-18 4 months 2. Launch in France Feb-19 7 months 3. Acquire 10k users May-19 10 months Investment Size* € 250.000 Time Till Milestone x Monthly Burn (in €) Investment Size = *assuming a company is burning €25.000 monthly *DD = Due Diligence Likelihood of investment >80%
  • 9. Copyright © 2019 Bell Ventures GmbH. All rights reserved. For private and single use only. • CLV:CAC Ratio 3:1 • Churn Rate <3% monthly • CAC Payback <12 months Optimize CAC vs. CLV Create bottom-line focused culture and make decisions based on CAC vs CLV data from Sales & Marketing and Operations • Function: Business • Responsibility: Startup only • Start Week: 17 • End Week: 18 • Sub-Stage: Optimize Functions S C A L E Cockpit Important Metrics Customer Acquisition Cost (CAC) – how much does it cost to acquire a customer? Customer Lifetime Value (CLV) – how much money does a customer bring over the lifetime? CLV:CAC Ratio – what is the relative value of a customer? CAC Payback CAC, CLV & Payback Total acquisition costs* / # of customers acquired = CAC Monthly revenue x Gross profit (%) # of lifetime months* x = CLV CLV / = CLV:CAC Ratio CAC LTV Churn Upsell Cross-Sell Optimize CLV:CAC Ratio Benchmarks • Recurring revenue • Scalable pricing • Cross Sell/Upsell • Loyalty programs • Customer relationship management • Marketing automation • Customer referrals • Content curation • Inbound marketing • Strategic partnerships Reduce CAC Increase CLV CLV *# months lifetime = 1 / (avg. (%) monthly churn rate) *Including salaries for sales & marketing employees Sources: CAC and CLTV by RedGranite; How to increase CLV by Shopify; Cohort analysis by Andrew Chen Churn Rate & Cohort Analysis Start Month New Customers 1 2 3 4 Jan 19 90 2% 10% 17% 35% Feb 19 120 5% 19% 27% Mar 19 86 1% 8% Apr 19 97 1% % of customers retained in month Churn Rate measures how many customers you are losing over a certain period of time (cohorts) Mar 19 Cohort
  • 10. 10 Uncover the Secrets of Company-Building by Discovering Popular Tasks such as: Transfer Proven Business Models to Ecosystems of the Future Design Operating Model Implement Starter Kits Kick Off Hiring Roadmap Focus on Cross-Channel Marketing Mix that Works Enhance UI/UX According to Usability Tests Dig Deeper Using Ad-Hoc Reports for Each Function Groom & Prioritize Product Roadmap Create Self-Explanatory Internationalization Blueprint Boost Tech Stack’s Scalability, Availability, Speed & Security And many more…
  • 11. 11 About the Author Martin Bell is a thought leader and keynote speaker on the topic of company building and the founder & CEO of Bell Ventures. § Author of The 100 Task Playbook § Before founding Bell Ventures, he helped build 50+ companies, incl. Zalando, Foodora, Delivery Hero, and several others, at Rocket Internet and worked in various functions in startups from day 1 to IPO § Martin is a Wharton MBA / Harvard MPA > He was the chief architect of Rocket Internet’s famous 100 day launch process, through which he led 20+ companies > He pushed Rocket's best practices for marketing, CRM, business intelligence, tech, payment, and mobile into its 25 largest companies § Through Bell Ventures, Martin has advised over 50 private and public sector entities – corporations, startups, governments, and investors – on building successful startups § Martin lives with his wife and two kids in Berlin Copyright © 2019 Bell Ventures GmbH. All rights reserved. For private and single use only.
  • 12. Get Your Own Full Playbook Today at 100tasks.com!