In episode #1020, we discuss Neil’s billion dollar mistake. Tune in to hear where Neil went wrong.

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TIME-STAMPED SHOW NOTES:

• [00:27] Today’s Topic: Neil’s Billion Dollar Mistake
• [00:40] Kissmetrics was part of the mistake.
• [01:05] Neil’s former partner broke down their mistake in a blog post on Product Habits.
• [01:28] They built a product they thought was needed.
• [01:40] They learned no matter what you build, people don’t want to pay for things.
• [01:55] Version 2 required too much customization.
• [02:40] They found people couldn’t get a lot of value out of their Google Analytics.
• [03:05] Neil and his partner just needed to find what the gaps were, but it took them too long.
• [03:50] Kissmetrics feel behind the crowd.
• [04:10] They would often change directions, which was not a good idea and not great for the team.
• [04:30] They should have executed quickly, but they didn’t or couldn’t.
• [05:20] Neil thinks they made too many mistakes.
• [05:30] The biggest issue was a class action litigation.
• [06:00] They can only blame themselves.
• [06:04] They spent too many years building the wrong product and didn’t know how to innovate.
• [06:06] That’s it for today!
• [06:17] Don’t forget to check out Single Grain for more info about our free live event in June.

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