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That should make you wonder - how do you measure traction in a metric? While thinking about the parameters of traction, and how to measure it, I was impressed with a new book, “ Scaling Lean: Mastering the Key Metrics for Startup Growth ” by Ash Maurya, a serial entrepreneur, and creator of the one-page business modelling tool Lean Canvas.
They randomly churn for hours a day on a couple of their favorite social media platforms, with little thought given to goals, objectives, or metrics; and ultimately give up and fall back to traditional marketing approaches. Create an action plan with metrics. You spend the months influencing the influencers.
You need to nurture non-organic growth partnerships and acquisitions to maximize your valuation. The smart ones in this category know when it’s time to bring in an outside more experienced CEO, or step aside voluntarily when investors start demanding new management disciplines and metrics. Not every entrepreneur needs to scale.
Initiate new strategic partnerships and investigate acquisitions versus in-house changes. Define and use market metrics to tune your plan. You need metrics to spot these changes, and regular new initiatives to test new and old alternatives. Marty Zwilling First published on Inc.com on 12/06/2016.
After a year in the market, MakeSpace was growing rapidly and our biggest issue was CAC (customer acquisition costs) relative to payback period (when we get our marketing investment back) and relative to LTV (lifetime value). The metrics were good but we wondered how much better they would be when we expanded our product.
Define and use metrics to measure your progress. If your comfort zone is relying on gut reactions, it’s time to stretch your understanding of what constitutes customer acquisition cost, margins, pipeline closure rates, and sales ROI. Marty Zwilling First published on Forbes on 09/13/2016.
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