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Using product metrics to build the right features in the right way Avoid the biggest pitfall of using product metrics… “Focusing your team’s efforts around a high-level business metric like churn is a bit like a general who sends troops into battle after voicing the strategy: ‘Let’s win the war!’” That just about does it!
Nearly every successful tech startup I’ve observed over the past 20 years has gone through a similar growth pattern: Innovate, systematize then scale operations. So it makes me laugh to this day when I talk with a journalist or potential investor in the company and they ask flippantly, “How is MakeSpace a technology company?”
Unfortunately, your personal assessment that you have traction probably won’t be convincing to potential investors and partners, so it’s important that you create and track your progress against some metrics. Define metrics on customer feedback and user counts. Build an experienced technical and executive team.
Unlike Yelp and listings sites that are focused on user-generated reviews or things like that, we're really a portfolio sharing site, and a tool of professionals. He introduced me to Wavemaker, also in LA, and also Halogen Ventures, which is led by Jessie Draper, which invests in women-run technology companies.
Even here, Elon Musk faced this issue with Tesla, needing a support ecosystem as well as new technology. With a singular focus on building unicorns, very rapid growth has been a key metric. Facebook’s market value tumbled many billions in 2018due to users’ decreased confidence in the platform.
Even here, Elon Musk faced this issue with Tesla, needing a support ecosystem as well as new technology. With a singular focus on building unicorns, very rapid growth has been a key metric. Facebook’s market value tumbled many billions in 2018due to users’ decreased confidence in the platform.
As a long-time advisor to entrepreneurs and business owners, I rarely find someone who doesn’t proclaim that the business world is changing rapidly, with new technology, new customer expectations, and new cultures. You need to communicate quantified and updates goals quarterly, including the metrics to assess progress and success.
Contingency plans make sense in every case these days, since technology and market factors are moving fast. Define metrics to assess roll-out progress and value. Tie your implementation to metrics that will allow you to determine whether or not your decision truly achieves your goal. Where are you on this split?
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