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Over 13 years ago, in March of 2000, I wrote a blog post titled “ The Most Powerful Internet Metric of All. ” The key thesis was this: if an Internet company could obsess about only one metric, it should be conversion. As such, it is time to pound the table again – conversion is by far the most powerful Internet metric of all.
In the quest for optimization, A/B tests, metrics, and funnels, we're in danger of losing the fun and value of creative work. When we demand overwhelming customer outcry before committing to the slightest product change, we're in danger of losing the value of creating a cool feature that takes too much effort but people just love.
Very few people turn up with a strong sense of “what we should be doing” or ready to lean into a productiveconversation The financials were prepared by the VP of Finance / CFO. Often board members themselves don’t do the work to say “what metrics would we like to see.” Sometimes they don’t even know.
And this year, we’re going to talk not just about business and productdevelopment, but we’ll be exploring one of the Lean Starutp movements next big frontiers: the role of design. Bring your tough questions – Brad and I will be having a conversation on stage and you’re invited to join us. And those are just our keynotes!
It outlines four major growth strategies: market penetration , market development , productdevelopment , and diversification. Productdevelopment. Productdevelopment allows you to expand your existing market share by developing a new product for that audience. New channels.
Focus on the output metrics of that part of the product, and you make the problem a lot more clear. I had the opportunity to pioneer this approach to funnel analysis at IMVU, where it became a core part of our customer development process. Whatever its purpose, try measuring it only at the level that you care about.
At least, not in the traditional sense of trying to squeeze every tenth of a point out of a conversionmetric or landing page. In fact, the curse of productdevelopment is that sometimes small things make a huge difference and sometimes huge things make no difference.
This is the first post that moves into making specific process recommendations for productdevelopment. Heres an excerpt: The Startups Rules of Speed - The Conversation - Harvard Business Review Every startup that achieves success eventually faces a critical moment — whether to speed up or slow down.
Our goal is to find out whether customers are interested in your product by offering to give (or even sell) it to them, and then failing to deliver on that promise. Most of the time, the experiments you run will have a zero percent conversion rate - meaning no customers were harmed during the making of this experiment.
Lessons Learned by Eric Ries Tuesday, March 24, 2009 The metrics and levers of engagement, presentation on Engagement Loops for Facebook Developer Garage SF Ill be presenting a talk at the Facebook Developer Garage SF Wednesday evening. What good are these metrics if they dont help guide product or business decisions?
Product managers should also understand the company’s goals. It is one of the most important processes in a productdevelopment lifecycle to deliver the product. The product itself can be ideal and work faultlessly, but what really matters is how it enters the market. necessary product. necessary product.
As an entrepreneur raised in the era of analytics, I want to find metrics for everything. Conversations that should have taken minutes would take hours, and would often require a post-mortem email or phone call to discuss our working styles. Today, this contract developer is my co-founder and partner in the business.
Every board meeting, the metrics of success change. Their product definition fluctuates wildly – one month, it’s a dessert topping, the next it’s a floor wax. And what of the productdevelopment team? Time-to-complete-a-sale is not a bad metric for validated learning at this stage.
Today, brands are hiring social media specialists for customer support, crowdsourced productdevelopment, promotions and even leads generation. Internal resistance, non-standardized metrics, multiple (and confusing) platforms and lack of resources prove great obstacles to planning.
It slows productdevelopment. The key is to connect user research to an improved user experience and, in turn, an increase in customer retention, leads, or any other metric for which C-suite members are accountable. Lead generation sites can expect to double their conversion rates. It costs money. It has no clear ROI.
But we couldn''t have identified this without having clear metrics (that high bug count) to assess our development process. There''s two things at work here: as new information comes into that room, it''s as easy as an offhand comment or a lunch conversation to share.
Ever since that time, I have struggled to explain how the feedback loop in customer development should interface with the feedback loop in productdevelopment. Labels: customer development , productdevelopment 8comments: Sarah Milstein said. Im pretty excited youve written this post, Eric.
Startups especially can benefit by using technical debt to experiment, invest in process, and increase their productdevelopment leverage. The biggest source of waste in new productdevelopment is building something that nobody wants. Leverage productdevelopment with open source and third parties.
The Five Whys for Start-Ups - The Conversation - Harvard Business Review Root cause analysis and preventive maintenance are concepts we expect to see in a factory setting. Two Ways to Hold Entrepreneurs Accountable Beware of Vanity Metrics For Startups, How Much Process Is Too Much? Read the rest of The Five Whys for Start-Ups.
Lessons Learned by Eric Ries Monday, October 6, 2008 When NOT to listen to your users; when NOT to rely on split-tests There are three legs to the lean startup concept: agile productdevelopment , low-cost (fast to market) platforms , and rapid-iteration customer development. I think Drucker said it best.
We would pretty much bid on any phrase that was "[name of competitive product] chat" and variations like that. And then we would use that simple analytics system I mentioned to monitor the conversion rates of customers from each campaign. Thoughts on scientific productdevelopment Lo, my 5 subscribers, who are you?
Id be honored to have you join the conversation. The Conversation - Harvard Business Review For most of us, the phrase management science conjures up a decidedly non-entrepreneurial image, and for good reason. Read the rest at The Conversation - Harvard Business Review. Id be honored to have you join the conversation.
Above all, the purpose of productdevelopment is to create value for customers. The way we ensure that code will provide value for customers is by relying on customer-centric practices in creating our productdevelopment plans. Conversely, sometimes a new solution can create unexpected outcomes. Value to customers.
Conversion optimization is a form of kaizen. Conversion optimization is a form of kaizen. Startup Visa update ► February (5) Kiwi lean startup + Australia next Why diversity matters (the meritocracy business) Beware of Vanity Metrics (for Harvard Business Rev. A/B testing is set-based design.
Two Ways to Hold Entrepreneurs Accountable - The Conversation - Harvard Business Review Way back when the money was doled out, the team made a compelling pitch about the large market that was going to adopt their new innovative product or service. They are on-schedule and on-budget, but their gross metrics are way off.
So I generally feel right at home in these conversations. Despite all the energy invested in talking to authors about the size of their platform, very few gatekeepers have a rigorous set of metrics for measuring it. When I reviewed a recent productdevelopment book, it immediately shot up to Amazon sales rank 300.
Brant and Patrick undertook a difficult challenge: to provide a generally accessible introduction to Customer Development, without diluting its impact or dumbing-down its principles. It is written in a conversational tone, doesnt take itself too seriously, and avoids extraneous fluff. I think theyve succeeded. I think theyve succeeded.
Product Hunt is a community-based website that allows makers and marketers to launch their products or services and get in touch with their first real users. The community can jump start products through votes and (honest) reviews, which are essential in the early stages of campaigns. New users and conversions.
The way forward requires getting everyone together in a room, and having a conversation about where were headed. My aspiration with the Lean Startup methodology has always been to provide such a framework, so that we have more intelligent conversations about what works and what doesnt for startups. Thats what this conference is for.
The economics of these process trade-offs are discussed in the Principles of ProductDevelopment Flow.) Heres an excerpt: In a previous article, we called Toyota’s productdevelopment system the “second Toyota paradox.&# Labels: productdevelopment 5comments: new york web development company said.
He summarized that conversation well, so rather than re-tread that material, Ill quote it here: One thing that I was surprised to learn was that IMVU started out with continuous deployment. They were deploying to production with every commit before they had an automated build server or extensive automated test coverage in place.
Unfortunately, the video of our sllconf conversation is not online (due to technical problems), but we have a physical tape backup which we are endeavoring to get online soon. We were colleagues briefly at KPCB, where Randy has been working not just with individual companies, but also working to change the mindset of entrepreneurs everywhere.
In a startup context, numbers like gross revenue are actually vanity metrics, not actionable metrics. For example, say that your business model calls for a 4% conversion rate – as ours did initially at IMVU. After a few months of early beta at IMVU, we discovered that our actual conversion rate was about 0.4%.
Im excited that well get more than the usual few minutes of Q&A, so come with a healthy appetite for conversation. If you or your company is interested in sponsoring someone with a scholarship to travel to the expo and contribute to the conversation, please leave a comment or let me know. You heard me right.
There is no magic lever for growth, so several initiatives are required, with metrics to assess value returned. Increase the pipeline and the conversion rate. Now is the time to formalize lead-generation efforts, and initiate efforts to maximize the conversion rate to sales closure. Ask every employee to focus on sales.
May 23, 2011 by Christina Warren 20 Share on Tumblr email share Share on Tumblr email share The Mobile App Trends Series is supported by Sourcebits , a leading productdeveloper for mobile platforms. Sourcebits offers design and development services for iOS, Android, Mobile and Web platforms.
There is no magic lever for growth, so several initiatives are required, with metrics to assess value returned. Increase the pipeline and the conversion rate. Now is the time to formalize lead-generation efforts, and initiate efforts to maximize the conversion rate to sales closure. Ask every employee to focus on sales.
If you find yourself getting asked non-key questions, try to use your answers to steer the conversation back to the key questions. Startup Visa update ► February (5) Kiwi lean startup + Australia next Why diversity matters (the meritocracy business) Beware of Vanity Metrics (for Harvard Business Rev.
This is another sub-optimization caused by incentivizing the wrong metric. Given that most recruiting channels are pay-for-performance, its usually cheaper, too, because it has a lower conversion rate. This can be especially challenging for HR professionals who measure their success based on the number of jobs they fill.
Another great way to test your idea is to create a minimum viable product, or MVP. This is the simplest version of your product minus the frills and frosting. It’s a particularly popular strategy in the world of productdevelopment and is used to quickly and quantitatively test a product or a product feature.
About five years ago, we saw the early waves of growth – typically an individual or two (“growth hackers”) who were championing growth within productdevelopment. Since it was part of the Version One marketplace meetup, we geared the conversation toward marketplace companies , but many points apply to software/SaaS startups as well.
Jonathan Irwin will lead a workshop on advanced interview skills , including the different kinds of customer interviews, how to develop questions, and how to apply the answers to an actual decision around a product. If there’s a problem in production, developers need to own it.
Instead, they wanted conversation starters. Because they used the magic term ‘personas,‘ development teams were discouraged from developing their own, not realising that a market segment might contain multiple personas. In other words, this isn’t a checklist, it’s a conversation. These questions represent a template.
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