Startup Professionals Musings

MARCH 21, 2021

Product development. For a great idea person, the product details keep changing for the better, but nothing ever gets finished. Customer retention. Many experts suggest it costs six times more to sell something to a new customer than to an existing customer. They expect prompt formal follow-up to questions.

Technical Review 333

Technical Review Startup Software Review Retention 333

TechEmpower

JULY 31, 2023

One way to approach that last question is to use this simple model: Customer Acquisition Cost (CAC) How will your business reach prospects? And how much will it cost to win them? Start by building just enough of your product to get early CAC and CLV signals (they won’t be perfect). Apply costs to each channel.

Metrics 260

Metrics Startup Retention Acquisition 260

Startup Professionals Musings

JANUARY 3, 2022

Startup investors tell me they invest in a new venture with a higher caliber of people, rather than the product or service, and I agree. In my role as a business advisor, I see successful businesses most often emerging from great teams rather than great products. It’s a small cost to prevent a long-term loss.

Hiring 337

Hiring Technical Cofounder Cofounder Retention 337

Both Sides of the Table

JANUARY 11, 2014

In his maiden post on the topic he wrote, “After product-market fit and an efficient conversion process, the next critical step is finding scalable, repeatable and sustainable ways to grow the business. The more the supply of dollars spent in your channel the higher the cost-to-acquire new customers. Doesn’t.

Technical Review 384

Technical Review Hockey Stick SEM Channel 384

Startup Professionals Musings

JANUARY 16, 2013

Product development. For a great idea person, the product details keep changing for the better, but nothing ever gets finished. Customer retention. Many experts suggest it costs six times more to sell something to a new customer than to an existing customer. They expect prompt formal follow-up to questions.

Entrepreneur 275

Entrepreneur Technical Review Software Review Retention 275

Startup Professionals Musings

DECEMBER 17, 2013

Entrepreneurs have no trouble focusing on how to build a product, and the good ones know how to find and nurture those first critical customers. Sales is simply defined as income from customer purchases of goods and services, minus the cost associated with things like returned or undeliverable merchandise. Cost of customer acquisition.

Metrics 252

Metrics Technical Review Retention Acquisition 252

View from Seed

NOVEMBER 18, 2020

Airbnb convinced travelers to part with 100% of their booking cost up front and then they pay out the required amount to hosts when the stay actually occurs. The straight cost of revenue line is only ~25% of revenue implying a 75% gross margin, assuming you were looking at this in a simplistic revenue / COGS / gross profit manner.

North America 401

North America IPO Prospectus Europe 401

ReadWriteStart

JUNE 8, 2021

But one of the secrets to effective scaling is an efficient team; if your employees are working productively and consistently, they’ll be capable of making your vision a reality. What Makes Employees Productive in a New Startup? So what is it that makes employees productive in a new startup? Is Productivity Everything?

Employee 127

Employee Product Startup Software Review 127

Startup Professionals Musings

DECEMBER 1, 2014

Customer retention with churn modeling. Every business wants to predict which customers are about to leave, and for what reasons, so they can target their retention efforts. Without predictive targeting, a retention campaign may cost more than it gains. New one-time customers may be incented to return.

Analytics 257

Analytics Entrepreneur Retention Social Media 257

Startup Professionals Musings

NOVEMBER 17, 2021

Customer retention with churn modeling. Every business wants to predict which customers are about to leave, and for what reasons, so they can target their retention efforts. Without predictive targeting, a retention campaign may cost more than it gains. New one-time customers may be incented to return.

Analytics 248

Analytics Retention Social Media Startup 248

Startup Professionals Musings

MARCH 12, 2013

Customer retention with churn modeling. Every business wants to predict which customers are about to leave, and for what reasons, so they can target their retention efforts. Without predictive targeting, a retention campaign may cost more than it gains. New one-time customers may be incented to return.

Analytics 246

Analytics Retention Startup Social Media 246

Up and Running

FEBRUARY 18, 2021

Having an excellent product and demand for that product is one thing. But being able to monetize customers and acquire those customers at a low enough cost is quite another. It’s not enough that your business has product/market fit. This kind of retargeting is highly cost-effective. Retargeting and remarketing.

Acquisition 127

Acquisition Cost Affiliate Customer 127

Both Sides of the Table

APRIL 4, 2011

I was recently talking with a startup company who wanted me to try their product. I’m a big believer in product stability & performance before adding too many features. If you have multiple versions of your product, how many are web vs. mobile? Make sure that you count the “true” cost to acquire customers.

Metrics 346

Metrics Startup Acquisition SEM 346

The Startup Magazine

MARCH 4, 2023

Perhaps it won’t be wrong to say these staggering numbers are a wake-up call for organizations to take employee retention seriously. Otherwise, they will (sooner or later) experience the resource drain, high overhead costs & low employee productivity. This leads to higher job satisfaction and work productivity.

Employee 192

Employee Management Software Review Technical Review 192

YoungUpstarts

MARCH 19, 2020

Quick response times – Customer retention will increase with the automation of certain tasks, such as order confirmations, serving FAQ answers, requesting product surveys and other broad communications initiatives. The time and money saved is significant! The future of CRM and machine learning.

Artificial Inteligence 264

Artificial Inteligence Acquisition CTO Chad 264

The Startup Magazine

JUNE 14, 2023

This staggering number can affect your company’s bottom line, but by providing the right incentives, you can decrease the cost of poor employee retention. Furthermore, an entry-level worker’s departure costs the company 50% of their salary to replace them.

Employee 159

Employee Retention Salary Programming 159

ConversionXL

OCTOBER 7, 2022

Customer acquisition cost (CAC) is an important metric for any ecommerce business. Put simply, you need a healthy customer acquisition cost for your business to succeed. In this article, you’ll learn what ecommerce CAC is, how to calculate it, and how to keep costs down to maintain profit health. Your business is unique.

Acquisition 22

Acquisition eCommerce Cost Customer 22

ReadWriteStart

NOVEMBER 12, 2022

As the global economic situation deteriorates amid the Russian invasion of Ukraine and soaring energy costs, many aspiring entrepreneurs might be tempted to give up and wait for better days. However, a crisis can also be a golden opportunity to launch a new product or service, as long as the startup at the origin applies specific methods.

Startup 198

Startup Technical Review Ghana Guerilla 198

The Startup Magazine

MARCH 6, 2024

The main reasons are: Ever-evolving Customer Base: From mobile phones to customised gadgets, from televisions to Desktop Computers, the consumer base is getting more diverse and assorted, with different age groups, genders, ethnicities, and races demanding different products and services.

Operations 158

Operations Management Software Review Technical Review 158

ReadWriteStart

NOVEMBER 20, 2023

Review Your Software Subscriptions “Reviewing your software subscriptions can be a quick way to reduce costs. Remove any redundant software that adds to your costs without providing tangible benefits. Look for discounts and group rates to reduce costs. ” — Carl Jenson, Founder of Compare Bank.

Software Review 138

Software Review Technical Review Retention Cost 138

VC Cafe

JULY 26, 2020

Ditch the business plan and when assumptions are proven wrong, pivot Customer Development: Build a product your customers want (vs. what you think they might need) by talking to customers and testing every aspect of the product features, pricing, etc. Maximum Viable Product. The MVP needs to be more viable than minimal.

Lean 214

Lean Seed Capital Startup Burn Rate 214

Steve Blank

APRIL 1, 2020

Any place with a fixed cost that relies on foot traffic will come under pressure. Cut costs to stay alive for 24 months. Payroll costs/other variable costs. Automated delivery services – the more people you can take out of the equation, the safer the product. How many months of cash do you have?

South Korea 334

South Korea Salary Business Model China 334

The Startup Magazine

APRIL 25, 2023

Here are a few ways to align workforce planning with financial objectives: Conduct regular analyses of the costs: these costs are associated with hiring, training, and retaining employees. For example, HR can work with Finance to evaluate the cost-effectiveness of different hiring strategies.

Finance 157

Finance Retention Forecast Employee 157

YoungUpstarts

JANUARY 26, 2020

Alternatively, according to Typelane organizations with a standardized onboarding process experience 62% greater new hire productivity. These companies also see a 69% boost in new hire retention. these are hiccups that stall productivity. Onboarding isn’t something that can be slapped together on an ad-hoc basis.

Employee 165

Employee Software Review Technical Review Dividend 165

The Startup Magazine

MAY 31, 2022

On the other hand, HR agencies offer cost-effective, standardized services, while consultants offer customized HR solutions (best for small companies). Employee performance management entails regularly assessing your employees’ productivity and ensuring that their objectives align with the organization’s. Cost-cutting.

United States 158

United States Salary UAE Hiring 158

Both Sides of the Table

SEPTEMBER 19, 2011

He defines this as new products that are dramatically cheaper, lower quality, lower margin but larger markets. MapQuest was (and is) a much shittier product than Google Maps yet people used it for years. Incumbents can’t react. If you haven’t read his book please do yourself a favor and buy it. It defied logic.

Los Angeles 329

Los Angeles Revenue Retention Acquisition 329

Startup Professionals Musings

FEBRUARY 6, 2019

Customer retention with churn modeling. Every business wants to predict which customers are about to leave, and for what reasons, so they can target their retention efforts. Without predictive targeting, a retention campaign may cost more than it gains. New one-time customers may be incented to return.

Analytics 177

Analytics Retention Social Media Campaign 177

YoungUpstarts

APRIL 14, 2020

Companies that actively focus on CX can significantly reduce churn rates, increase retention rates, and earn higher revenues. Understanding which methods are suited to which customer persona enables you to promote more personalized products and services. It also means you can tailor your messaging to the specific groups. .

Customer 162

Customer Technical Review Artificial Inteligence Retention 162

YoungUpstarts

OCTOBER 31, 2017

Customer Success specialists are the customer’s BFFs — insiders there to help them get the very most out of their product. But having a Customer Success function is a proactive way to ensure your customers are getting the highest value out of your products. Customer Success is the ultimate engagement model.

Customer 171

Customer Retention Software Review Metrics 171

YoungUpstarts

DECEMBER 2, 2014

Making this switch will allow companies and employees to save up to $12,000 per employee per year, while offering a better employee health benefit program for recruiting and retention purposes. Losing group health insurance clients due to cost or participation requirements? Develop a defined contribution solution.

Software Review 224

Software Review Employee Retention Government 224

Startup Professionals Musings

MARCH 29, 2019

Image via Max Pixel Startup investors tell me they invest in a new venture with a higher caliber of people, rather than the product or service, and I agree. In my role as a business advisor, I see successful businesses most often emerging from great teams rather than great products. It’s a small cost to prevent a long-term loss.

Hiring 184

Hiring Technical Cofounder Cofounder Retention 184

Both Sides of the Table

MAY 5, 2011

Great lifestyle, great cost of living, motivated people and only the crap weather on the negative side. He listed all of the product releases that were up coming, the customers that were in the pipeline and where he saw his competition moving. They haven’t launched their next gen product – watch this space.

Seattle 317

Seattle Silicon Valley Technical Review Los Angeles 317

ReadWriteStart

DECEMBER 16, 2020

Dip in Productivity. Mega brands like IBM and Google found that their productivity plummeted when they went all-remote. Upon closer inspection, I have identified a few factors that hamper productivity in remote settings: Less face-to-face supervision: Trust is an issue between remote cadres. Unhealthy Employee Morale.

Technical Review 200

Technical Review Startup Belgium Software Review 200

YoungUpstarts

JUNE 24, 2020

The truth is remote workers are actually more productive, more engaged and save companies money – and the data proves it: Companies that offered remote work reported a highly engaged workforce with 41 percent lower absenteeism, 40 percent fewer quality defects and 21 percent higher profitability. How to manage a remote team.

Employee 200

Employee Retention Leadership Cost 200

ConversionXL

FEBRUARY 3, 2022

They drew people in with a product they assumed would be a hit and pushed forward without taking in customer feedback. People had a terrible experience using their product. After turning their attention toward feedback and testing, letting the voice of their customers fuel their content strategy and product development, they took off.

Product 102

Product Marketing Social Media Channel 102

ConversionXL

JUNE 15, 2021

It must align with the marketing funnel stages (awareness, consideration, conversion, retention) as well as the customer journey. Whether that’s to: Intrigue (awareness); Educate (consideration); Influence a purchase (conversion); Or inspire engagement (retention). Retention—Inspire engagement. If so, how? Why should I care?

Audience 153

Audience Retention Campaign Video 153

ConversionXL

SEPTEMBER 1, 2020

Inside an organization there are only cost centers. Meaning: C = Customers (traffic x conversion rate) CLV = Customer revenue – (CAC + cost of serving that customer) CAC = Customer Acquisition Cost G = Growth. Customer retention rate; New customer stickiness. Note good and bad feedback you receive from product reviews.

Customer 132

Customer SMS Retention Acquisition 132