🧰 199: Swizz beats sells Verzuz, Why flawed pricing limits your ability to grow, The simplest way to create forms and more good stuff
Find the right metric
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Find the right metric
Finding the right metric to focus on for a time-boxed period of time is great for direction.
Acquisition - How do customers find me?
Activation - How quickly can I delight customers in their "aha-moment"?
Retention - How many of your customers are you retaining and why are you losing others?
Referral - How can I get my customers to become advocates?
Revenue - How can I increase revenue?
You can’t improve what you can’t measure
Break down your business model into its component parts using a tool like “Lean Canvas”
Ask the questions like, “what are the riskiest parts of your business model?”, “what are you most uncertain about?”, “how costly would it be if you got this wrong?”
Also ask yourself, “how can I tell if the people I am serving are getting value from my product/service?”
Create a simple customer journey map with your team to think about these moments in the journey
For example: if I was building a photo-sharing service, looking to focus on usage for this quarter, our metric could be the number of uploads we get in a month. Or at the cohort level, I could go deeper and focus on certain behaviours.
Photo Credit: @shai.digital
💡Good to Know
Triller acquired Verzuz which allows them to expand their audience and capitalise on the attention. Swizz Beats told Billboard that Triller was the only company willing to make all the participants shareholders. Link
Tooting brothers who took a Caribbean food business from £500 to national success during the lockdown. Link
Rosie Sherry shares why validating a vision is better than validating an idea. Link
A Nigerian fintech startup digitizing cash for the unbanked announced that it has closed a $2 million seed round. Link
Dru Riley explains why flawed pricing limits your ability to grow. Link
Lean Startup practitioners explain why delaying decisions to persevere, pivot or kill are more costly later down the line. Link
Craig Pinkney who’s been doing amazing work with youth and ex-gang members launched our new project ‘Alternative Routes’ for young people aged 11-19. Link