A STARTUP BUILDING THE RIGHT THING CREATES NOTABLE ADVANTAGES THROUGH OPTIMIZING ITS PRODUCT AND MARKETING STRATEGY.
The metrics generated by a Startup through experimenting with its Minimum Viable Product (MVP) or a simple product prototype that live customers engage with, is desegregated with cohort analysis. This process allows a Startup to view respective data connected to their value and growth hypothesis. The analytics may indicate the periodic percentage of new customers who subsequently pay money for the product and other relevant metrics. If after months of numerous individual product improvements, focus groups and design sessions, the conversion rates of new customers to the product is still not moving towards the ideal, then it may become expedient for the Startup to carry out investigations to determine customer behaviours and preferences that their product is not responding to. Once this is established, the stage is set for the Startup to pivot away from the current state of things in order to test its new hypothesis.
Sustainable success and growth must be driven by current initiatives, not by past decisions. Gross metrics is often misleading if it is not broken down to isolate crucial data.
A Startup building the right thing creates notable advantages through optimizing its product and marketing strategy.
The experiments enable a Startup to test its hypothesis or predictions to ascertain if a sustainable business could be built around its product or service.