More by Mike88 Pitch your Startup, App or Hardware or post a Startup Event or Startup Job
When running a startup it appears there are a million things to do, it is completely overwhelming.
In reality there is really only 2-3 critical objectives which when violently executed on a quarterly basis will make huge steps forward, the rest of the shit you think you have to do is largely noise.
You must decide what these 3 goals are and I suggest you aim for huge goals that will change your world.
A few suggestions (assuming you are not out of cash or having a crisis which would need a different set of goals)
- Identify the single most critical customer action. This is the action that drives all other parts of the business. It could be new driver signup (Uber) , list an item for sale (ebay) and or invite your team (Slack), every business is different, but every single business has one critical customer goal that drives all others.
- Build/optimise the functionality/process that encourages the customer to do that single critical goal.
- Aim to double the number of users completing the single critical goal every quarter.
- Run numerous experiments to attract users to your site. Your objective is to find the best value for money method of attracting users who complete the single critical goal.
- Once you know how to recruit new users consistently, aim to double the number of users every quarter while simultaneously reducing your customer cost of acquisition while ensuring this is below the life time value of your customer (you need to know what your lifetime value and customer acquisition costs are…)
- Double customer activation rate
- Double customer retention rate
Focus on 2-3 of these each quarter and you will grow very quickly.
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