This session is all about measuring our goals and optimizing our work accordingly such that we could obtain desired results. It emphasizes on accounting your goals and analyzing them statistically such that the chance for success is higher.
2. Overview
● Goal of product.
● Role of metrics and measurement.
● Innovation Accounting.
● A/B T
esting and Cohorts.
● Pivoting.
3. Where have you reached till now?The early days.
● A basic product released in the market.
● A business plan on paper.
● Some goals you expect to hit in the market.
4. Goal of a product.
The product market fit
What if Iremove my service/product
from customer’s life?
The 40% rule
5. How to reach product market fit in fast efficient
way?
● Rigorous measurement.
● Device a method to push your graph towards the
numbers you have targeted.
● Get ready to face hard truths and numbers.
6. Always remember!
No product has zero traction.
❖ Even those companies that have failed had
some early customers.
7. Accounting-The key to success
● It is considered to be a boring and dry profession.
● How did it bring companies to the goals they desired?
8. A general question to growing startups:
But...Sometimes it may happen that you end up adding features that
your customers don’t desire!
How are you optimising your product?How do you
analyse it?
● Numbers are high for this month.
● We are hitting milestones every time.
9. The correct way of accounting
for startups.
● Manufacturing Company
● Production
● Networking SaaS.
● Building networks.
10. Are you developing the product in correct
direction?
Is your consumer analysis correct?
INNOVATION ACCOUNTING
11. How can Ifollow Innovation
Accounting?
● Know the stage of your company.
● Establish a baseline for product.
● Pivot or preserve.
13. A/B Testing or Cohort Analysis
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14. Split Test and Cohorts.
● Different features are offered to different customers at
same time
15. The three A’s of metrics.
● Actionable-Demonstrates clear cause of rise and fall.
● Accessible- Metrics are like people. Respond everyone on
different way.
● Auditable-Data is credible to employes.
17. Pivot or Preserve.
● A structured course correction designed to test a new
fundamental hypothesis about the product, strategy, and engine
of growth.
● Companies that cannot bring themselves to pivot to a new
direction on the basis of feedback from the marketplace can get
stuck in the land of the living dead.
● Hardest decisions entrepreneurs face.
18. Innovation Accounting
as a helper to Pivot.
● Better its early to pivot.
● Tough decision and you need to start over again.
Build-Measure-Test loop.
● Types of pivot(could be a partial pivot in a certain
department).