💡The lean startup methodology is slowly but surely infiltrating all business types.💡

💡Digital Product Management, Insights, Day 49: The lean startup methodology is slowly but surely infiltrating all business types.💡

The lean startup methodology by Eric Ries suggests three core metrics: 

-customer acquisition cost
-net promoter score
-product/market fit

I think they are still very relevant today. 

You can use them to measure the success of your product from the early stages on.

To make these metrics more agile, you need a couple of more specific indicators that tell you how the development is going. 

In addition to core metrics, I'd suggest using directional indicators that show whether the project is on the right track or not. 

🔋Some examples would be:🔋

- Increased revenue from your product.

- Reduction of support requests for this product.

-Change in key performance indicators for this specific feature (reducing the number of bugs reported, increased sales from a particular function).

- Reduced churn rate from customers who use the product in question.

- Employee engagement (increasing number of teams and individuals who want to use this product).

These directional indicators can be used as a proxy for how you are doing. 

You can set up KPIs to measure whether the project is on the right track or not, but it's better if you do it with specific indicators because they will give you much more detailed and precise information.

Please refer this video for additional insights on lean startup metrics:

https://lnkd.in/dTBiYdiH

#digital #lean #leanstartups #metrics #productmanagement