Learn more about entrepreneurship with this collection
Essential product management skills
How to work effectively with cross-functional teams
How to identify and prioritize customer needs
1. Come up with some initial metrics. These should be simple and actionable and should not have to be related to one another.
For example, a number of customers interviewed and their rating on identified struggles might be two starting metrics.
2. If you’re stuck on metrics, ask these four questions, each of which will give rise to a set of metrics designed to answer it.
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“To truly transform our organizations and our way of working, we need to change our accounting systems, too.”
Innovation Accounting is a way of evaluating progress when all the metrics typically used in an established company (revenue, customers, ROI, market share) are effectively zero.
Innovation Accounting is not only a way for individual teams to report their progress and communicate in financi...
Use the dashboard to hold your team accountable. Simply ask this question: Which metrics are improving over time?
For example, a team that’s trying to prove they can charge a price premium for a new product might do an initial version where nobody is willing to buy, so revenue per customer ...
Here’s an example of a Level 1 dashboard looking at the first experiment done by a team building a lemonade stand and hoping for hypergrowth through the use of drone delivery and premium ingredients down the road:
36 yr old product guy. Interested in meditation, product design and the future.
Recently learned about Innovation Accounting that's been recommended as the practice to adopt until thinking about metrics relevant to product-market fit.
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It depends on what your customers can afford, what they think they should pay, and what you think they’ll pay. The actual price is somewhere between these three variables.
Pricing is one of the most important decisions in business. It can make or break a company. And yet hardly anyone know...
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