Eric Ries introduced the world to the concept of a Lean Start-up. It is a methodology designed to get companies to adopt a Build, Measure, Learn product development cycle. This emphasizes that teams quickly build an MVP (Minimum Viable Product) of a new product, measure its performance, and improve by experimenting. The goal is to speed-up through this cycle to maximize learning and reduce time-to-market. The result is a more effective and an agile company.
Within the concept of the Lean Start-up lies Lean Analytics, which covers the ‘Measure and Learn’ part of the product building cycle. Because if you can’t measure, you can’t improve. Start-ups, with limited resources need to know what’s important to track, why they should track, and how to track it.
Alistair Croll and Ben Yoskovitz wrote the ‘Lean Analytics’ book in 2013. The book has beautifully designed a framework that defines each stage differently, with the focus mainly on the target market/customer journey and interaction.
Using the same Start-up stages above, the diagram below shows different per-stage metrics to track for 6 archetypes of business; models–E-commerce, Two-sided Marketplace, Software-as-a-Service/ Freemium, Mobile app or Gaming, and User-generated content:
Data and metrics are very helpful to cut through the haze of uncertainty that surrounds creating new businesses and products. We help Start-Up founders design a step-by-step roadmap of putting analytics to work during the product journey to ensure continuous learning and improvement.
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