Can you handle adversity using your KPIs to stay on course?- Rick Carter

Rick Carter - Your Business 2.0

www.yourbusiness2.live 

Introduction:

This week we ask the question - can you handle adversity using your KPIs to stay on course?

In 2015, LayerVault, which created version-control software for developers, shut down. Despite appearing, externally at least, to be a healthy startup, the company struggled to find product-market fit and had to close as a result.

When LayerVault failed, Kelly Sutton, co-founder of the startup, took stock of what went wrong and what the company might have done differently. One issue that stood out was that they didn’t define and track startup metrics.

Today we look at some of those key business KPIs and then specifically the the Marketing KPIs that are vital to growth of a start up business

While our focus in this show is on a specific topic related to What it takes to be an Entrepreneur in general. In every show we talk about what specifically being an Encore Entrepreneur means to help you understand the what and the why before launching into the how.

To help with this we have 2 regular segments -

Opportunities for the Modern Elder i

A modern elder is a seasoned boomer with 10 to 25+ years of experience who participates in inter-generational knowledge transfer.

A modern elder is expected to evolve, learn and collaborate in order to make an impact in the workplace.

Today we talk about the opportunities for Modern Elders to start businesses, become part of startups or acquire businesses to grow.


Future Back Thinking 

Future-back thinking is defined as an innovative approach to strategy development that empowers leaders to envision the breakthrough opportunities that drive long-term growth – and then implement the initiatives that are needed to bring them to life.

Today we look at the role of Machine Learning in the Future Back Thinking approach to building your business strategy

Ww will cover 5 Reasons to Make Machine Learning Work for Your Business
And how this can be a competitive advantage for any business, including yours.


Show Objectives:

If you’ve ever been involved in getting a startup off the ground, you know that everything from marketing to product development to customer support functions a little differently than they would at a bigger, more mature company.

The things that work for a startup might put a more mature business in serious trouble, and vice-versa.

So, why would you measure startup success with the same metrics and KPIs that more established businesses are using?

In short, you wouldn’t.

Here are the 21 startup marketing KPIs that were identified in recent surveys of a variety of startup businesses as the most important:

• Product market fit
  
• Social media engagement rate
  
• Return on investment (ROI)
  
• Active users
  
• Inbound website visitors and traffic
  
• Customer acquisition cost (CAC)
  
• Customer lifetime value
  
• Brand demand
  
• Impressions and impressions share
  
• New signups
  
• Qualified leads
  
• Time on page
  
• Organic search reach
  
• Conversion rate
  
• Monthly recurring revenue (MRR)
  
• User retention
  
• Churn
  
• Demos and meetings booked
  
• Growth
  
• Traffic-to-lead ratio
  
• Profit
  
• Brand trust
  

What You Need to Do

https://www.ted.com/talks/drew_humphreys_how_machine_learning_can_teach_us_to_build_more_effective_teams 

Keep working on your Purpose Canvas 
https://www.leanservicedesign.ch/purpose-canvas/ 


Keep developing your  1 minute Pitch by analysing what Problems you plan to solve and why based on what you learned today 

https://www.coxblue.com/17-things-you-need-to-consider-when-pitching-your-startup/ 
 

Shows
The Last - Do you have a team with Shared values?

The Next - Timing is everything

Written by Rick Carter
Connect with me at
www.YourBusiness2.live 

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