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- Lean Startup
- Lifetime Value (LTV)
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Lean Startup methods
What is the Lean Startup?
The lean startup method is for developing businesses and its products. The aim is to establish a company and launch its products faster, while being in line with what the customers want.
Where does the Lean Startup model come from?
The lean startup method was first proposed by Eric Ries in 2008, where he applied lean management principles to catapult high tech startup companies. Since then, the Lean startup method has gone beyond its application. It can now be applied to individuals, teams and companies aiming to introduce their product/service into the market.
What does the lean startup spirit do?
The lean startup method’s objective is to shorten a product development cycle. This translates into the potentially lagging timeframe a startup may experience as they invest too much time in perfecting their product or service. This in many cases may not turn out to be what attracts its customers, and in turn, risks the lifetime of the startup. This is exactly what the lean startup model aims to avoid.
How do we apply the Lean startup method?
Businesses should aim to work in a feedback loop of “build, measure and learn”. The team will create a version of its product, the “Minimum viable product”. The minimum viable product (MVP) is a not-yet -finalized product that is enough to satisfy early customers to get their necessary feedback.
The customers then get to test out the MVP, give their feedback and the team works to implement that feedback into their product. After consecutive rounds, the product or service can further be tailored into what the customer really desires.
How does consumer feedback work with the lean startup tool?
Businesses can use key performance indicators (KPIs). The KPIs will enable individuals to keep track of their figures and study the performance of the firm in different time periods given the activity of the customers. Then by using those indicators, the continued deployment process will work as the feedback is implemented and improvements are made.
How do we make improvements in the lean startup method?
By tweaking, building, or pivoting. Tweaking would be small changes made to the product itself, whereas building would mean implementing further elements onto the product. However, pivoting is key; It pushes us to test the initial hypothesis of the product, strategy or the engine of growth.
What are the benefits of the Lean startup model?
The lean startup method validated way of learning will enable quicker building of companies and launching of products. Individuals can assess the specific demands of consumers and learn how to meet that demand using the least amount of resources possible, where long development times are cut, which is then followed by a decreased need of funds.
Consequently, the market risks and launch failures are diminished and more confidence can be invested in the start-up with the Lean startup model.
Eloquens has a variety of resources that can help you employ the lean startup method. By browsing through out catalog, you will find some KPIs that can be key to your organization. With that, we have got a variety of guides aimed at pushing your development process!
For more information, feel free to read further on the following:
-> Harvard Business Review "Why the Lean Startup Changes Everything"
-> Eric Ries at Google "The Lean Startup"
-> Purchase the Book on Amazon
For the original site: http://theleanstartup.com/
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