Week 14: Traction Metrics and MVP Validation Traction Metrics
Submitted to: Mrs. Miriam Bergado | Technopreneurship | CPE3B
Traction Metrics
I discovered that most startups fail due to a lack of traction rather than a problem with the product or outcome. Personally, I believe that owing to a lack of traction, the new business does not have enough customers who would be interested in the product. A startup that is excessively set in its ways about its idea or product may fail. Rather of trying to sell what you want, strive to sell what people desire. Never abandon a consumer; stay in touch with them and, if possible, include them in product development.
Profitability can only be reached once you have revenue- Revenue can only be obtained once you have paying clients (I don't consider investment capital to be revenue)- Clients are acquired as a direct result of engagement and traffic.- Client acquisition can be accelerated through partnerships. Participation is crucial. Many outstanding firms have failed because they do not or are unable to engage with their target market. You can't evaluate traction without engagement since you don't have any.
MVP Validation
They can cram so many features into one app that the user becomes frustrated or confused. The builder may be a genius, but the people who will use it are ordinary people. They will continue with the product if they find one or two features nice and useful, but if they find five features useful and two aggravating, the product will disappear from their shelf.