Like the food pyramid, only richer.
Achieve “market fit” product status before worrying about the rest. Which is to say, prove that there is a market for what you offer by getting a small but dedicated audience willing to pay to use it.
The most compelling KPI for market fit products is essentially customer satisfaction: the number of users who feel that they would be very disappointed if the product/site no longer existed should be north of 40%. That’s a pretty lofty goal. It’s hard to know if this measurement is applicable to media destinations as much as utilities (i.e. Huffington Post vs. Google Reader). That said, it’s something most start-ups would do well to insert front and center on their morning dashboard.
On a tangential note, have I ever shared my go-to list of entrepreneur blogs I read every day? Here they are:
- Steve Blank
- Eric Ries
- Venture Hacks (haven’t updated in a while but lots of good stuff in their archives)
You might think I’m being original when I talk about failing fast, but I’m not. It all comes from these guys.
Read more: The Startup Pyramid.
