Tracking Your Startup Ideation Progress
It’s important to track your progress in startup ideation.
Metrics should be used from the very beginning to measure your progress.
Here are some steps to take:
Track the number of customers contacted and provided feedback.
Measure the number of customers who try out the product.
Capture the amount of revenue each customer would pay for the product and calculate the average.
This sets a basic rate of customer interactions you can use to price your product and calculate revenue.
As you develop minimum viable products and launch beta programs continue to track the metrics.
For marketplaces, track the number of buyers and sellers on the platform as well as the number of product listings with revenue per transaction.
After several product launches, you can establish a standard startup ideation program for your company.
This standard will inform how many customer calls must be made and how long the process will take.
This will reduce the cost and time overruns for the project and increase the accuracy of your pricing model early on.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.