I run an online service that has maintained it's size for the past year or two, but hasn't really grown beyond that. In my quest to improve the services, I've had a web developer and designer on retainer, constantly tweaking and improving the websites. But unsurprisingly, this has not really impacted on sales or profit much. I've been reading lean start up and have come to realise that: 1. I do not have a validated learning model in place. 2. I've been focusing on vanity metrics of profit and loss, but not on user growth, cohort analysis or growth metrics. My question is: a. Very broadly, how do I turn things around, and start experimenting to figure out whether it's time to pivot or jump ship? b. More specifically, how do I put the processes in place across my team to include experimenting into our culture. c. What if it doesn't work?
I've had to do something like this for an established company I work for to grow subscribers, as well as a startup I'm a part of.
It will be hard to give you any specific advice without knowing your exact business model and services.
But I would start with your own data and your current customers. Why did they buy from you? How did they hear about you? What do they like about the product and what can you improve?
Analyze your sales funnel and website metrics. Do you have a lot of leads but low conversion or vice versa? Once you answer that drill down to get a solution.
Where are your leads or highest converting customers coming from? Can you double down or exploit anything there?
Then start a list of areas to test with specific hypothesis and a process to test, analyze and iterate.