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?

Great question.
To start out I'll say be careful with trying to implement the new thing you have read about. Just because you just came across this approach doesn't necessarily make them good for your business.
Lean startup methodology calls for new business minimal viable product launch. You didn't say why type of business you are in so this might be the right perspective for you.
What you mentioned tho is Growth Hacking. You are in a phase of business where can no longer grow it, I actually focus on serving this demographic. Part of how I deliver my services is through growth hacking.
Your web developers need to be savvy enough to implement marketing tactics 101 online as well as understand your business to make the appropriate changes, create landing conversion pages, a/b test different demographics, add or remove features, properly leverage the right social media with potential actual interested individuals.

look through my previous answers to find out more ways to grow a business. Or give me a call as this is a loaded question, and you didn't give much specific.

Answered 5 years ago

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