My friend Justin Mares’ new book launched today:
Traction: How Any Startup Can Achieve Explosive Customer Growth
He and I are beginning to collaborate and undertook a fun little project the last few weeks, analyzing Traction’s core thesis, framework and recommendations in the context of Compass’ massive data set on startups.
Here is our blog post: http://bit.ly/1jNmId5
If you haven’t heard of Traction, it’s a great book designed to help startups solve one of their most important problems: getting more customers.
The book is centered around something they call the Bullseye framework, a framework for exploring and prioritizing marketing efforts in 19 different customer acquisition channels. It’s also packed with reflections and traction lessons learned from interviews they conducted with entrepreneurs like Jimmy Wales (Wikipedia), Paul English (Kayak), Alexis Ohanian (Reddit) and many more.
In this blog post, we drop the basics of how to get explosive Traction and reveal 3 key new data driven insights.
In the post, we provide data-driven insights on:
#1) What the relationship is between the number of acquisition channels a company is pursuing and it’s revenue growth
(i.e. how many different channels should I focus my energy and resources on, and in what order?)
#2) What acquisition channels work best for what types of companies?
(i.e. what channels should a Marketplace use vs a SaaS or E-Commerce company)
#3) What acquisition channels work best, based on company’s average monthly revenue
(i.e. what channels work best when I only have $30,000 in monthly revenue vs $300,000)
If you’re involved in startups in anyway I encourage you to check out the post and Justin’s new book.
Let me know if you have any thoughts or feedback.
And thanks to Alexey Ilyin as well, resident data scientist at Compass, for pulling so much great data together last minute.
Here’s the link again to our blog post: http://bit.ly/1jNmId5