*Last Updated: Friday, November 9, 2012
All work seen here is the work of the following group members:
- Ginny Turner
- Steven Chayer
- Ravi A
- Rekha Gavini
Questions to Answer
1. What surveys should Firestarter run to their early users? What questions should they be asking in this survey?
- The surveys Firestarter should run need to find out from their early users what they liked and didn’t like about the product. They need to find out how to repeat their early success. Surveys to identify how to improve experience, product and service
- Send surveys to investors & entrepreneurs - evaluate responses to see if there's a significant difference. Perhaps entrepreneurs are not coming back to the site for one reason vs. investors not coming back for a totally different reason
- Questions should include: Why are they are not coming back to the site? What would bring them back to the site?
- Find out the contributor’s connection to the various funding project were.
a. Did they know the people behind the projects they were funding?
b. What was the ratio of contributors who knew and those contributors who visited the site learned about a project and invested?
- Ask the companies seeking funding:
a. How much did media attention impact your efforts?
b. What was the depth and quality of your contact network that you brought to the effort?
- Study the funding efforts to understand the following:
a. Were they attractive products/ideas to a large audience/segment?
b. Were they eclectic ideas/projects or trendy gadgets, movies, title subjects?
- Look at the visitor's UI experience with FireStarter's site..
a. Was it seamless and intuitive?
- Look at the visitor's order fulfillment experience:
a. Was the product developed and shipped?
2. What are the metrics they should track to determine if they have product/market fit? What are the vanity metrics they should avoid?
- Are the survey responses improving?
- Are Activation & retention metrics improving? (return visits, page views, time on site)
- Are users coming back to the site and using the product?
- Are they growing organically?
- Have they reached the 40% of users who would be very disappointed?
- Define/ review Minimum Feature Set & figure out how to make those better by looking at metrics related to those.
3a . How will Firestarter know when they’ve hit Product-Market fit?
- Their user base has grown, they have achieved 5% growth
- They attract a steady stream of entrepreneurs applying to their site
- They have reached the 40% of users who would be very disappointed
3b. What should Firestarter do next within the next month to get there?
- What is Firestarter’s Unique Value Proposition: Firestarter may need to reiterate what problem their product is solving – give the users a single, clear, compelling message that states why they are worth engaging with. For example Firestarter provides investors with a global portal to potential businesses they can invest in.
- They should identify the patterns in the responses they receive from their users, prioritize the most important ones (that are creating barriers to growth) and create a program to implement the necessary changes, follow up with users to let them know what issues have been addressed and re-engage them
- Research and identify several business types/segments that are hot start ups, go after those segments to attract them to the site to attempt to secure funding. For example: let’s say coffeehouse bakeries is a hot trending category, then Firestarter should target those entrepreneurs who are starting those kinds of businesses with a message and a program that meets their needs. If they do not respond then some other responsive segment. Firestarter would build by adding a second segment then a third.