The World's Best Book Summaries
How common is entrepreneur burnout? Can you run your business without working yourself to burnout? Burnout plagues many entrepreneurs. According to Mike Michalowicz, the main reason entrepreneurs suffer from burnout is that they try to run and oversee everything themselves instead of delegating daily operations to their employees. Here’s why entrepreneurs suffer from burnout, according to Michalowicz.
What are performance metrics? How many and which performance metrics should you track? Performance metrics indicate whether your business is meeting its goals and allow you to quickly notice early signs of issues so you can address them before they develop into crises. It’s important to monitor them regularly and make improvements any time a metric fails to meet its benchmark. Here are some tips for establishing effective business performance metrics and benchmarks.
How do you create a must-have product? What are some of the characteristics of products that are considered “must-haves”? To create a product or service that won’t go out of business, you need to ensure that your customers won’t want to miss out on it. A must-have product delivers so well on a target market’s needs that people would be unhappy if they lost it. Here’s how to create a must-have product.
What are some things you should consider when putting together a growth hacking team? What roles should your growth team include? A dedicated team is a key component of hacking your business’s growth. According to Sean Ellis and Morgan Brown, a growth hacking team should be interdisciplinary and involve members from multiple departments of your business. Here’s how to build a successful growth hacking team that will help you skyrocket your business’s development.
How do you conduct a customer behavior analysis? What kind of data should you collect on your customers? Analyzing your customers’ behavior allows you to find patterns. When you find a pattern in user behavior, you’ve found an opportunity to optimize your product. For instance, you might compare users who leave after a month to find a pattern in behaviors that occur just before a user leaves. You can then use this information to tweak your product and reduce churn. Here’s how to track and analyze your customers’ behavior.
Why is customer retention so important? How does losing customers affect your business’s bottom line? Customer retention is so important because it often costs more to acquire a new customer than to retain an existing customer. Hence, the effort spent to retain one customer gives a better ROI than acquiring one additional customer. With this in mind, here’s how to retain customers so your business can stay profitable.
Want a prototype test example? How can you test a product prototype using the Design Sprint method? In his bestselling book Sprint, Jake Knapp provides a step-by-step process for completing your own Design Sprint workshop. According to Knapp, the final day of your workshop should be dedicated to prototype testing, and Sprint provides an example of how to test your prototype in three steps. Read on for a step-by-step example of prototype testing, according to Knapp’s Design Sprint method.
Why should you gather customer feedback? What do you do with that feedback? Feedback is important in any workplace, but especially important if you have a new idea you want to test. Rob Fitzpatrick’s book The Mom Test suggests five ways to gather feedback from customers that will determine if you have a great idea on your hands. Keep reading to learn how to gather customer feedback with Fitzpatrick’s five strategies.
What is the point of customer research? How can customer research increase sales numbers? There are three areas of customer research that will help you target the most relevant customer need. In Breakthrough Advertising, Eugene M. Schwartz teaches you how to write up excellent headlines based on the findings from your customer research. Below we’ll look at why headlines and customer research are important in advertising.
Looking for a product design critique example? How does the sprint method inform design critique? Jake Knapp’s Design Sprint method aims to teach product designers how to test a product idea in just five days. Using the sprint method for design critique is helpful if you’re stuck in the middle of a project that seems to be going nowhere. Read on for a product design critique example from Knapp’s bestselling book Sprint.