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iData

Approach

We initially study your business ideas and goals using lean startup canvas.

Do you know 9 out of 10 startup fail which is 90% of start up fail. That’s scary right? Don’t worry just continue reading. We will get something interesting for you.

The reason mentioning this cold statistics is not intended to discourage young entrepreneurs but to alert them and help them work in a smarter way.

There is nothing as some plan works with guarantee. Also there is no reason to doubt that, startup creates innovative product and discover a new market .Although new innovative product and market gives you freedom due to lack of competition when you have something that’s unique but at the same time it creates an atmosphere of extreme uncertainity.

We use Lean Approach to development though its a simple process , but behind the simplicity this approach hides power and effectiveness that gives our clients (start up) the advantages they need to be successful.

iData

What the lean start up approach defines is that the assumption made by an entrepreneur for a start up idea might be rarely applied exactly as they expect. Startup is merely successful even if it is completed on time or budget rather the success of startup mostly depends on series of experiments made to validate the assumptions and how fast they learn from the outcome of measurement. As shown in the diagram The success of startup depends on how fast the entrepreneur learn and pivot its strategies with validated learning.

Hence we help you run your startup successfully by validating every learning process from the build- measure-learn feedback loop and pivot the assumptions as quickly as possible.

We follow following steps to drive your startup to success

Develop

Build Phase:

We initially study your business ideas and goals using lean startup canvas.

Problem

What's the exisiting problem?

Solutions

What solutions are you offering?


Key Metrices

Key Activaties to Measure

Unique Value Proposition

Single, Clear ,compelling mesage Your business ideas and goals and why you are different then rest others in market.

Unfair Advantage

Is anything that can make product easily copied or bought.


Channels

Possible ways you can connect to people.

Customer Segments

Targeted customers

Cost Structure

All various cost structure you may need like Development Cost, Marketing Cost, Operational Cost and any other related cost

Revenue Streams

Various Ways you can earn

To make the clear understanding of business tools we need to understand the purpose and targeted customer . We then make up a lean canvas model and figure out all strength weakness and various metrics to be computed. This tool keeps things simple by focusing on what is required to focus on at first. The Lean canvas is one of the most popular tools for developing business plan

We craft/define the scope of product

We dont rush building the product. We first create a blue print of it, by using story boarding the user’s story and engagement. We define how user’s engage to site and how do they do that. We try to clearify the product’s challenges as much as possible so that we can build a MVP.

Build a MVP(Minimum Viable Product)

Here we don’t just say MVP the thing to understand is minimum . We don;t rush to build a complete product ,which is going to cost more and has high risk of failure. Hence we build a Minimum Viable Product by considering the smallest or simplest product that satisfies your business objective that the product is trying to solve we launch the product as soon as possible.

Calculate

Measure:

Challenge all the assumptions

Now we try to challenge and test if the assumptions that we identifed in lean canvas model are true. IF our assumption while measuring is found to be false the added advantage with Building MVP is that it really easier or cheaper to pivot or adjust the idea to validate . Hence we repeat the steps for every assumptions we made.

Analyze user’s behaviour and engagement with the site

The Lean approach defines that correct Metrics is the key . If we follow the correct metrics to define our goals then we can grow our product but false metrics may sometimes leads to loss. Hence the first rule is to figure out correct metrics. We then figure out the relation of specific actions to get activation of user and their retention in our product and finally make a report to take the correct actions.

From the story boarding step we compute all the brainstormed metrics to find how successful our idea is . We use Google Analytic or Optimizely or any of our custom made analytics to see how user are engaging with your site. We further can ask users as interviews regarding experience and exposure and can get various insights about the product.

Based on the behaviour of user we try to figure your growth potential

Until this point we have gatherd your user’s enagement and their behaviour to your product . We analyze your website’s

  • Acquistion : How are your customer coming to your website
  • Activition: How can we make positive first experience on your website
  • Retention : How to maintain your user coming back to your website
  • Referral: How to make people refer their friends
  • Revenue : How to make money from website.

Focusing on these factors we try to make your product where user gets the best experience in your website.

Understand

Learn:

Test For Market fit

The first thing you need to understand before making any serious effort on product building is whether in any future the end user would be interested on your product or not. Based on the user retention to your site and based on the personal interviews with the tentative customer in step 2 of measure process ,the review can clearly express how your product is going to operate in the market. If you got a positive response from majority of customers and also engagement is getting better then you are good to go for further learning approach. But if only 40% of the customer aren’t quiet enthusiast about the idea then we have to learn that its time to make some modifications.

Validate Assumptions

“ It’s not owner who decides, its customer”. In Lean canvas model we made some assumptions, based on those assumptions we tried to gather customer’s interest and engagement during measurement phase , now at this stage we analyze whether the assumptions made on step 1 matches user’s engagement in step 2 . Moreover, From the data we received we need to refine assumptions either to discard the assumptions or to add some new if anything. This approach will help us get better assumptions of market and validate them in a short time interval which is going to make our final product more validated by real customer rather then by assumptions.

Keep Iterating

Being Perfect is a Journey not a destination. We now iterate over the same build-measure-learn model to take out the best of the best product for our start up. We understand that there is enough space for improvement .Hence looking at the feedback we continuously try to innovate something that your customer will be interested at ,using the feedback loop build-measure-learn cycle. We continuously deliver the product ,measure the interaction and finally we learn and build the product. With this continuous approach of validating assumptions we built a better product , a better relationship and a better service to our customers.

Would you like know more about How we work ?

Are you looking to build a start up? Let's talk .

Please contact us or Request for a quote . We will then get back to you shortly.

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