Feb 10th 2016, we hosted a roundtable discussion on applying The Lean Startup methodology at financial corporations and fintech startups at Breaking Barriers 2016 in Amsterdam. We figured that it might be useful to give you some insights on our learnings.
The magic 1 metric that matters (1MTM)
When you create a digital solution to a pain of your customer target group, you are setting yourself up for exponential growth. Which is a good thing ;-)
The only issue is to keep focus and enable pivots and iteration during your rollercoaster ride called growth. That's why there is the 1 metric to focus on.
This magic number is the quantified goal of your organisation. The 1 metric that matters is not a number which is poored into concrete to last for decades. No, the type of solution you're offering in combination with your organisational phase determines what to focus on.
For every action, campaign, task etc. you first verify if it contributes to your 1MTM. Of course this should be quantified and measurable so you can make sure that your work really delivered.
The big advantage of the 1MTM is that it creates a great coherent culture within your organisation. Ever wondered why marketing is doing something completely inconsistent to development or vice versa? And why your customer journey is totally broken? Right! Your teams are not on the same page, so get them to define the 1MTM.
Is your board on-board?
If failure is not an option within your organisation don't start working according to lean startup. Fear is the primary blocker of success. This is why the C-Level guys should be the ambassadors of the methodology. It's simple - you can only learn if it's ok to fail.
It's not about getting data, it's about creating information from it.
Ok, the days that the magic was in harvesting data are way behind us. In fact we are harvesting so much data we are drowning in it. Due to this, it can put a break on your growth and iterations. So just flip the way you are working.
Digital is all about the people / users, and you are solving their pain. So take a look at what your previous data, creatives and branding are telling you. From this input you'll define the hypotheses which are the foundation for your upcoming tasks, campaigns and tests. So now you'll be able to know what you don't know, and what data you'll need to collect to know it. This gives you focus and enables high-tempo testing.
We've got so much more to tell you, and we are more than willing to so do. Want a great cup of coffee? Just contact us. We promise we won't bite ;-)