My Journey in Radical Transparency

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SLC Startup Peer Network: Attract, Interact and Transact

Last night we had our first BoomStartup Alumni meeting. The event was attending by 26 startup founders. The goal of these meetings is to create a startup peer network. We are using our existing BoomStartup Alumni and the anchor for this group. Other tech founders in the community are welcome to attend. Last night we had 8 new members join the group. Thank you for your participation we look forward to seeing you next month.

The current meeting format consists of a brief topic overview to help spark thoughts and questions. We then open the meeting for specific questions from the founders. The best questions are very specific and ones that can be addressed with actionable, measurable results. We will then get an update from each of these founders at next months meeting.

This month’s topic was Attract, Interact and Transact. These terms are used to define the phases of a typical customer acquisition process. In a web environment these can loosely be seen as visitors, users and customers. The attract metric is used to define your initial contact with a potential customer. Interact is the action that gives you a contact point, or way to communicate directly. For Transact you need to get some money.

We had a couple of great question brought up around this topic. From these we noted a few suggestions. These can be summarized as follows:

  • Define how you will measure each step. Establish your baseline.
  • A small change in Transact can make a big difference.
  • Without a good Transact phase and Large change in Attract is wasted.
  • The gateway between each is key. How can you remove the barriers?
  • A/B test the change and define success ahead of time.

Most of these concepts have been retooled from the principals developed for Lean Startup. This line of thinking is changing the way we view product development and it’s tie to the rest of the organization. It’s worth the time to understand these concepts. Discover how to eliminate the waste in your startup now.

Next month we’ll be discussing Cohorts, how to define them and what to do once you have. Please comment with any questions.

Details on our next meeting will be here: http://www.meetup.com/BoomStartup/

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Change your Funding Strat?

should the current market environment change your fundraising strategy? bit.ly/nE0Y69
@sether
seth levine