don’t let data drown you
Morning! Some exciting news from Twitter this week with the launch of their new “talk to tweet” feature. Realizing that sometimes 280 characters isn’t enough to get your point across this voice feature will capture up to 140 seconds of audio. Twitter plans on completing the rollout of their voice technology within the next few weeks.
Let’s dive into this week’s Playbook, shall we?
🌱 One of the issues companies face during fast periods of growth is execution. You think the two would have a positive correlation, but in reality, teams often lose direction trying to be too innovative, and productivity takes a nosedive. Balancing innovation with execution is far from a simple task, but creating a culture of “Say-do” meaning you always follow through and do what you say you’re going to do, is step 1. Prioritize implementation over strategizing, emphasize the “how,” and, most importantly, hold team members accountable!
🔑 While we’re on the subject of growth, let’s talk about metrics. As Profitwell reiterated, SaaS is actually one giant formula that can be optimized. SaaS and tech operators are drowning in data, and it’s tempting to try to measure everything you can. As you’ve probably heard before, many people think “what can be measured can be improved”. But measuring too many metrics can actually cause more harm than good; you run the risk of focusing on the wrong benchmarks for your current stage of growth and scattering your focus. The key to getting the most out of metrics is being realistic about where you’re at as an organization and aligning the data with that stage.
🏙 To this day, many investors believe your company will suffer in terms of talent and funding if you choose to build outside of one of America’s biggest tech hubs. We, along with the Data Driven Investor, respectfully disagree. We could start by making the obvious argument about overhead costs, but what’s more compelling is the cultural aspect. Startups are plagued by high turnover, so by positioning yourself outside of uber-competitive markets filled with poachers, you’re typically able to foster stronger loyalty within your organization.
💫 When launching a new startup, it seems to be the norm to think big and shoot for the stars. While many entrepreneurs place an emphasis on being groundbreaking and disruptive, Jerlin Huang points out, it’s hard to get even 10 people to fanatically love your product. When building your company you are generally better off starting small, focusing on foundational strength, and become obsessed with your end-user. By obsessed we mean learn their habits, pain points, and internalize their feedback. Creating handcrafted experiences will foster strong relationships with your initial user base, who also should end up being the strongest best advocates.
🚀 Rob Walling's podcast Startups for the Rest of Us provides sage advice on what you should know before you start scaling your business. In his latest episode, he touches on a couple topics key to the scaling phase: be careful with early hires and how to avoid burnout. The two go hand in hand. A strong resume alone can be tempting, but interpersonal relationships are arguably as important. If you're constantly at odds with a team member, neither of you will be producing your best work. It’s vital to surround yourself with people who are willing and able to do the work but also provide moral support. Without that support, you’re much more likely to face burnout.