What are the key metrics to track for lean canvas experiments?

Key Metrics to Track for Lean Canvas Experiments When working with Lean Canvas to validate your business idea, tracking the right metrics is crucial for making informed decisions. Here are the key metrics to focus on: Customer Segments: Customer Acquisition Cost (CAC): How much it costs to acquire a customer in your target segment. Customer Lifetime Value (CLTV): The total revenue you expect from a customer over their relationship with your business. Problem & Solution Fit: Problem-Solution Fit Validation: Track the number of customers who validate your problem and solution assumptions through feedback, surveys, or initial product testing.

To further amplify the accuracy of your validations, I would also include the number of customers who have already pre-ordered your offer, or paid to use your MVP. To go even beyond this, collect their NPS as well. Those who cheer for you can guide you best to find your fit much faster and with higher accuracy.

Something that is really crucial is to look at the problem and solution independently. A lot of first time founders will ask leading questions when doing customer interviews that lead to their intended solution. Instead, isolate the problem by itself and try to understand how your potential customers are currently facing the problem.

The most important thing is to know and understand your market. Study it thoroughly. Immerse yourself in the market. Run tests before creating a prototype, and write down everything you learn. Organize the material.

Fine tune the service until you keep receiving NPS higher than 8 out of 10 back-to-back, only then you can assume that you are getting closer to your fit. Do not be afraid of A/B testing and making mistakes.

Acquiring statistically significant data for CAC, and LTV are priceless. Collect enough data to show that you can grow sustainably month over month. Constant growth is important and the only way to predict it is to show that you have made enough momentum.

To find a business model fit in lean canvas experiments, track key metrics such as revenue and profit, pricing and value, and channels and partners. These metrics indicate how effectively you're generating revenue, reducing costs, and creating a competitive advantage. For example, track monthly recurring revenue (MRR) to gauge revenue growth, monitor customer acquisition costs (CAC) to optimize spending, and evaluate the performance of different sales channels. Clearly define these metrics, collect data consistently, and analyze results critically. This approach helps you learn from experiments and make data-driven decisions to refine your business model.

> Choose the right metrics relevant to your specific experiment and hypothesis. >> Establish clear goals for each metric and monitor your progress over time. >>> Be flexible and don't be afraid to adjust your metrics based on learnings and new insights. >>>> Use your data to inform future iterations and optimise your lean canvas for success as required.