Summary: Traction E-Book

BusinessNews Publishing

• Herausgeber: Business Book Summaries
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 38

Veröffentlichungsjahr: 2015

Beschreibung

The must-read summary of Gabriel Weinberg and Justin Mares' book: "Traction: A Startup Guide to Getting Customers".

This complete summary of the ideas from Gabriel Weinberg and Justin Mares' book "Traction" states that there are lots of start-ups trying to be successful today. According to Weinberg and Mares, the start-ups that manage to reach success are the ones that create ‘traction’ by generating customer growth and momentum. This should be the main aim of anyone launching a start-up and they should use the Bullseye Framework to identify which traction channels they should use. The Bullseye Framework has five key principles; brainstorm, rank, prioritise, test and focus. This summary explains each of these principles in detail, allowing you to learn the best way to launch a successful start-up.

Added-value of this summary:
• Save time
• Learn the Bullseye Framework to identify to right traction channels
• Ensure your start-up is successful

To learn more, read the summary of “Traction” to discover how to create customer growth and momentum for your start-up and succeed!

Leseprobe

Book Presentation: Traction by Gabriel Weinberg and Justin Mares

Summary of Traction (Gabriel Weinberg and Justin Mares)

Book Presentation: Traction by Gabriel Weinberg and Justin Mares

Book Abstract

All startups have a product. What differentiates the winners from the losers, however, is successful startups generate "traction" – real customer growth and momentum. The pursuit of traction in the marketplace should be the central aim of anyone who is trying to get a startup off the ground.

So how do you generate traction? There are at least nineteen channels which have been used successfully by other startups. It's pretty much impossible to tell in advance which of these channels will end up working for you so usually you have to road test a few and then build on what works.

A good framework for identifying which traction channels you should be using is the "Bullseye Framework" which looks like this:

Brainstorm – identify how each traction channel could work for youRank – compare the various traction channels using consistent criteriaPrioritize – identify the three traction channels which look most promisingTest – start using those three channels and measure what resultsFocus – commit all your resources to the best-performing traction channel

About the Author

GABRIEL WEINBERG is founder and CEO of DuckDuckGo, an online search engine which started in 2008 and delivered more than one billion searches in 2013. He is also an active angel investor. He's been featured on CBS and FOX, and written about in The Guardian and The Washington Post. He previously co-founded and served as CEO of Opobox which was acquired in 2006. Gabriel Weinberg is a graduate of MIT.

JUSTIN MARES is former director of revenue and growth at Exceptional, a software company acquired by Rackspace in 2013. Before that, he founded two other startups, one of which went well and one of which closed down. He runs a growth meetup in San Francisco and writes on marketing in his personal blog at justinmares.com. Justin Mares is a graduate of the University of Pittsburgh.

Important Note About This Ebook

This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book.  This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.

Summary of Traction (Gabriel Weinberg and Justin Mares)

How to think about Traction

Generating traction has to be an obsession for startups. Apply five principles:

Use Bullseye to start generating tractionAlways spend 50% of your time on tractionBe prepared to pivot on evidence of more tractionWatch for channel saturation – it's comingAlways have a traction goal that moves the needle

1. Use Bullseye to start generating traction

Traction is a sign that your company is taking off and will be able to find enough customers to stay in business. The whole point of a startup is you have to grow quickly. Simply put, to keep the doors open as a startup, you need to generate traction ASAP.

There are at least nineteen different channels you can use to generate traction. Companies have excelled using each and every one of them at different times. However, there will usually be just one or two which will work for you. The best way to find your traction channel is to use the Bullseye Framework:

Brainstorm – identify how each traction channel could work for youRank – compare the various traction channels using consistent criteriaPrioritize – identify the three traction channels which look most promisingTest – start using those three channels and measure what resultsFocus – commit all your resources to the best-performing traction channel

Note you start Bullseye by visualizing how each of those nineteen channels might work out for you in practice. The criteria you then use in step 2 to narrow your choices down to the best three are:

Which traction channels look most promising?How probable is it that this channel might work?What would be the cost to acquire a customer?How many customers could you reasonably expect?How long would it take to see success?

Once you identify your best three traction channels, you then start running some tests for each of those channels. You do this in parallel rather than sequentially so you can get answers quickly. As you run those tests, keep track of:

How much it costs you to acquire a customer.How many customers that channel could generate.Whether the customers you get are a good fit.