Read Time: 3 minutes
You should be asking yourself WTF every. single. day.
What’s the Feedback?
Today, we’ll break down:
- What is Feedback
- How to collect it
- When to pivot
What is Feedback
Entrepreneurship is one big science experiment being run to generate a profit.
It's start with
- Asking a Question (Define a Problem in the Market)
- Posing a Hypothesis (Ideal Target Customer and a Core Offer)
- Running an Experiment (Run a Pilot Program)
- Measuring & Analyzing (Collect Data)
- Conducting a New Experiment (Upsell, Cross-Sell)
No one knows if it will work and it’s on you to collect the datapoints to prove whether there is congruence between the problem and the solution you are developing.
(Notice this is not about being right or wrong. These classifications elicit feelings of shame which triggers the ego down a rabbit hole around self-worth).
Feedback is the data that is collected across the different phases. There are several systems that can be used to collect the data, which we’ll share in the next section.
The key is to note the importance of actually collecting it.
How to Collect
Collecting Feedback is a step that is oft forgotten throughout this entire process.
The data reinforces or challenges our assumptions, and provides the insights necessary to pivot accordingly.
Here are some collection points you can use:
- Which Marketing Channels are working by asking Leads “How they found us”
- Which products to develop by reviewing survey results around problems and challenges
- What content to create by reviewing suggestions from your community (i.e. via this newsletter)
- How effective your video trainings are
- What features do clients want before purchasing your product
While most use Google for everything, I think Google Forms sucks. The functionality is extremely limited
Typeform is clean, and it’s expensive AF.
I use Tally.so, which is a free form builder that has a direct integration to Notion. By connecting it to Notion, I have a single page that has all of the Feedback I have collected to-date:
- Content Suggestions
- Client Session Scores
- Course Module Feedback
- and more
So when do you pivot?
You may wonder at which point you modify your big experiment.
That’s up next.
When to Pivot
I invite my clients to zoom out and look at the bigger picture instead of obsessing over 1-2 data points.
The Law of Large Numbers is a statistics theory that states that correlation is proved after a significant amount of data points is collected.
If 2 leads tell you that your price is too high, that is not enough data points to be statistically significant-especially If you’ve only had 5 conversations.
After asking 200 customers though, if 70 of them say the price is too high than you might have to consider pivoting (or adding a new pricing tier).
I encourage my clients to review the feedback on a monthly/quarterly basis and evaluate whether a change in strategy is necessary.
This is different for all clients depending on your stage and size.
Questions & Takeaways to Consider
- How do you collect feedback today? How often are you reviewing it?
- What is feedback you struggle collecting from your clients?
Thanks for reading, Ernesto
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