Although analytics play a lesser role in the early days of B2B startups, there’s a point – usually when your pilot is in the hands of customers – when analytics help you understand the drivers of product-market fit in B2B (revenue, engagement and growth).
Throw away all the things that people say and look at what clients actually do. Who implemented your product? What are they using it for? What value are they getting out of it?
Validate the pilot or product metrics:
- Time to activation – How long does it take for end-users to start using your solution?
- Frequency of use – How often do they use the solution? Are there periods of higher activity?
- Length of use – How much time do they spend using the solution? Are users logged in for the full day?
- Task completion – Can the main tasks – the main reason for buying – be completed without effort? How easy is it to complete the secondary tasks?
- Productivity – How long does it take to complete the main tasks? How does it compare with the previous solution (if any)?
- Enjoyment – Do users enjoy using the solution? Is it the same for all groups of users e.g., managers and end-users?
- Support requests – How many email requests or support phone calls are being generated? Does it vary by user groups?
- Feature requests – How many features are being requested? Are there different needs by user groups?
- Availability – Is the solution stable and available at all time?
- Feature usage – Are there features that are not being used? Is the product being used in new / surprising ways?
With the information you collect during the solution interviews and the information on how your clients are using your product, you should be able to tell to what degree you have reached Product-Market fit.
Is your business model scalable? Is it repeatable?
Don’t lie. Be honest. Scaling a business without Product-Market fit leads to spectacular failures (usually involving a lot of venture capital).
If you didn’t reach Product-Market fit, don’t worry. You can finetune the product until it meets business needs and expectations.
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This sampler covers the differences between B2B and Business-to-Customer (B2C) product-market validation, shows you how to define your vision for success, find early adopters, select market opportunities and assess a venture's risk. Download The First 6 Chapters Today »