Your Business’s Mantra

I am currently reading this book called The Art Of The Start by Guy Kawasaki.

In it: there is a beautiful section called your business’s mantra.

An example business mantra is Nike: “Authentic athletic performance”.
*Not to be confused with their tagline which is: Just do it!

The goal of a mantra is to help you and everyone in your company make meaning and set everyone on the right path.

Using the famous “om” mantra as an example: This is something you chant can on the inside reminding yourself to be at peace. So if you are Nike you can see how chanting “authentic athletic performance” could really do wonders for everyone within your organization.

A simple yet powerful tool in my opinion.

So what is your business’s mantra?
Try filling up yours here in the space provided: __________________

 

Pirate Metrics – AARRR!

The Pirate Metrics is a set key points / guidelines for you to consider when you start shaping up your start-up idea into a business.
So let’s break it down, A.A.R.R.R. stands for:

  • Acquisition
  • Activation
  • Retention
  • Referral
  • Revenue

Acquisition
How do you plan to get your customers? Do you plan to cold call? Take to the streets and pass out flyers? Advertise in news papers or television?
Use this section to brainstorm all the many ways and method you would use to acquire more customers or bring attention to your brand.

Activation
What is your call to action – how will you encourage your customer to buy from you, use your services or just try it out?
There are many ways to do so, to name a few, you can list down points like:

  • Providing simple how-to guides to guide your what-would-be customer on the process of booking with you.
  • Receive a 5% discount on your first purchase
  • Students receive 10 bucks off the total bill during weekdays

Retention
How will you encourage your customers to come back?
Will you:

  • Offer a discount for their subsequent purchase?
  • Adopt a reward or point system?
  • Do follow up calls to see what they’d thought about your service and use that time to encourage them to use it again?

Referral
How will get your customers to help you spread the word with their friends, family and colleagues?
I recently sat for a talk about Gamification and I believe that adopting this method is a great food for thought.
Here are some examples:
2 1
You can also adopt this in to other ways like – share this with your friends and earn a badge to unlock a discount or view certain features.

As the saying goes – “Achievement Unlocked”

Revenue
Money money money… How will you make the money!
List down all the ways you intend to get revenue from.

  • Are you going to get a percentage of price of goods sold?
  • Will it be through advertising or selling online retail space?

To conclude:
Don’t worry if you do not have all the answers right now, you should use this time to sit down to think about and brainstorm for answers to the Pirate Metrics questions. If you really don’t know the answers, do some research and see how other companies are doing it.

Personally, I found books like How They Started by David Lester very useful when looking for ways to answer the Pirate Metrics questions.

In addition to that, watch shows like Shark Tank and Dragons’ Den to see what questions are asked and how are the entrepreneurs address the issue.
It is also a great idea to jot down all the questions they ask and see if you have an answer to it – you can never be over prepared!

My personal favorite question: “…if I give you you the money you are asking for… HOW AND WHEN WILL I GET MY MONEY BACK!”

Homework:
If you would like to do some extra reading, you can visit these links:

That sums it up for my contribution to the Pirate Metrics!

I would love to hear what you think or if you have any advice you would like to share.

GOOD LUCK!