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- Issue #141: 🥼Test & Retro to Success 🧪
Issue #141: 🥼Test & Retro to Success 🧪
DIY framework to run profitable experiments & retrospectives 💥
Bootstrapper Capital
August 09, 2023
Welcome back to the 10,894 Investopreneurs joining us today! Our goal is to grow to 15k strong by the end of this month!! If you’ve seen value in today’s newsletter please leverage your referral link and invite some friends & get rewards!!🚀🧑🚀
Did you know that according to the Harvard Business Review, companies that adopt a culture of experimentation see a 25% increase in sales over their less curious counterparts? But how can you harness the power of experimentation for your own business? Say hello to your new secret weapon. 🔫
That is WHY in today’s issue of the newsletter we’ve put together a FREE Demand Generation Tracker Worksheet that you can immediately put to work in your business!
🥼 Running a business is a lot like conducting a series of ongoing experiments. What happens if we change the wording on this ad? Can we improve click-through rates with a different image? If we tweak our call-to-action, will we see a jump in conversions? These are all questions that the Demand Generation Experiment Tracker below can help you answer. Each section of this worksheet serves as your guide to plan, conduct, and evaluate these business-critical experiments. It's about making educated guesses, measuring the results, and then fine-tuning your approach.
When you get started with the worksheet you can expect a streamlined process that is easy to follow. You'll have a structured way to hypothesize, execute, track and review your experiments. 🎢 Think of it like a personal coach nudging you along, ensuring you're capturing vital data and turning that information into actionable insights. Plus, you'll have a record of your journey, a diary of sorts that documents your company's evolution through experimentation.
Let's dive in, start exploring, and watch your business grow!
Our mission is to help every investopreneur reach their freedom number by building a more valuable business. That is why we focus on simplifying your business + money to achieve a more profitable life. Hopefully, today’s email will help you on your journey to do just that! 💥
DEMAND GENERATION EXPERIMENT TRACKER 🥼 🧪💥
EXPERIMENT DETAILS
Experiment Name: _______________________________________________ (Give your experiment a concise, descriptive name that clearly indicates its nature.)
Start Date: _________ End Date: _________ (Specify the time frame for the experiment. This helps in tracking and evaluating the results effectively.)
Experiment Owner: _______________________________________________ (Who is responsible for conducting this experiment? This person will oversee the execution and ensure its completion.)
Objective of the Experiment:
_______________________________________________________________________________
______________________________________________________________________________
(What is the specific aim of this experiment? What do you hope to achieve by the end of this period?)
_______________________________________________________________________________
HYPOTHESIS
Hypothesis Statement:
_______________________________________________________________________________
_______________________________________________________________________________
(What is your prediction or assumption for this experiment? This statement should ideally be a measurable prediction.)
_______________________________________________________________________________
KPIS
Primary KPI:
_______________________________________________________________________________
(What is the main key performance indicator that you are tracking in this experiment?)
Secondary KPIs:
_______________________________________________________________________________
_______________________________________________________________________________
(Identify any secondary key performance indicators that you are interested in measuring for additional insights.)
_______________________________________________________________________________
EXPERIMENT DESCRIPTION
Detailed Procedure:
_______________________________________________________________________________
_______________________________________________________________________________
(Describe how the experiment will be conducted. Include any specific steps, methods, or techniques that will be used.)
Resources Needed:
_______________________________________________________________________________
_______________________________________________________________________________
(List all resources that are required to carry out the experiment, such as tools, software, people, etc.)
Target Audience:
_______________________________________________________________________________
_______________________________________________________________________________
(Identify the group of customers or users that this experiment is targeting.)
_______________________________________________________________________________
RESULTS
Data Summary:
_______________________________________________________________________________
_______________________________________________________________________________
(Summarize the data you have collected during the experiment.)
Data Analysis:
_______________________________________________________________________________
_______________________________________________________________________________
(Analyze and interpret your data. What does it tell you about the hypothesis and the objective of your experiment?)
_______________________________________________________________________________
RETROSPECTIVE
Did the Experiment Succeed or Fail?
YES/NO (circle one)
What Worked Well?
_______________________________________________________________________________
_______________________________________________________________________________
(Identify and describe the elements of your experiment that delivered the expected or positive results.)
What Didn't Work Well?
_______________________________________________________________________________
_______________________________________________________________________________
(Identify and describe the elements of your experiment that did not deliver as expected or gave negative results.)
Lessons Learned:
_______________________________________________________________________________
_______________________________________________________________________________
(Reflect on the experiment as a whole. What have you learned that could be applied to future experiments?)
Next Steps:
_______________________________________________________________________________
_______________________________________________________________________________
(Given the results and your analysis, what are the next steps? These could be new experiments, implementing changes, or other actions based on your findings.)
_______________________________________________________________________________
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