Week 13: Traction Channel and Metrics

 TRACTION CHANNEL AND METRICS


    In this week of technopreneurship blog, we tackle traction channels and metrics. I have learned that every failed startup have a product, but what failed startups don't have are enough customers. Therefore, traction channels are important in one's journey of entrepreneurship. Another thing related to traction is product development. I learned that each of these should receive equal treatment, meaning they are of equal importance. So 50% traction and 50% product development. Furthermore, the whole point of a startup is to grow rapidly. This implies that traction is growth and that means the pursuit of traction is what defines a startup. 

    Here are the common traction channels I have learned:
  • Viral Marketing
  • Target Market Blogs
  • Public Relations 
  • Unconventional PR
  • Sales 
  • Affiliate Programs
  • Business Development
  • Existing Platforms 
  • Trade Shows
  • Offline Ads
  • Social and Display Ads
  • Content Marketing 
  • Email Marketing
  • Engineering as Marketing
  • Community Building


    Based on these insights, we formulated the traction channel for our startup idea and came up with the following figure above. My groupmate, Renzo Luiz Ejem was tasked to determine the traction channel for our startup idea. The primary tractions are BizDev, which means Business Development, because it aligns to the vision for our startup idea which aims to raise up small, medium, and large enterprises. Next are SEO and SEM, which stands for Search Engine Optimization, and Search Engine Marketing, respectively. SEO allows our product to be featured on search engine, ranking us higher on the list. Similar to this is the SEM which includes paid and organic. We didn't know this back then, but SEO and SEM are not a good traction channels, at least for our startup idea.

    A little bit later, I only realized the correct guideline for traction channel: bullseye framework method:
    
  1. Brainstorm - by writing down ideas and how we could use that channel.
  2. Rank - by placing them in one of the three rings in the bullseye.
  3. Prioritize - the three
  4. Test - test how effective they are & cheap.
  5. Focus - by putting all effort into the channel and try some new (and repeat).

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