At what point do you consider your product a success/failure?

Being strict with timelines and outcomes helped me conduct 12 experiments in a span of 60 days. I'm going to post an AMA in about 3.5 hrs. You can follow that too :)

Determining whether a product is a success or failure can be a complex process and may vary based on your goals and expectations. However, I'll try to list down some most common factors that can define success/failure for your product: 1. Clear Objectives: Define clear and specific objectives for your product from the outset. These objectives could be related to revenue, user adoption, market share, or other metrics. If your product meets or exceeds these objectives, it's likely a success. 2. Metrics and KPIs: Establish key performance indicators (KPIs) and track relevant metrics. If your product is meeting or surpassing these metrics, it's on the path to success. For example, if you aimed to achieve a certain user retention rate or conversion rate, meeting or exceeding those targets is a positive sign. 3. User Feedback: Listen to your users. If your product is solving their problems, meeting their needs, and they're providing positive feedback, it's a sign of success. Conversely, if users are consistently dissatisfied or leaving negative reviews, it could indicate a failure. 4. Market Fit: Assess whether your product has found a fit in the market. If it's gaining market share, growing its user base, or fulfilling a unique niche, it's likely on the road to success. On the other hand, if it's struggling to gain traction or facing strong competition, it might be a sign of challenges. 5. Profitability: Evaluate the financial aspect of your product. If it's generating revenue, covering its costs, and ideally, turning a profit, it's a success in a business sense. If it's consistently operating at a loss, it could be considered a failure from a financial standpoint. 6. Iteration Potential: Consider the potential for product iteration and improvement. Some products start with a modest reception but can be iterated upon to become successful. If you have a clear plan for how to enhance and evolve your product, it might not be a failure even if it's not an immediate hit. 7. Alignment with Goals: Reflect on whether your product aligns with your overall business goals and strategy. If it's contributing positively to your long-term vision, it may not be a failure even if it faces initial challenges. 8. Learning Experience: Sometimes, what may seem like a failure can be a valuable learning experience. If you've gained insights, skills, or knowledge that can be applied to future projects, it's not a total loss. In the end, success and failure are not always binary. Many products fall somewhere on a spectrum, and it's essential to be open to adaptation, learning, and reevaluation. Sometimes, what initially appears as a failure can be a stepping stone to future success. All the very best :)

When customers don't churn :)

Not successful - people don't use your product Not successful - people don't buy your product Not successful - you supply your product for a long time only with investor money Successful - people use your product Successful - people buy your product Successful - you have reached the break-even point. Never give up, everyone should reach the stars at once :)

Some points where things just get bitter (not just for me): 1) Doing numerous pivots still not finding the PMF. 2) Realizing that the market just doesn't exist. 3) When unit economics doesn't make sense. 4) No solid ways of monetization. 5) Too much competition even to grow or survive in the market. 6) Running out of funds.

there is no fail. just keep going. I've heard the startups that succeed are the ones that persevere! Good luck :)

To succeed in business and startups, it's all about failing fast! So I would say it's hard to determine what is a "true failure". Because you can always pivot into a new iteration/direction that still is within your targeted vertical. If we must define failure, I guess it would be filing for bankruptcy or something like that! Failing is giving up I suppose. But even if you fail like that, you still learned valuable lessons along the way.

If you're growing 100% a year after you start, that's success. If by 10-20% it is a failure. I'm talking specifically about startups.

You're absolutely right, Khairujjaman! Failure is a natural part of the entrepreneurial journey, and it often leads to valuable lessons for future success. To determine if a product is a success or failure, I usually look at a few key indicators: User feedback User engagement Meeting goals Profitability

I have built my frist mvp like 3 days ago. I haven't recieved good traction yet but I have thought that in next 15 days if I don't get enough people [100] then I would better be shttting it down. my product is B2C

when your competitors start attending your webinars instead of the other way around

This is a very deep question. I am very interested in how the respondents perceive it and their comments. I will be launching in a few days and I am learning a lot.

Every failure is a new learning. Keep climbing! :))

You will always experience failures along the way. It is more how you can learn from your failures that will shape up the future of your product's success.

real customer feedback for sure

I want to talk about a website called https://focuskeeper.co/ that helps manage time effectively. The website allows users to divide their time between work and rest, enabling them to concentrate on their tasks without worrying about missing deadlines. The author has been using the website for four months and finds it helpful in managing their day. They are interested in knowing about other methods for time management.