2min chapter

This Week in Startups cover image

AMA 2: All Turtles CEO Phil Libin answers questions from founders: should early-stage founders prioritize data or instincts, building global products, ML risks, thoughts on remote work

This Week in Startups

CHAPTER

Is There a Need for More Metrics in Startups?

Pricing is something that, like, most start ups don't understand, and therefore think is not important. But actually it's really important. Rule of thumb on this is a, whenever you go from not doing something to doing something half asked, that's like an easy doubling. And there's ample opportunities for that. Graham g asks, hi phil. Your talk at scale was among the high lights of my trip. Thank you....

00:00
Speaker 2
And then finally, like six years later, wee already a unicorn, we already had, you know, hundreds of millions of users. We
Speaker 1
hired somebody who understood pricing, and they an pricing theory to me. And i thougt it be boring, but it's actually endlessly fascinating. And then we started doing pricing experiments, and we like, doubled teur revenue, youkno, within like, i think, a year or something, or eghteen months, without changing the product mix, basically from just being better at pricing. So that's a good example, right? Pricing is something that, like, most start ups don't understand, and therefore think is not important. But actually it's really important. Rule of thumb on this is a, whenever you go from not doing something to doing something half asked, that's like an easy doubling. So if there's like something tha you're not doing in your start up, like just just going from nothing to like, kind of o k, like not thinking about pricing, to being like just barely competent with pricing, easy. Double
Speaker 2
ah.
Speaker 1
And there's ample opportunities for that. Graham g asks, hi phil. Your talk at scale was among the high lights of my trip. Thank you. I don't know which one exactly, but great. During the early days pre product market fit, do you think that more metrics are always better for founders, or would you recommend focusing on those north star metrics that can keep founders focused on the most important business? Lovers, thanks.
Speaker 2
Thit's a good question. I've got a chart that i used to draw about this
Speaker 1
a and it kind of looks like this. So a imagine, at the beginning is the time line. In the x axis, in they as is all the way on top is hundred per cent instinct, hundred per cent, like intuition, gut feel. And at the bottom is like hundred per cent data driven, metric sdriven.

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode