Measuring Product Traction for Founders & Management Teams

Flument Product Scorecard is a handy tool for Founders and Management Teams to measure Product-Market-Fit (PMF) and Product Traction in early to mid stage start-ups. This scorecard has been prepared after observing the trends of 50+ successful start-ups.

Read the full article below to understand how Flument Product Scorecard helps start-ups gain and maintain product traction over a long timeframe.

The Road Towards Product Traction

A map tells you where you've been, where you are, and where you're going -- in a sense it's three tenses in one.

- By Peter Greenaway

Running a start-up and seeking and validating PMF, is no less arduous than racing across the desert seeking a bountiful oasis. The water you are carrying (cash) is about to run dry, and all you can see are fleeting glimpses of an oasis just a few meters away, which on closer inspection turn out to be mounds of sand (or just a mirage).

But what if you have a handy map with practical guidance on dangerous territories you should avoid, and the paths you must follow, to reach the oasis.

The Flument Product Scorecard is in essence that handy map for founders and product managers to not just guide their product towards PMF, but also maintain the product traction with customers over a long duration. And this map is custom made for each start-up or enterprise, after a rigorous measurement of multiple aspects that helps in driving product traction.

The Need for Measuring Product Traction!

The heroic adventurer struggling in the desert for survival is just a metaphor. In reality, 9 out of 10 start-ups fail. Of this approx. 30% start-ups fail even after raising Series A. The most prominent reason for Product & Start-up failures, was attributed to lack of PMF and Product Traction.

As detailed by Marc Andreessen (in his popular blogs), Product-Market-Fit, means being in a good market with a product that can satisfy the market. But knowing that a market is large and attractive, and that the product is capable is not good enough.

Though there are lot of literature available on the internet on the strategies and tactics to attain PMF and Product Traction, lack of standardised scorecards & frameworks, hinder ongoing business assessment for many founders & product managers.

Flument Product Scorecard & and its Interpretation

The Flument Product Scorecard has been conceptualised as a handy tool for Founders & product managers to answer contextual questions related to product value proposition, market adoption and more. This scorecard has been prepared after observing the trends of 50+ successful start-ups.

From our studies across these successful companies, we found that attaining Product Traction requires the following 4 criteria

Market: This signifies an acute problem felt by lot of customers, but that is not being solved efficiently today
Value Proposition: Your product solves this problem for customers

3. Channels: Your product can reach a large section of the customers cost-effectively

4. Monetization: Your customers are happy to pay for your product / solution

In the early stages of a start-up, the founder should always be looking at these 4 criteria and fine-tune his / her business strategies, to gain product traction. The following diagram describes Flument's Product scorecard in full detail.

Working on product traction is tough, as it requires a founder to be constantly alert to all the business variables that affect product value proposition, customer acquisition and long term monetisation. But now Flument’s Product Scorecard can help Founders and Product Managers gain the right insights to take business and investment decisions; for attaining product traction in a short timeframe.

Flument Product Scorecard: Benefits for Founders & Product Managers

❖ This Scorecard helps you attain Product-Market-Fit in a faster time-frame by looking at most critical parameters. This scorecard helps in maintaining product traction over a long period by improving product value proposition, better targeting and monetization.

❖ Raise funds faster from investors with full business confidence. A high Product Score indicates that your product is ready for further investments to begin the next stage of growth.

❖ Flument Product Score is a good reference point to track and benchmark the holistic progress of start-up across a desired time period.

❖ This Comprehensive 5-page report, is an excellent starting-point for having structured conversations with all stakeholders for achieving Product Traction.

❖ Flument can also guide Founders and Product Managers attain Product Traction by improving product value proposition, better targeting and monetization.

Talk to us for more details!

Whether you are looking for quick insights into Product through our Scorecards; or need our Consulting Services to attain Product Traction in a sure & certain way, please contact us with your requirement.

Our team will then set up an exploratory online meeting, to take you through Flument's Scorecards and Consulting engagement models.