What are the best practices for prioritizing and validating new features in a lean startup?

1 Prioritize and validate new features

The first step is to decide what features to add or improve in your product or service. You don't want to waste time and resources on features that nobody wants or needs, or that don't align with your vision and value proposition. You want to focus on the features that will deliver the most value to your customers and your business. To do that, you need to prioritize and validate your ideas using data and feedback. You can use tools like the Lean Canvas, the Value Proposition Canvas, or the Kano Model to map out your assumptions and hypotheses, and then test them with experiments, surveys, interviews, or prototypes. You can also use metrics like the Net Promoter Score, the Customer Satisfaction Score, or the Customer Effort Score to measure how satisfied your customers are with your current features, and what they would like to see next.

2 Measure and improve your performance

The second step is to track and analyze your performance and progress. You need to know how well your product or service is meeting your customers' needs and expectations, and how it is contributing to your business goals. You need to define and monitor key performance indicators (KPIs) that reflect your value proposition, your customer segments, and your growth strategy. You can use tools like Google Analytics, Mixpanel, or Amplitude to collect and visualize your data, and tools like Lean Analytics, Pirate Metrics, or the Growth Hacking Funnel to interpret and act on your data. You can also use methods like the Build-Measure-Learn loop, the Lean Startup Cycle, or the Experiment Board to plan, execute, and learn from your experiments, and to validate or invalidate your hypotheses.

4 Apply best practices

The fourth step is to apply some of the best practices and principles that can help you scale and iterate effectively and efficiently. You want to adopt a customer-centric, problem-solving, and value-driven mindset, and to involve your customers and stakeholders in every stage of your development process. You want to use a minimum viable product (MVP) approach, and to launch early and often, and to iterate based on feedback and data. You want to use a cross-functional, collaborative, and empowered team, and to foster a culture of innovation, creativity, and experimentation. You want to use lean tools, methods, and frameworks, and to follow the scientific method of hypothesis testing, experimentation, and learning.

5 Learn from others

The fifth step is to learn from the experiences and insights of other entrepreneurs, experts, and practitioners who have scaled and iterated their lean startups successfully. You can read books, blogs, podcasts, or case studies that showcase the stories, strategies, and lessons learned from scaling and iterating in different domains, industries, and contexts. You can also join communities, networks, or events that connect you with other lean startup enthusiasts, mentors, or peers who can share their tips, advice, or feedback with you. You can also seek mentorship, coaching, or guidance from someone who has been through the scaling and iteration process before, and who can help you avoid pitfalls, overcome challenges, or accelerate your growth.

6 Experiment and adapt

The sixth and final step is to experiment and adapt your product or service based on your learning and feedback. You need to be willing and able to change or pivot your product or service if you discover that it is not meeting your customers' needs or expectations, or that it is not achieving your business goals. You need to be flexible and responsive to the changing needs and preferences of your customers and the market. You need to be open-minded and curious about new opportunities and possibilities that may arise from your experiments and iterations. You need to be resilient and persistent in the face of uncertainty, failure, or rejection. You need to be always learning, always testing, always improving.