Facing a 90% failure rate, startup CEOs have to deal with multiple key challenges from acquiring users to penetrating markets, while nearly 80% focus on one of 3 primary metrics to guide success, according to a new report.
While slightly more than half (55%) of startup CEOs are focused on one of three issues at any one moment i.e acquiring new users, improving the product or creating the right balance of staff and corporate culture, many other difficult tasks compete for their attention, from penetrating new markets to raising money to pricing strategies and beyond, the research by Compass.co says. The report is based on a survey of more than 800 startup CEOs.
The benchmarking solutions company Compass, previously known as StartupCompass and Startup Genome, has launched a new solution for startups and software companies to solve this problem. The new tool, Compass.co, will help users identify issues, set and prioritize objectives, allocate resources and control results.
The tool comes with a contextual dashboard that aggregates a company’s critical data from more than 30 cloud-based sources, including Google Analytics, Salesforce, Mailchimp, Quickbooks, Mixpanel and PayPal, as well as direct inputs.
In the future the company plans to add more industry specific benchmarks, like average shopping card size for e-commerce or DAU/MAU for games, high resolution benchmarks for filtering aspects like customer acquisition cost etc. and additional data sources to the tool.
Compass is headquartered in San Francisco, CA, and is also the author of the reports like The Startup Genome Report.