Compounding Improvements

<h1>The Leaky Funnel</h1> One lesson I’ve had to relearn repeatedly over the years is that, often times, hard things can be made easier by simply reframing how you approach them. This past week, in reflecting on the consumer tech products I’ve built, I was able to put into words (and numbers) one such reframing approach that has always benefited my work. To explain it, I need to take a step back… Product development is, at its most simplified form, an attempt to answer this question: How do I get the highest number of users to take a specific action? Once you dig into the actual math, it’s easy to get overwhelmed. That’s because reaching that desired outcome often requires a user to take multiple actions and hit multiple milestones. This results in a phenomenon I’ve referred to as <a href="https://medium.com/@NirZicherman/the-law-of-funnels-eb601a460166?utm_source=www.zaxis.page&utm_medium=newsletter&utm_campaign=compounding-improvements#:~:text=I%20call%20it%20the%20Law,without%20keeping%20this%20in%20mind." rel="noopener">the Law of Funnels</a>. law of funnels [lȯ əv fə-nᵊlz] n. — The more steps a person has to go through to do something, the less likely they are to do it. It’s called a funnel because, at every milestone step, some percentage of users will opt out of performing an action. Earlier in the journey, most users will drop off. But even later, some number will as well. The resulting shape of the conversion graph looks like a funnel: <a href="https://entrepreneurshandbook.co/compounding-improvements-66616df628d5">Visit Now</a>