Michael Useem is director of the Center for Leadership and Change Management, and William and Jacalyn Egan professor of management, at the Wharton School of the University of Pennsylvania. He is the author of The Leadership Moment, Investor Capitalism, and The Go Point, among other books. His articles have appeared in Fortune, Harvard Business Review, The New York Times, The Wall Street Journal, and elsewhere, and he has presented programs and seminars on leadership development at American Express, Citigroup, Coca-Cola, Goldman Sachs, Google, Johnson & Johnson, Microsoft, the Department of Justice, the U.S. Military Academy, and many other companies and organizations. Follow him on Facebook and Twitter.
A Web analytics program tells you how shoppers are using your site. It reveals where users come from, what pages they visit and what keyword searches brought them to the site. An analytics package enables merchants to calculate their conversion rate. (Your “conversion rate” is the percentage of your visitors who make a purchase — a critical fact to know and track over time.)
The first three points in this startup checklist basically require you to do adequate research into your market. You have to know what the value of your offering is to the people you are offering it to. For example, there's no point in pricing your premium content at $3 a posting when the exact same content is being given away at a larger, more established site.