Lomit Patel is a public speaker, author, advisor, and recognized as a Mobile Hero by Liftoff. Lomit’s bestselling book called Lean AI is part of Eric Ries’ “The Lean Startup” series and published by O’Reilly. As the Vice President of Growth at IMVU, Lomit is responsible for user acquisition, retention, and monetization. Prior to IMVU, Lomit managed growth at early-stage startups including Roku (IPO), TrustedID (acquired by Equifax), Texture (acquired. by Apple), and EarthLink.
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Time-Stamped Show Notes:
[03:21] What inspired you to write Lean Ai and what is the book about?
[06:35] Who should read this book?
[15:52] What do you think are the common challenges for the startups out there?
[21:16] How can we use artificial intelligence for acquisition?
[28:57] When it comes to growth, what are the metrics?
[35:21] What are the must-have AI tools?
Question: What inspired you to write Lean Ai and what is the book about?
Lomit: Lean Ai is part of the Lean Startup series, which is a very popular book that was written by Eric Reece on how companies can create a minimal viable product and pivot as needed to try and get to product-market fit.
Question: Who should read this book?
Lomit: This book is really for entrepreneurs, co-founders, founders of businesses, CEOs all the way down to practitioners of whether you work in sales or marketing, or from being like the head of sales and marketing to managers.
Question: What do you think are the common challenges for the startups out there?
Lomit: The biggest challenge is trying to get to a product-market fit of getting a product that people really value.
Question: How can we use artificial intelligence for acquisition?
Lomit: One of the most important things that you when doing growth is, is to try and identify who’s the right customer that you want to be targeted. Ai can really help you there because once you have data on customers, you’re able to really figure out who’s going to be your best lifetime value customer. So, the idea is through data based on how you evaluate a good, better, and best quality customer.
Question: When it comes to growth, what are the metrics?
Lomit: I think this is a really important topic because ultimately you want to be able to define what’s the right success metric for your business. You know, generally for most businesses the metrics that matter for growth are how much they cost to acquire a customer. What is the lifetime value of that customer? And what is the return on investment or return on ad spend based on how much you spend and how much you are getting back?
Question: What are the must-have AI tools?
Lomit: A must-have for Ai is to have a really good attribution system. Measurement and attribution.