Startup Metrics - Incubadora Sinergia

This is the talk we give to out founders about how to look for product / market fit, and how to establish KPIs and leading metrics for their startups. We end talking about the kinds of analytics formats that are easiest to get started with.

Transcript

2. • • • • • • •
4. • competition • ◦ ◦ ◦ • • Market Determines which Products win
5. Before After Goal Get to “After” Scalable, Repeatable, Predictable Growth Experiments Pivots (Product, Customer, Messaging) Optimization and Expansion Process Hustling, “Not Scalable” Work Growth / Channel Analysis and Automation Data Qualitative, Quantitative Quantitative, Qualitative Metric Engagement and Retention Growth Rate Focus Fast Learning Fast Learning https://drive.google.com/file/d/0B8AOwcvjck76ekZsZS1LaG5jeDQ/view?usp=sharing
6. Before After Goal Get to “After” Scalable, Repeatable, Predictable Growth Experiments Pivots (Product, Customer, Messaging) Optimization and Expansion Process Hustling, “Not Scalable” Work Growth / Channel Analysis and Automation Data Qualitative, Quantitative Quantitative, Qualitative Metric Engagement and Retention Growth Rate Focus Fast Learning Fast Learning https://drive.google.com/file/d/0B8AOwcvjck76ekZsZS1LaG5jeDQ/view?usp=sharing
7. • • ◦ ◦ ◦ ◦ ◦ ◦ The customers started ripping it out of our hands… Almost every metric in the business goes nuts. -Peter Reinhard (Segment.io) https://www.youtube.com/watch?v=_6pl5GG8RQ4
8. • ◦ ◦ ◦ • ◦ ◦ “If you have to ask if you have found it, you haven't.” -Eric Reis https://blog.chartmogul.com/reaching-product-market-fit/
10. Taking Metrics Seriously (or Not) Not seriously enough Too seriously • •
11. Taking Metrics Seriously (or Not) Not seriously enough Too seriously • • • • →
12. KPIs What is or isn’t working? Is something great / terrible going on? They will ALWAYS ask for numbers and traction 5. What patterns exist? http://www.slideshare.net/andyjy/analytics-for-startups-500-startups-accelerator-marketing-hell-week-61589197
13. The Goal: “Top Level KPIs” “The Only Metric that Matters (OMTM)” “The North Star” • • • ◦ • ◦ http://www.slideshare.net/andyjy/analytics-for-startups-500-startups-accelerator-marketing-hell-week-61589197
14. • ◦ ◦ ◦ •
24. What kind of retention do you need?
25. • Magic Moment ◦ • ◦ • ◦ Ask your first users ◦ Look for correlations • https://www.youtube.com/watch?v=URiIsrdplbo
27. What is the “Only Metric that Matters” for this business? Brainstorm
28. What is the “Only Metric that Matters” for this business? What is the “Only Metric that Matters” now? Brainstorm
29. A lot of diversity across different sectors http://www.startuplessonslearned.com/2013/03/lean-analytics.html
30. • ◦ ◦ • ◦ → ◦ → ◦ → • → Drivers (Funnel)
31. Drivers Top Level Fast Learning
32. • Measureable every day • • • • • • • https://docs.google.com/presentation/d/10wgLWDs-zJN9q5KYHKCRGEE9HPPh1lfX59fX-b5vsPI/edit#slide=id.g11c06a071b_1_265 Fast Learning Drivers Top Level
33. Clear “OMTM” Lagging Metrics Drivers These are the metrics this team can control and optimize with https://docs.google.com/spreadsheets/d/1X2CHlelofACLGh3kn54042h_8jpzyWkM7OU8TR12M8A/edit#gid=0 (Another Example)
35. • ◦ → → ◦ • • three or four key metrics • drivers for each metric •
37. • No excuse • • ◦ ◦ • → ◦ ◦ • We aren’t going to do it for you
38. https://docs.google.com/presentation/d/1-PtxJ06rMkMRZWpq8RpWSkMtv5JWh-3lM1R9AQdXwnc/edit#slide=id.g11c06a071b_1_110
39. Pages / URLs • When a user gets to X page or URL, they have converted • • • • • Events • When a user takes X action on a page or mobile app, they have converted • • • • •
40. Event Tracking in the Background To track this CTA as an event, this is happening in the background $( "body" ).on( "mousedown", '[href="http://www.pitchnight.uy"]', function(e) { if( e.which <= 2 ) { ga('send', 'event', 'PitchNight', 'click', 'button') } }); });
41. Event Tracking in the Background To track this CTA as an event, this is happening in the background $( "body" ).on( "mousedown", '[href="http://www.pitchnight.uy"]', function(e) { if( e.which <= 2 ) { ga('send', 'event', 'PitchNight', 'click', 'button') } }); }); Command to Google Analytics to send an event The information we want to attach to the event (defined by us)
42. • you need to define the goal or conversion in the metrics platform • ◦ ◦ If my account in GA detects an event with ... 'PitchNight', 'click', 'button' … it is marked as a Goal or Conversion
43. • most volume • most impact • least / most resources
44. • automate many tasks ◦ ◦ • • ◦