Metrics: Building Products that are Made to Measure

Do you know if your product is "working"? Are you aware of the gaps in your users' experience to take your product to the next level?

In this workshop on metrics, we'll cover:
- Common startup terms such as 'pirate metrics', 'conversion funnel' and what being 'data driven' actually means in your business
- How to take a user journey and create analytics events to track the user through each step of your product
- Actively identify strategies to test and how to document your hypothesis and improve your product

This workshop is to help startup founders who are in flight building their first product.

Transcript

1. regan davis
   regandavis.com
   M E T
   R I C
   S creating
   products
   that are
   made to
   measure
   

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2. regan davis
   product leader from chicago, il
   HISTORY
   Director of Product @ SpotHero
   Advisor @ Topstep
   VP of Product @ Jellyvision
   VP of Product @ info.com
   regandavis.com
   

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3. regandavis.com
   CORE METRICS
   TRACKING PLAN
   OPTIMIZATION
   “DATA DRIVEN”
   agenda
   

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4. regandavis.com
   what,
   not why
   analytics tell you
   CORE METRICS
   

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5. regandavis.com
   compare &
   contrast
   data’s purpose:
   

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6. regandavis.com
   pirate metrics
   (Credit: Dave McClure, Melanie Blake via Medium)
   

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7. regandavis.com
   ACTIVATION
   ACQUISITION
   RETENTION
   REFERRAL
   REVENUE
   (Credit: Dave McClure, Melanie Blake via Medium)
   

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8. regandavis.com
   ACQUISITION how do people find you and
   (eventually) turn into customers?
   how good is their first customer
   experience?
   ACTIVATION
   (Credit:Melanie Blake via Medium)
   

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9. regandavis.com
   customer journey
   airport parking customer journey
   ACQUISITION ACTIVATION ACTIVATION
   AWARENESS KNOWLEDGE INTENT
   

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10. regandavis.com
    Let’s try it.
    Customer journey sheet
    

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11. regandavis.com
    User/Logo retention: % of new users
    who are still active 3-6 mo. later
    L7/L30 retention: Number of days
    that users are active per week/month
    RETENTION
    REFERRAL Invite rate: % of new users who sent at
    least one invite in the first X days
    Invite conversion: % of received
    invites that sign-up in the next X days
    Virality factor: % of new users who
    have come from an invite
    (Credit:Melanie Blake via Medium)
    

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12. regandavis.com
    funnels
    ACQUISITION
    TRACKING PLAN
    

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13. regandavis.com
    conversion
    

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14. regandavis.com
    start with
    What’s the main goal
    of your user?
    Look
    Book
    Park
    compare parking options
    reserve and pre-pay for parking
    show up at garage to guaranteed spot
    

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15. regandavis.com
    next
    What are the paths they take
    to get there?
    • capture an event for each step in each path
    • create a funnel from the steps that are common
    

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16. regandavis.com
    track
    Events and Properties
    • Screen
    • Trigger
    • Action (Event)
    • Extra info (Properties)
    • Description
    

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17. regandavis.com
    Let’s try it.
    

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18. regandavis.com
    pop quiz
    

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19. regandavis.com
    Craigslist seller flow OPTIMIZATION
    Conversion Rate: 0.03%
    

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20. regandavis.com
    Craigslist seller flow
    “99/1 rule”
    

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21. regandavis.com
    Craigslist seller flow
    

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22. regandavis.com
    hypothesis driven
    development
    “DATA DRIVEN”
    

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23. regandavis.com
    “The only difference between
    screwing around and science is
    writing down your results.“
    — Adam Savage, Mythbusters
    

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24. regandavis.com
    What do we think will happen?
    OPPORTUNITY
    METRIC
    hypothesis
    PROBLEM
    HYPOTHESIS
    

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25. regandavis.com
    Users can’t run a quick search for a
    frequent destination.
    Improve conversion rate and create
    a personalized app experience.
    We hypothesize that Saved
    Addresses will help customers [search
    more quickly] and increase
    [conversion 50%*]
    • Search Landing Conv. Rate
    • Adoption Rate (from home screen)
    PROBLEM OPPORTUNITY
    METRIC
    HYPOTHESIS
    (*Note: numbers are obfuscated.)
    saved places
    

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26. regandavis.com
    “genius” actual genius
    

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27. thanks.
    

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28. regandavis.com
    

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29. regandavis.com
    

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30. questions?
    NEXT STEPS
    regandavis.com/feedback
    regan@regandavis.com
    regandavis.com
    feedback
    contact
    

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