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
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
3. regandavis.com CORE METRICS TRACKING PLAN OPTIMIZATION “DATA DRIVEN” agenda
4. regandavis.com what, not why analytics tell you CORE METRICS
5. regandavis.com compare & contrast data’s purpose:
6. regandavis.com pirate metrics (Credit: Dave McClure, Melanie Blake via Medium)
7. regandavis.com ACTIVATION ACQUISITION RETENTION REFERRAL REVENUE (Credit: Dave McClure, Melanie Blake via Medium)
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)
9. regandavis.com customer journey airport parking customer journey ACQUISITION ACTIVATION ACTIVATION AWARENESS KNOWLEDGE INTENT
10. regandavis.com Let’s try it. Customer journey sheet
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)
12. regandavis.com funnels ACQUISITION TRACKING PLAN
13. regandavis.com conversion
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
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
16. regandavis.com track Events and Properties • Screen • Trigger • Action (Event) • Extra info (Properties) • Description
17. regandavis.com Let’s try it.
18. regandavis.com pop quiz
19. regandavis.com Craigslist seller flow OPTIMIZATION Conversion Rate: 0.03%
20. regandavis.com Craigslist seller flow “99/1 rule”
21. regandavis.com Craigslist seller flow
22. regandavis.com hypothesis driven development “DATA DRIVEN”
23. regandavis.com “The only difference between screwing around and science is writing down your results.“ — Adam Savage, Mythbusters
24. regandavis.com What do we think will happen? OPPORTUNITY METRIC hypothesis PROBLEM HYPOTHESIS
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
26. regandavis.com “genius” actual genius
27. thanks.
28. regandavis.com
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30. questions? NEXT STEPS regandavis.com/feedback regan@regandavis.com regandavis.com feedback contact