PYROS Deep Dive: Metrics

PYROS Deep Dive 3: Metrics and creating an analytics tracking plan

Transcript

1. metrics regan davis BUILD | deep dive #3 PYROS creating products that are made to measure
2. regan davis product leader from chicago, il BACKGROUND EIR @ 1871 Sr. Director of Product @ SpotHero Advisor, Coach regandavis.com VP of Product @ Jellyvision VP of Product @ info.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 fi nd you and (eventually) turn into customers? how good is their fi rst 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 fi rst 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 Craigslist seller flow OPTIMIZATION Conversion Rate: 0.03%
19. regandavis.com Craigslist seller flow “99/1 rule”
20. regandavis.com Craigslist seller flow
21. regandavis.com hypothesis driven development “DATA DRIVEN”
22. regandavis.com “The only difference between screwing around and science is writing down your results.“ — Adam Savage, Mythbusters
23. regandavis.com What do we think will happen? OPPORTUNITY METRIC hypothesis PROBLEM HYPOTHESIS
24. 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
25. regandavis.com pop quiz
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27. regandavis.com “genius” actual genius
28. regandavis.com assignment: 1. Take your user story map from Deep Dive #2 and underneath each step, add a metric to track. 2. Write a hypothesis statement for an extra feature on your product that lays out what change you expect to see and what metric you’ll monitor. Next week, you’ll share and workshop your hypotheses in breakouts. BUILD | deep dive #3
29. thanks.
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32. questions? NEXT STEPS regandavis.com/feedback regan@regandavis.com regandavis.com feedback contact