Define Success Through Actionable Metrics
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You can't know what failure looks like unless you know how you're defining success. This short workshop will help you figure out if your product is having the effect that you want it to have by defining the core metrics you need to track. Actionable metrics help you to focus on the right things, know whether you're making progress, and see how your product can be improved. We'll take a look at a popular metrics framework (AARRR) and focus on the metrics that help you validate your core value proposition.
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Define Success Through Actionable Metrics
- 1. Define Success through Actionable Metrics Jason Fraser FailCon 2013 LUXR.CO © October 2013
- 3. 1. How many founders at the table? 2. Tell us about your product. 3. Are you tracking metrics now? 4. If so, what are you tracking? LUXR.CO © October 2013
- 4. Metrics Frameworks Dave McClure’s Metrics for Pirates Luxr’s Key Product Metrics LUXR.CO © October 2013
- 6. Acquisition: How do People get to Your Product? High volume channels Low cost channels High converting channels LUXR.CO © October 2013
- 7. Activation: Are User’s Doing something with it? Engagement with key features Time on site LUXR.CO © October 2013
- 8. Retention: Are They Coming Back? Frequency of visits Duration of visits Increasing depth of engagement LUXR.CO © October 2013
- 9. Referral: Are they telling others? Twitter Facebook Discount codes LUXR.CO © October 2013
- 10. Revenue: Are You Making Money? Revenue per user Cost per user (acquisition) LUXR.CO © October 2013
- 11. Luxr’s Key Product Metrics Find the product and begin using it Use it Get something out of it Use it again Tell others about it Other As in: Q.このさしみはなんですか。 A. ふぐとおもいます。 LUXR.CO © October 2013
- 12. Pirate Metrics Acquisition Activation Retention Referral Revenue LUXR.CO © October 2013 Luxr Key Product Metrics Find the product and begin using it Use it Get something out of it Use it again Tell others about it Other
- 13. Focus on validating core functionality/value proposition. Pirate Metrics Luxr Key Product Metrics Activation Retention Use it Get something out of it Use it again LUXR.CO © October 2013
- 14. If you nail these, you know that when you put people into the funnel, they won’t just fall out the bottom. LUXR.CO © October 2013
- 15. Prompt: Write down ten things that you can measure that will tell you that your customers are using your product and experiencing its value. Examples: Average revenue per user Number of shares per week Average time on site (5 Mins) LUXR.CO © October 2013
- 16. Set up your categories: Find your product and begin to use it LUXR.CO © October 2013 Use it Get value from it Use it again Tell Others about it Other
- 17. Sort into categories Choose categories based on the most important role the metric plays in your business Throw away the outer categories They don’t really tell you if you’re having the impact you want to have LUXR.CO © October 2013
- 18. You’re left with: Use it LUXR.CO © October 2013 Get value from it Use it again
- 19. Choose the best metrics to focus on Prompt: If we could drive for excellence in only 3 metrics over the next 30 days, what would those three be? Which of these metrics represent the core value of our product? LUXR.CO © October 2013
- 20. Be careful of vanity metrics! Any time you see raw numbers (rather than percentages) Pageviews! Context Matters What might be meaningless in one context, could be valuable in another Pageviews! LUXR.CO © October 2013
- 21. How do we turn vanity metrics into something of real value? Raw numbers are meaningless If the number of people who use a feature on your site goes from 200 in month 1 to 800 in month 2, that sounds great. But if the number of total users goes from 1000 to 10,000, then your actual percentage of users engaging with that feature has gone down, from 20% to only 8%. Aggregate totals will always go up. If you look at total users for example, that will probably always grow, but looking at total new users in a given period will tell you if you’re actually growing or stalling out. Compare time periods to see the impact of your decisions over time. LUXR.CO © October 2013
- 22. The Lessons: Use Percentages/Ratios Track over Time Put it all together for the best insight: Actions per user over time Quantitative analysis sometimes begs Qualitative inquisition. (quant tells you “what”, qual tells you “why”) LUXR.CO © October 2013
- 23. Set Goals Look at the 3 metrics you’ve chosen What values would make you confident? What values would cause alarm? LUXR.CO © October 2013
- 24. Now you have some goals, and you know what success will look like. Get going! LUXR.CO © October 2013
- 25. For workshops on stuff like this, go to new.luxr.co LUXR.CO © October 2013