Weitere Ă€hnliche Inhalte KĂŒrzlich hochgeladen (20) Define Success Through Actionable Metrics3. 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
6. Acquisition:
How do People get to Your Product?
High volume channels
Low cost channels
High converting channels
LUXR.CO
© October 2013
11. Luxrâs 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.ăăźăăăżăŻăȘăă§ăăă
A. ă”ăăšăăăăŸăă
LUXR.CO
© October 2013
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 wonât 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 donât really tell you if youâre having the
impact you want to have
LUXR.CO
© October 2013
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
youâre 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 âwhatâ, qual tells you âwhyâ)
LUXR.CO
© October 2013
23. Set Goals
Look at the 3 metrics youâve chosen
What values would make you conïŹdent?
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