Lies, Damned Lies & Vanity Metrics
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The slides on a session which I conducted to the startup teams in the technology startup incubator JFDI.Asia. The session which I conducted are broken into 4 parts: managing user growth, vanity and growth metrics, funnelling and usability testing.
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Lies, Damned Lies & Vanity Metrics
- 1. Lies, Damned Lies & Vanity Metrics Bernard Leong A Simple Guide to Feedback, Analytics & Iteration in Product Development 1
- 2. “There are three kinds of lies: lies, damned lies & statistics.” - Mark Twain 2
- 3. A good theoretical physicist is one who makes all the mistakes as quickly as possible. entrepreneur 3
- 4. 4
- 5. Feedback Generation • How do we collect and generate user feedback? • Qualitative: Surveys, Talk to customers, Create channels via social media (twitter/facebook). • Quantitative: Google Analytics, Mixpanel metrics. • User interface & experience testing: User education and perception of how product works. 5
- 6. • Qualitative - Break it into the following buckets: • Spam/Troll & Insults - Ignore • “Blue Sky” or “N=1” comments in the form of “you should build this or that” - Think about it but don’t act • “N>50” comments on a feature or users demanding for a feature - Ascertain whether people really want it and then act. Feedback Maintenance Obviously, you need to find metrics to do that ... 6
- 7. Avoid Vanity Metrics • Number of hits. • Number of page views. • Number of visits. • Number of unique visitors. • Number of followers/friends/likes • Time on site/number of pages. • Emails collected • Number of downloads 7
- 8. Framework for User Growth 8
- 9. Element Function Relevant Metrics Acquisition Generate attention through various means Traffic, Mentions, Cost per Clicks, Search Results, Cost of acquisition, Open Rate Activation Turn the resulting drive-by visitors into users who are enrolled Enrollments, signups, completed onboarding process, used the service at least once, subscriptions Retention Convince users to return repeatedly or exhibit stickiness behavior Engagement, time since last visit, daily & monthly active use, churns. Revenue Business outcomes depending on business model Customer lifetime value, conversion rate, shopping cart size & click thru revenue Referral Viral or word of mouth invitations to other users Invites sent, viral coefficient, viral cycle time. 9
- 10. How to identify key metrics Acquisition Activation Retention Revenue Referral How do users discover you? Do users have a frictionless or seamless first experience? Do users return? Do users want to pay you money? Do users spread the word? 10
- 11. Constructing a Funnel Internet Marketing - Google Ads 200K impressions = 20K click thrus (10%) User Signups 20K click thrus = 2K signups (10%) User create activity 2K signups = 200 users return with 5 actions (10%) User pay for premium service = 20 users Users send invites to other users = 2 users How do users discover you? Do users have a frictionless or seamless first experience? Do users return? Do users want to pay you money? Do users spread the word? 11
- 12. Source: Lean Analytics Usability Test 12
- 13. Figuring out the customer lifecycle and working out the metrics which you want to measure. Case Study: SaaS services 13
- 14. References • Alistair Croll & Benjamin Yoskovitz, “Lean Analytics” • Jon Yongfook, “21 Actionable Growth Hacking Tactics”, http://yongfook.com/actionable-growth- hacking-tactics.html • Ash Maurya: 3 Rules to actionable metrics in a lean startup: http://www.ashmaurya.com/ 2010/07/3-rules-to-actionable-metrics/ 14