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Lies, Damned Lies & Vanity Metrics
 

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 ...

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 Lies, Damned Lies & Vanity Metrics Presentation Transcript

  • Lies, Damned Lies &Vanity MetricsBernard LeongA Simple Guide to Feedback, Analytics &Iteration in Product Development1
  • “There are three kinds of lies:lies, damned lies & statistics.”- Mark Twain2
  • A good theoretical physicist is one who makesall the mistakes as quickly as possible.entrepreneur3
  • 4
  • Feedback Generation• How do we collect and generate user feedback?• Qualitative: Surveys, Talk to customers, Createchannels via social media (twitter/facebook).• Quantitative: Google Analytics, Mixpanelmetrics.• User interface & experience testing: Usereducation and perception of how productworks.5
  • • 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 itbut don’t act• “N>50” comments on a feature or usersdemanding for a feature - Ascertain whetherpeople really want it and then act.Feedback MaintenanceObviously, you need to find metrics to do that ...6
  • 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 downloads7
  • Framework for User Growth8
  • Element Function Relevant MetricsAcquisitionGenerate attention throughvarious meansTraffic, Mentions, Cost per Clicks,Search Results, Cost of acquisition,Open RateActivationTurn the resulting drive-byvisitors into users who areenrolledEnrollments, signups, completedonboarding process, used the serviceat least once, subscriptionsRetentionConvince users to returnrepeatedly or exhibitstickiness behaviorEngagement, time since last visit, daily& monthly active use, churns.RevenueBusiness outcomesdepending on business modelCustomer lifetime value, conversionrate, shopping cart size & click thrurevenueReferralViral or word of mouthinvitations to other usersInvites sent, viral coefficient, viral cycletime.9
  • How to identify key metricsAcquisitionActivationRetentionRevenueReferralHow do users discover you?Do users have a frictionless orseamless first experience?Do users return?Do users want to pay youmoney?Do users spread the word?10
  • Constructing a FunnelInternet Marketing - Google Ads200K impressions = 20K click thrus(10%)User Signups20K click thrus = 2K signups (10%)User create activity2K signups = 200 users returnwith 5 actions (10%)User pay for premiumservice = 20 usersUsers sendinvites to otherusers = 2 usersHow do users discover you?Do users have a frictionless orseamless first experience?Do users return?Do users want to pay youmoney?Do users spread the word?11
  • Source: Lean AnalyticsUsability Test12
  • Figuring out the customer lifecycleand working out the metrics whichyou want to measure.Case Study: SaaSservices13
  • References• Alistair Croll & Benjamin Yoskovitz, “LeanAnalytics”• Jon Yongfook, “21 Actionable Growth HackingTactics”, http://yongfook.com/actionable-growth-hacking-tactics.html• Ash Maurya: 3 Rules to actionable metrics in alean startup: http://www.ashmaurya.com/2010/07/3-rules-to-actionable-metrics/14