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Startup Analytics - Numbers that count

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  • This economic climate and tough competitive landscape is challenging for any company, but it is hardest for young startups trying to make the most of their extremely limited resources.

    As a smart entrepreneur, you already understand how important it is to maximize the return on each dollar spent. That is why you do whatever you can to base your strategic and tactical decisions on facts, rather than theories, guesses or hunches. You know the information you need is buried inside the mountains of data you've collected, and the single best way to do this is to implement a sophisticated business intelligence (BI) solution which can crunch every number available and give you the fact-based insight you need to make all the right decisions.

    SiSense Prism is a revolutionary Do-It-Yourself Business Intelligence solution, helping startups around the world make the most of the precious budget they have and optimally utilize their other resources. Prism won't burn a hole in your pocket and will keep your developers focused on your core product or technology rather than facilitate data analysis and report generation.

    For more information:
    http://www.sisense.com/startup-business-intelligence.aspx
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  • 1. SHANGHAI2010 Startup Analytics Numbers that count Claude Ritter @clauderitter
  • 2. Startup Analytics ★ Web app metrics ★ Consumer apps ★ 10years having absolutely no idea what I am doing experience
  • 3. Why Analytics?
  • 4. Why Analytics?
  • 5. Whereʼs the problem? ★ Trillion different numbers ★ Vanity metrics ★ “Focus” on 17 things ★ Management by Alexa ★ Not actionable
  • 6. The solution ★ Theright metrics at the right time (critical path) ★ Focus on actionable metrics ★ Do less
  • 7. “You manage what you measure”
  • 8. Stages of a startup ★ Measuring the right stuff Customer Customer Customer Company Discovery Validation Creation Building
  • 9. Stages of a startup ★ Measuring the right stuff Customer Customer Customer Company Discovery Validation Creation Building
  • 10. Required reading
  • 11. Discovery & Validation ★ Don’t sell, listen ★ Test problem and product concept ★ Repeatable process, evangelists, product market fit
  • 12. You will not... ★ check your Alexa rank, ★ look at page views visits in Google Analytics, ★ submit your site to TechCrunch!
  • 13. “Nail it before you scale it” Steven Gary Blank (the guy who wrote the book)
  • 14. How do we nail it? ★ Critical Path, identify key events ★ Don’t throw away data ★ Create simple logging system/ table
  • 15. Nice, SQL ★ Simple table uid, event, value, timestamp ★ Or go NoSQL (CouchDB, MongoDB) ★ SQL and Excel skills don’t hurt!
  • 16. What to measure? Startup Metrics 4 Pirates Dave McClure Activation Acquisition Retention Referral Revenue
  • 17. Focus ★ Activation ★ Retention ★ Look for qualitative data
  • 18. Activation metrics ★ Pages/Visit ★ Time on site ★ Goal conversions ★ Define activity!
  • 19. Tons of tools
  • 20. Retention metrics ★ Churn/retention rate ★ User activity over time ★ Loyalty, days since last visit ★ Session length ★ Keymetrics! Otherwise you’ll loose $$$ later!
  • 21. Say hello to The Cohort Analysis
  • 22. Say hello to The What? Cohort Analysis
  • 23. A cohort study or panel study is a form of longitudinal study used in medicine, social science and ecology. A cohort is a group of people who share a common characteristic or experience within a defined period.
  • 24. Allows you to ★ trackuser behavior and loyalty over time, ★ see the impact of changes to your site (features, emails etc.).
  • 25. How did you do that? ★ Remember? uid, event, value, timestamp
  • 26. Caution Danger of disillusion!
  • 27. More numbers ★ Performance ★ Availability ★ Useautomated tests & monitoring (Pingdom etc.)
  • 28. Whatʼs next? ★ Acquisition, Referral, $$$ ★ Customer Creation, Company Building ★ Conversions, funnels, viral growth factor and so on ★ Quantitative and comparative measurements
  • 29. Thatʼs it! Thanks!
  • 30. Questions
  • 31. Sources ★ http://themetricsystem.rjmetrics.com/2009/01/22/rjmetrics-vs-google-analytics/ ★ http://techcrunch.com/2009/10/05/twitter-data-analysis-an-investors-perspective/ ★ http://en.wikipedia.org/wiki/Cohort_study ★ http://www.slideshare.net/dmc500hats/startup-metrics-4-pirates-montreal-may-2010 ★ http://www.avc.com/a_vc/2009/10/the-cohort-analysis.html ★ http://andrewchenblog.com/2008/09/08/how-to-measure-if-users-love-your-product-using- cohorts-and-revisit-rates/ ★ http://www.fourhourworkweek.com/blog/2009/05/19/vanity-metrics-vs-actionable-metrics/ ★ http://redeye.firstround.com/2008/01/after-the-techc.html ★ http://www.bothsidesofthetable.com/2010/06/08/steven-blank-kills-it-at-greycroft-ceo-summit/ ★ http://www.slideshare.net/watchingwebsites/lean-analytics-for-startups