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3.Growth and measuring success


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Growth Analytics and how to measure Growth and success. Why measuring is where the Lean Cycle breaks, what are good and bad metrics, applying the concept of the Northstar Metric and One Metric that Matters

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3.Growth and measuring success

  1. 1. Growth You Analytics Photo: Antonio Guillem/Getty Images/iStockphoto Measuring Growth By Juliana Méndez @julianitam
  2. 2. Growth vs. Digital Marketing Digital Marketing Strategy Growth Strategy
  3. 3. Why Growth? Multiply impact on your goals along the entire way
  4. 4. The Core of Growth No data, no learning This is where things fall apart People love this part Everyone’s idea is the best, right?
  5. 5. Analytics helps… • Know what you will become when you grow up (before the money runs out) • Measure your movement towards your Business goals • Keeps us honest • Let’s us learn
  6. 6. Growth Analytics fails • Data “Puking” & drowning in data • Making things look good, not tracking what is needed • Failing to focus, measure the wrong thing • Everyone optimises for something else • Not changing anything
  7. 7. Good Metrics - Bad Metrics The Good • Understandable • Comparative • rate or a ratio • Behaviour Changing The Bad Metrics are people too, measure uniques, no totals The Ugly Good metrics often hurt We like to be lied to
  8. 8. Careful with Vanity Metrics Things you can measure, but DON’T MATTER really…. • Hits and page views • # of Visits • Unique visitors • followers & fans • Time on Site • Brand affinity/ presence
  9. 9. The North Star Metric
  10. 10. Find the North Star Metric • Understand the main value of your business for your customers • Try to quantify this value in a single number • It’s not just Marketing, it’s a team effort, and a common goal nights booked
  11. 11. One Metric That Matters - RIGHT NOW ….. breaks down NS to the drivers to be optimised RIGHT NOW 5% more new visitors per day 3 repeat orders per month/user $15 Avg. Unique Order volume 1.25 Viral coefficient 8% new activated customers
  12. 12. Find the “AHA” Moment …..Action Set that activates customer stays min x sec + downloads ebook viewed page XY + connected payment method >= 1 purchase Account creation (complete profile data) interacts with core feature
  13. 13. 5 reasons to use a North Star and the OMTM 1. Tells you which are the most important questions you have 2. Forces you to draw a line in the sand and set the right goals 3. Avoids “data puking” & focuses the entire company 4. Inspires experimentation 5. Tool that contributes to long term sustainable growth
  14. 14. Key Takeaways: Successful Growth Analytics • Find your North Star Metric and the OMTM “right now” • Avoid vanity metrics, ask the right questions and draw a line in the sand • Tag and Track the required variables! • Every failed experiment is a win as well
  15. 15. - Collaborators Matias Ketonen Growth Analyst Juliana Mendez Owner SaleSide Rachel Mzengi Content and Web dmc500hats/startup-metrics- for-pirates-long-version Dave McClure: Startup Metrics for Pirates
  16. 16. This is to you….thanks for being here, now go get these numbers.