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Why Metrics Matter by Signal Media at London SaaS Meetup

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On Wednesday 27th April'16, CEO of Signal Media, David Benigson was invited to talk about 'why metrics matter' at the London SaaS Meetup. The topic discussed is informative for startups all the way to larger companies.

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Why Metrics Matter by Signal Media at London SaaS Meetup

  1. 1. S T E P P I N G I N T O A N E W E R A “Our AI is advanced machine intelligence, able to read and understand the world’s data and then use that information for future decisions and prediction” Signal, 2016
  2. 2. We are Signal Media Media Intelligence: Enabling organisations to unearth actionable insights from the world’s data Some company info: 3 years old 60 clients $1 MM ARR 35 employees London, NYC 2 funding rounds Multiple Awards
  3. 3. Why we care about metrics? It helps answer key business questions and improve decision making It is a common language (numbers) within different stakeholders It helps us benchmark our progress In a world of uncertainty, metrics can provide a compass for direction (sometimes!)
  4. 4. Why sometimes? Decision making is emotional even with loads of data Instinct isn’t bad - it’s great (millions of years of evolutionary data gathering) Instinct is the guiding force for making a choice, after weighing up all the data you’ve gathered At an early stage - you just don’t have it… right?
  5. 5. From Inception to Now The Garage Building MVP Funding Management Team & Key Hires Scaling
  6. 6. The Garage The founding team: Complementary skills (Business/ Sales + Technology + Research) Shared Vision
  7. 7. Building the MVP In the early days, metrics are scarce. And when available, they are binary. ● Can we build something? ● Does the core technology work? ● Is there a market for it? ● Can we commercialise it? ● Can we survive? Do we have enough money for coffee? Signal 1.0 - no photos please :) With little data. Instincts are key….
  8. 8. Funding How were we measured by investors? ● Vision ● Team ● Market ● Product ● Traction How did we measure our success of the round? ● Number of term sheets ● Size of the round ● Terms of the round ● Strategic investors ● Cultural fit VC’s give you the impression that they are hyper data driven - they may be hyper focused on metrics, but they have imperfect data. They are using instincts and emotion too.
  9. 9. Great… so we raised some cash But now how do we deploy the money and build a business? And how do we measure our success? ● Team ● Product ● Traction
  10. 10. ADAM HUTCHINSON Ex Head of UX, BBC & Morgan Stanley CLAUDIA CAMPOS HOGAN Ex CMO, Zalora.com; McKinsey CHARLIE MAYER Ex Head of Sales, Gorkana & Clipserver RUSSEL LEVI Ex Global Head of Sales, Bloomberg ALEX NORTHCOTT Founder Gorkana BARRY COLLINS Head of Sales EMEA, Twitter ROQUE VERSACE Ex VP Sales, Salesforce Measuring Team How do we measure hiring success? ● Cultural fit ● Skills, relevant experience ● Career achievements KATHARINE SCHLOPFIN Ex Head of Content, Sapient Nitro DYAA ALBAKOUR, PhD Ex Post Doc, University Glasgow How do we measure our team? ● Retention ● Progression ● Job satisfaction
  11. 11. Measuring Product How do we measure product success? ● Data on user engagement ● Feedback from user research ● Customer referral to colleagues and other companies ● Commercial growth ● Social proof (public feedback) Signal is a superb and and essential business search tool. The morning updates give me deep insights from trusted sources across the web. John O’dwyer - Head of TMT Banking, AIB The Signal feed is the heart of where we find everything we need. Amedeo d’Amore, Head of Product, Hot Topics “ “
  12. 12. Measuring Traction What’s our coverage per vertical and geography? How much exclusive content do we cover? (our USP) Where should we focus vertically? How much value is our product bringing to our customers? How is this value changing over time? Are new solutions deployed, being adopted? How many companies do we know that will benefit from our service? How many companies are interested in what we do? How many companies are willing to pay to access our service? How likely is it that the customer would recommend our service? What is our expected return on investment? (Investment= time + cash) How do I best allocate the company’s resources? Questions Example Metrics Content penetration per vertical and geography Number of publications by tier Active users User engagement Prospect pool New conversations (leads, opportunities, trials) Win rate Bookings MRR contribution NPS Renewals Customers, Bookings, MRR & ARR Gross Profit Margin Sales & Marketing Efficiency Operating Cash Flow & Bank Balance CAC Payback Period & Ratio Sales & Marketing Product Content Customers Investors
  13. 13. So why is this important… Instincts are great but do they scale?? Data enhances your ability to make effective decisions… They provide: ● Holistic view of your organisation ● Answer questions with real evidence ● Benchmark your progress over time From the data we can draw insights, and from the insights we can take action! You cannot improve what you cannot measure!! Lord Kelvin
  14. 14. How should I react to this reputational crisis? How should I position a new product opportunity? What is the public sentiment towards my brand? Who is talking about me? How can I reach the right influencers in real time? What is happening in my industry? Are there risks to my business that I should be aware of? Plus… this is what we do for customers so we should probably be pretty good at it, right?
  15. 15. Bringing actionable insights to our clients is also part of our product strategy
  16. 16. “I forget his name, but there was this German guy who was struck by lightning, and the part of his brain that creates emotions was destroyed. That was the only part of his brain that got damaged. And so, psychologists were really interested in studying this guy, because they thought he was going to be an amazing decision maker. It turned out he couldn't make a single decision! Because he never had perfect information, he could never pick the optimum anything.” - Tom Tunguz (the most data driven VC) It’s the same when running your company, metrics are great, but you never have the perfect data set... Your gut is key! A final thought...
  17. 17. THANK YOU David Benigson, CEO/ Founder Email us: hello@signal.uk.com Visit us: www.signalmedia.co AND WE ARE HIRING! ● Application Developer ● Platform Developer ● Interaction Designer ● Customer Success Executive ● Visual Designer ● Sales Development Representative ● Demand Generation Manager ● Data Storyteller Apply via www.signal.uk.com/careers

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