Actionable MetricsActionable – Accessible – Auditable ~ Eric Ries
Metrics that matter are actionable.If they aren’t answering your most important questions then don’t waste your time.1. How do you gain or lose revenue?2. How do you gain or lose customers/supporters?3. What are key benefits that people are coming to you for?HINT: Track the MACRO not the micro
Metrics that matter are accessible.1. How easy is for any decision maker to gain access to current reports?2. How easy is for any decision maker to understand and act on the metrics?
Metrics that matter are auditable.Think Scientific Method. Can the metrics be trusted, verified as accurate, and reproducible?
Metrics that matter track people.“Metrics are People too.” ~ Eric RiesAre you tracking the behavior of smaller, logical groups of people? Or possibly even individuals?
Exercise: Identifying Your Key Metrics1. Determine the 3-5 most important macro metrics for your organization.2. Test them against the questions in the previous slides to make sure they are actionable and not vanity metrics.3. Map those metrics to events that can be tracked. (i.e. visiting a specific page, clicking a link, filling out a form)4. Start Tracking
Tools1. Google Analytics: It’s extremely likely that your top 5 metrics are going to be either goals or events.2. KISS Metrics or MixPanel: Google Analytics alternatives.
Funnels• A series of events that represent a progression towards some goal• Identifies how many people move from the previous event to the next one• Funnels can represent the macro and the micro• Macro Example: User Lifecycle• Micro Example: Donation form/wizard
What’s Most Important Now? How do people find you? 100 90 80 Do people have a good first experience? 70 60 Do people come back? 50% 40 30 How do you raise funds? 20 10 Do users tell others? 0 Acquisition Activation Retention Revenue Referral
Cohorts• A group of people• Share a common characteristic or experience• Exposed to similar conditions• Behaviour is tracked• Compared to other cohorts
Examples of Cohorts• Before & After Tests• Time Periods• Marketing Sources• Product Versions• Priming• Demographic Information
Exercise: Cohorts• Based on some of the suggestions in the previous slides what are some relevant cohorts for your organization you could begin tracking?
Special Cohort: A/B Testing• The Gold standard of web metrics• Usually comparing a hypothesis against an original• Big changes, one at a time• Statistical significance is important! http://getdatadriven.com/ab-significance-test• Ballpark = 100 conversions
Tools• Google Analytics – Funnels, but a bit limiting – A/B with “Content Experiments” – “Advanced Segments” can provide some help• KISS Metrics & Mix Panel are optimized for this sort of thing
Exercise: Put it All Together1. Talk to people2. Develop a hypothesis based on these conversations3. Identify the relevant macro-actionable metrics4. Design an experiment using cohorts and funnels5. Start tracking
Resources• Google Analytics – Setting up goals: http://analytics.blogspot.ca/2009/05/how-to-setup-goals-in-google- analytics.html – Setting up funnels: http://blog.kissmetrics.com/conversion-funnel-survival-guide/ – Setting up Cohorts: http://blog.rjmetrics.com/the-best-method-for-cohort-analysis-in- google-analytics/ – A/B Testing: http://support.google.com/analytics/bin/answer.py?hl=en&answer=1745147• KISS Metrics & Mix Panel – Their documentation site explains how to setup events, metrics, funnels, cohorts, and run A/B tests – http://support.kissmetrics.com/ – https://mixpanel.com/docs• Usability Testing &Interviews – http://www.amazon.ca/Rocket-Surgery-Made-Easy-Do-It-Yourself/dp/0321657292 – http://www.huffingtonpost.com/michael-b-fishbein/effective-customer-development- interviews_b_2189455.html