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Metrics for product development and business growth

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Learn how metrics can be used to develop your product and business! This is material for a live presentation - need more information or a talk, please send me an email!

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Metrics for product development and business growth

  1. 1. © jesperforslund.se © Jesper Forslund jesperforslund.se Metrics From a product development and business growth perspec<ve Presented @ Chalmers Ventures, Startup Camp 2016-03-30
  2. 2. About me Captain Of Opera<on @ SpeedLedger Captain of the jury @ Venture Cup Mentor @ Connect Väst Cross func6onal business ninja with a metric driven approach to growth
  3. 3. About Try it out @ speedledger.se SaaS growth company providing the best
 accoun<ng product based on automa<on and simplicity
 - empowered with accoun<ng support!
 All at a fixed price :)
  4. 4. Why metrics are important Ask Larry Smarr!
  5. 5. Why are we here! You (think you) have
 an awesome product. You need customers… … that loves your product! (also known for product<3market fit) So you can make money… … and pay for the business opera<on + + → >
  6. 6. How to build products BUILD MEASURELEARN
  7. 7. Why we measure we measure to gain insights so we can learn, so in order to measure we need to know
 what we expect to learn - simply which hypothesis have we built upon
 and how can we confirm it
  8. 8. 2 approaches Talk to customers Measure ac<vity Number of customersSome Humongous Focus on
 Product/Market fitYes Key stuff Focus on
 Scale Some<mes Yes
  9. 9. KPIs vs Metrics http://adambriggs.ca/illustration/#/illustration/ice-burg/ KPI Metrics
  10. 10. Any examples? Sure!
  11. 11. Impact of product changes Cohort report real example - fake data
  12. 12. Impact of product changes
  13. 13. Cohort report Measure conversion over <me for a specific cohort Good for tracking product CHANGES Funnel report Measure conversion between mul<ple steps Good for tracking product FLOWS
  14. 14. Product flow Can you find varia<ons between segments?!
  15. 15. Do this: • Count number of new users in this journey • Funnel report: Conversion between each step • Talk to dead users • Ask successful users what almost killed them Customer journey ? ! :)
  16. 16. Metrics for growth image credit: uberoff202 ff/flickr/cc
  17. 17. Metrics depending on business model One revenue per order Recurring revenue per order Exempel:
 (E-)commerce, consultants, customer projects. Exempel:
 subscrip6on, SaaS. Customer Growth Churn CAC och LTV Revenue Growth Exempel:
 Customer project including maintenance. Sales forecast Margins on delivery Customer loyalty Revenue Growth
  18. 18. Key metrics for startups Product Market Fit Promising sales channel Customer Success Usage / Engagement Profitable and repeatable business model Scale it Growth # customers ARPU Churn NPS Customer Success Usage / Engagement Growth # customers ARPU Churn NPS Customer Success Usage / Engagement CAC per channel MRR Payback 6me
  19. 19. The key product ques<on How would you feel if you could no longer use [product]? 1 Very disappointed 2 Somewhat disappointed 3 Not disappointed (it isn’t really that useful) 4 N/A – I no longer use [product] How many are very disappointed? 
 Above 40% → Below 40% →
  20. 20. NPS How likely is it that you would
 recommend [brand] to a friend or colleague? Detractors Neutral Promoters NPS calcula<on: % promoters - % detractors 
 Above 30 → Good Below 30 → Bad
  21. 21. Visualise! Easy and fun with geckoboard.com Key metrics should always be visible for the team and everyone must understand the goal and the current state.
  22. 22. Once again 1.
 High volume of users increase the need for
 “measure with metrics”. 2.
 Use cohort reports and funnel reports. 3.
 Trac6on and engagement is key for product usage growth.
  23. 23. Final word…. Growth is about learning
 so we can understand what works and not ! Feedback is the core of learning ! Talk to customers AND set up your metrics
  24. 24. Ques<ons? hRps://www.flickr.com/photos/derek_b/
  25. 25. hRps://www.flickr.com/photos/derek_b/ More about metrics and how to hack growth? hello@jesperforslund.se jesperforslund.se hRps://www.flickr.com/photos/tom-margie/3001927566

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