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ACTIONABLE
METRICS
Are you making your product
better or worse?
                                                                            LUKAS FITTL
                                                                                        @lfittl
                                                                                  spark59.com


           Lean Startup is trademarked by Eric Ries and used with permission.
   Business Model Canvas is created by Alex Osterwalder and licensed under CC-BY-SA.
About Myself
 Founded 2 tech startups,
worked with many others
                            &   Spark59
“Am I making progress
into the right direction?”
$$$/users/etc




                Time
Product/
                   Market Fit




1. Deliver Value                2. Accelerate Growth
Product/
           Market Fit




1. Value                2. Growth
Now               June 2013
$2000 / month   ?   $10000 / month
Cohort
Analysis
Cohort: Group of people that
share a common characteristic
over a period of time.
Track people,
not events.
Group users by sign-up date and
track their lifecycle.
Cohort Analysis for Retention
Cohort Analysis w Google Analytics




http://danhilltech.tumblr.com/post/12509218078/startups-hacking-a-cohort-analysis-with-google
Dave McClure’s AARRR
  ACQUISITION   How do users find you?



   ACTIVATION   Do users have a reat first experience?



   RETENTION    Do users come back?



    REVENUE     How do you make money?



    REFERRAL    Do users tell others?
Now               June 2013
$2000 / month   ?   $10000 / month
Cohort of February 12th, 2013
                             12500 Unique Visitors / day
ACQ   5% sign up             625 signed up
ACT   8% activate            50 activated
RET   20% stay for 1 week    10 retained
REV   20% to paid at $35     2 paid
                             $70 / day


                            $2000 / month
12500 Uniques              12500 Uniques
ACQ   5% sign up           625   10% sign up          1250
ACT   8% activate          50    20% activate         250
RET   20% stay for 1 week 10     20% stay for 1 week 50
REV   20% to paid at $35   2     20% to paid at $35   10
         $70 / day                 $350 / day


        $2000 / month             $10000 / month
             Now                     June 2013
12500 Uniques              12500 Uniques
ACQ   5% sign up           625   10% sign up          1250
ACT   8% activate          50    20% activate         250
RET   20% stay for 1 week 10     20% stay for 1 week 50
REV   20% to paid at $35   2     20% to paid at $35   10
         $70 / day                 $350 / day


        $2000 / month             $10000 / month
             Now                     June 2013
Delivering Value
Customers need to
  experience the value,
otherwise they will leave.
Value Metrics



              How do users find you?      ACQUISITION


Do users have a great first experience?   ACTIVATION


                Do users come back?      RETENTION


           How do you make money?        REVENUE


                 Do users tell others?   REFERRAL
Who delivers the actual value?

Network effect      Critical Mass of People
vs
Marketplace         The Right People
vs
SaaS                Your Product
Value Metrics



              How do users find you?      ACQUISITION


Do users have a great first experience?   ACTIVATION


                Do users come back?      RETENTION


           How do you make money?        REVENUE


                 Do users tell others?   REFERRAL
Analyse Feature Usage
of both successful & unsuccessful customers
Analyse Time to Complete an Action




=> Highly useful for targeted email campaign
Week 1
         Get email from    Visit landing      Request
                                                               Commit to
                                                             become paying
                                                                                                   PERSONAS
              Ash              page            Demo
                                                                customer

                          ACQUISITION                                                                            Technical Founder


                                                              Provide billing
Week 1                                     Create Account    info for 14-day                                     Product Owner
                                                                   trial

                                              SIGNUP          UPGRADE


                                           Get welcome          Schedule
Week 1                                     email with link       weekly          Review docs
                                             to docs            meetings




                                                                                   Establish       Map user
Week 2                                                       First meeting
                                                                                success metrics     actions




                                                                                                   Send first
                                                                                Send events to
Week 3                                                                                            production
                                                                                   staging
                                                                                                     event

                                                                                                  ACTIVATION



                                                                                                  Identify key
                                                                                Baseline AARRR                          Define
Week 4                                                                                             metric to
                                                                                    metrics                           experiments
                                                                                                    improve

                                                                                                  RETENTION
Usability Tests




http://www.slideshare.net/JohnnyForeigner/active-testing-sketches-leancamp-bcn
Value Metrics



              How do users find you?      ACQUISITION


Do users have a great first experience?   ACTIVATION


                Do users come back?      RETENTION


           How do you make money?        REVENUE


                 Do users tell others?   REFERRAL
Did Key Activity More than Once

“Created at least 3 cards on the Kan-ban board”

        “Wrote at least 2 blog posts”

    “Wrote at least 5 restaurant reviews”
Frequency

  Daily?
 Weekly?
 Monthly?
1-day
 52%

7-day
 31%

14-day
 22%

30-day
 14%
Accelerating Growth
Growth Metrics



              How do users find you?      ACQUISITION


Do users have a great first experience?   ACTIVATION


                Do users come back?      RETENTION


           How do you make money?        REVENUE


                 Do users tell others?   REFERRAL
The engine of growth is the
mechanism that startups use to
achieve sustainable growth.

-Eric Ries, The Lean Startup
Sticky
Organic Growth > Churn Rate
Paid
Lifetime Value > Acquisition Costs
Viral
Viral Coefficient > 1.0
Taking Action
Metrics are not a “Task”.

☑ Built a Metrics Dashboard
☐?
☐ Profit!
IDEAS



LEARN             BUILD




 DATA              PRODUCT


        MEASURE




                  Experiment
Hypotheses
 instead of
Requirements
Requirement:
Users can create 3D avatars.
Hypothesis:
We believe that users will create a 3D
avatar and spend more time on other
           users profiles.
Falsifiable Hypothesis:
  50% of newly signed up users will create a 3D avatar,
Avg time spent on user profiles will go from 30s to 1min+
Validated Learning:
     Define Hypothesis,
Build & Launch Experiment,
  Learn from the Results
Test your
 Value Hypothesis first.
Unless you need critical mass
      to deliver value.
Experiment
  Reports
Planning an Experiment
1. Context - Why is this relevant?
2. Quantify Your Goals
3. Set Scope & Timebox
EXPERIMENT REPORT                              Title: [TITLE]                                  Author: [NAME]                 Created: [DATE]


Learning Goal                                                               Results
What are you trying to learn or achieve?                                    Enter the data.




Falsifiable Hypothesis
 Your list of statements on the expected outcome of the experiment.

 Use this format:
 [Specific Repeatable Action] will [Expected Measurable Outcome]




                                                                            Validated Learning                              VALIDATED or INVALIDATED

                                                                             Summarize your learning from the experiment.

Experiment Scope
 How many and/or how long will the experiment last?




Minimum Build Plan
 List the build plan step by step to get your measurement and experiment.




                                                                            Next Action
                                                                             Whatʼs the next experiment?




                                                                                                                                    Lean Stack by Spark59.com
EXPERIMENT REPORT                              Title: [TITLE]                                  Author: [NAME]                 Created: [DATE]


Learning Goal                                                               Results
What are you trying to learn or achieve?                                    Enter the data.




Falsifiable Hypothesis
 Your list of statements on the expected outcome of the experiment.

 Use this format:
 [Specific Repeatable Action] will [Expected Measurable Outcome]




                                                                                 Left Side Defines
                                                                            Validated Learning
                                                                             Summarize your learning from the experiment.
                                                                                                                            VALIDATED or INVALIDATED




                                                                                 The Experiment
Experiment Scope
 How many and/or how long will the experiment last?




Minimum Build Plan
 List the build plan step by step to get your measurement and experiment.




                                                                            Next Action
                                                                             Whatʼs the next experiment?




                                                                                                                                    Lean Stack by Spark59.com
EXPERIMENT REPORT                              Title: [TITLE]                                  Author: [NAME]                 Created: [DATE]


Learning Goal                                                               Results
What are you trying to learn or achieve?                                    Enter the data.




Falsifiable Hypothesis
 Your list of statements on the expected outcome of the experiment.

 Use this format:
 [Specific Repeatable Action] will [Expected Measurable Outcome]




                        Right Side                                          Validated Learning                              VALIDATED or INVALIDATED




                      Analyses The
                                                                             Summarize your learning from the experiment.

Experiment Scope
 How many and/or how long will the experiment last?




Minimum Build Plan         Results
 List the build plan step by step to get your measurement and experiment.




                                                                            Next Action
                                                                             Whatʼs the next experiment?




                                                                                                                                    Lean Stack by Spark59.com
✘
   Failure is good.
 Validated Learning is our
Measurement of Progress.
Kan-ban Board

         IDEAS              Build   Measure   Learn

LEARN             BUILD                        ✓
                                               ✘

 DATA             PRODUCT


        MEASURE
Weekly Strategy Meeting
Review Experiments
Only In Weekly Meeting

 Focus On Efficiency
  In Daily Stand-ups
Review Experiment Results
    Challenge the Interpretation
Kill / Restart overdue Experiments
Thanks!
   Learn more:
j.mp/s59-metrics

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Actionable Metrics @ Lean Startup Meetup Berlin

  • 1. ACTIONABLE METRICS Are you making your product better or worse? LUKAS FITTL @lfittl spark59.com Lean Startup is trademarked by Eric Ries and used with permission. Business Model Canvas is created by Alex Osterwalder and licensed under CC-BY-SA.
  • 2. About Myself Founded 2 tech startups, worked with many others & Spark59
  • 3.
  • 4. “Am I making progress into the right direction?”
  • 6. Product/ Market Fit 1. Deliver Value 2. Accelerate Growth
  • 7. Product/ Market Fit 1. Value 2. Growth
  • 8. Now June 2013 $2000 / month ? $10000 / month
  • 10. Cohort: Group of people that share a common characteristic over a period of time.
  • 11.
  • 13. Group users by sign-up date and track their lifecycle.
  • 14.
  • 15.
  • 16. Cohort Analysis for Retention
  • 17.
  • 18. Cohort Analysis w Google Analytics http://danhilltech.tumblr.com/post/12509218078/startups-hacking-a-cohort-analysis-with-google
  • 19. Dave McClure’s AARRR ACQUISITION How do users find you? ACTIVATION Do users have a reat first experience? RETENTION Do users come back? REVENUE How do you make money? REFERRAL Do users tell others?
  • 20. Now June 2013 $2000 / month ? $10000 / month
  • 21. Cohort of February 12th, 2013 12500 Unique Visitors / day ACQ 5% sign up 625 signed up ACT 8% activate 50 activated RET 20% stay for 1 week 10 retained REV 20% to paid at $35 2 paid $70 / day $2000 / month
  • 22. 12500 Uniques 12500 Uniques ACQ 5% sign up 625 10% sign up 1250 ACT 8% activate 50 20% activate 250 RET 20% stay for 1 week 10 20% stay for 1 week 50 REV 20% to paid at $35 2 20% to paid at $35 10 $70 / day $350 / day $2000 / month $10000 / month Now June 2013
  • 23. 12500 Uniques 12500 Uniques ACQ 5% sign up 625 10% sign up 1250 ACT 8% activate 50 20% activate 250 RET 20% stay for 1 week 10 20% stay for 1 week 50 REV 20% to paid at $35 2 20% to paid at $35 10 $70 / day $350 / day $2000 / month $10000 / month Now June 2013
  • 25. Customers need to experience the value, otherwise they will leave.
  • 26. Value Metrics How do users find you? ACQUISITION Do users have a great first experience? ACTIVATION Do users come back? RETENTION How do you make money? REVENUE Do users tell others? REFERRAL
  • 27. Who delivers the actual value? Network effect Critical Mass of People vs Marketplace The Right People vs SaaS Your Product
  • 28. Value Metrics How do users find you? ACQUISITION Do users have a great first experience? ACTIVATION Do users come back? RETENTION How do you make money? REVENUE Do users tell others? REFERRAL
  • 29. Analyse Feature Usage of both successful & unsuccessful customers
  • 30. Analyse Time to Complete an Action => Highly useful for targeted email campaign
  • 31. Week 1 Get email from Visit landing Request Commit to become paying PERSONAS Ash page Demo customer ACQUISITION Technical Founder Provide billing Week 1 Create Account info for 14-day Product Owner trial SIGNUP UPGRADE Get welcome Schedule Week 1 email with link weekly Review docs to docs meetings Establish Map user Week 2 First meeting success metrics actions Send first Send events to Week 3 production staging event ACTIVATION Identify key Baseline AARRR Define Week 4 metric to metrics experiments improve RETENTION
  • 33. Value Metrics How do users find you? ACQUISITION Do users have a great first experience? ACTIVATION Do users come back? RETENTION How do you make money? REVENUE Do users tell others? REFERRAL
  • 34. Did Key Activity More than Once “Created at least 3 cards on the Kan-ban board” “Wrote at least 2 blog posts” “Wrote at least 5 restaurant reviews”
  • 35. Frequency Daily? Weekly? Monthly?
  • 36. 1-day 52% 7-day 31% 14-day 22% 30-day 14%
  • 37.
  • 39. Growth Metrics How do users find you? ACQUISITION Do users have a great first experience? ACTIVATION Do users come back? RETENTION How do you make money? REVENUE Do users tell others? REFERRAL
  • 40. The engine of growth is the mechanism that startups use to achieve sustainable growth. -Eric Ries, The Lean Startup
  • 42. Paid Lifetime Value > Acquisition Costs
  • 45. Metrics are not a “Task”. ☑ Built a Metrics Dashboard ☐? ☐ Profit!
  • 46. IDEAS LEARN BUILD DATA PRODUCT MEASURE Experiment
  • 49. Hypothesis: We believe that users will create a 3D avatar and spend more time on other users profiles.
  • 50. Falsifiable Hypothesis: 50% of newly signed up users will create a 3D avatar, Avg time spent on user profiles will go from 30s to 1min+
  • 51. Validated Learning: Define Hypothesis, Build & Launch Experiment, Learn from the Results
  • 52. Test your Value Hypothesis first. Unless you need critical mass to deliver value.
  • 54. Planning an Experiment 1. Context - Why is this relevant? 2. Quantify Your Goals 3. Set Scope & Timebox
  • 55. EXPERIMENT REPORT Title: [TITLE] Author: [NAME] Created: [DATE] Learning Goal Results What are you trying to learn or achieve? Enter the data. Falsifiable Hypothesis Your list of statements on the expected outcome of the experiment. Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome] Validated Learning VALIDATED or INVALIDATED Summarize your learning from the experiment. Experiment Scope How many and/or how long will the experiment last? Minimum Build Plan List the build plan step by step to get your measurement and experiment. Next Action Whatʼs the next experiment? Lean Stack by Spark59.com
  • 56. EXPERIMENT REPORT Title: [TITLE] Author: [NAME] Created: [DATE] Learning Goal Results What are you trying to learn or achieve? Enter the data. Falsifiable Hypothesis Your list of statements on the expected outcome of the experiment. Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome] Left Side Defines Validated Learning Summarize your learning from the experiment. VALIDATED or INVALIDATED The Experiment Experiment Scope How many and/or how long will the experiment last? Minimum Build Plan List the build plan step by step to get your measurement and experiment. Next Action Whatʼs the next experiment? Lean Stack by Spark59.com
  • 57. EXPERIMENT REPORT Title: [TITLE] Author: [NAME] Created: [DATE] Learning Goal Results What are you trying to learn or achieve? Enter the data. Falsifiable Hypothesis Your list of statements on the expected outcome of the experiment. Use this format: [Specific Repeatable Action] will [Expected Measurable Outcome] Right Side Validated Learning VALIDATED or INVALIDATED Analyses The Summarize your learning from the experiment. Experiment Scope How many and/or how long will the experiment last? Minimum Build Plan Results List the build plan step by step to get your measurement and experiment. Next Action Whatʼs the next experiment? Lean Stack by Spark59.com
  • 58. Failure is good. Validated Learning is our Measurement of Progress.
  • 59. Kan-ban Board IDEAS Build Measure Learn LEARN BUILD ✓ ✘ DATA PRODUCT MEASURE
  • 61. Review Experiments Only In Weekly Meeting Focus On Efficiency In Daily Stand-ups
  • 62. Review Experiment Results Challenge the Interpretation Kill / Restart overdue Experiments
  • 63. Thanks! Learn more: j.mp/s59-metrics