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Lean Analytics - How to Measure Your Product

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This presentation was given to startup founders and software people to help them understand how to better measure the success (or failure) of their product by using objective data.

Published in: Data & Analytics
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Lean Analytics - How to Measure Your Product

  1. 1. How to Measure Your Product Data Driven Little Bets Liron Hayun [ UX & Analytics Consultant ] | lironh@gmail.com
  2. 2. ANALYTICS UX
  3. 3. ANALYTICS DATABASE SURVEYS EMAIL SERVICE
  4. 4. ANALYTICS DATABASE SURVEYS EMAIL SERVICE
  5. 5. 5 Steps to Epiphany 1) Identify business objectives 2) Translate to technical requirements 3) Implement 4) Measure & Learn 5) Maintain
  6. 6. Business Objectives Step 1
  7. 7. The 5 Common Business Objectives ★ Ecommerce - sell products/services ★ Lead Generation - collect user info & connect ★ Content - engagement & visits ★ Online Support - finding info at the right time ★ Branding - awareness, engagement & loyalty
  8. 8. Practical Guidelines ● Include macro and micro conversions ------------------------------------------------------------ ● Distill customer-problem-solution hypothesis ● Find the riskiest assumptions
  9. 9. Technical Requirements Step 2
  10. 10. How It Works Users Sessions Interactions
  11. 11. Your Product Analytics Server
  12. 12. Session User Interaction
  13. 13. Session
  14. 14. Data Types ● Dimensions - characteristics of your users, their sessions and actions (e.g. country, traffic source). ● Metrics - the quantitative measurements of users, sessions and actions.
  15. 15. Key Metrics ● Pageviews / Screens ● Events --------------------------------------------------- ● Users ● Sessions ● Time on Page ● Bounce Rate
  16. 16. Practical Guidelines ● Use a consistent syntax ○ upper/lower case letters ○ name of event actions ○ use of “-” ● Collect campaign data
  17. 17. Implementation Step 3
  18. 18. Code Configuration
  19. 19. Practical Guidelines ● Build an infrastructure ○ maintain data integrity ○ easily measure new features ○ keep consistent syntax ● Setup goals in your analytics tool (!)
  20. 20. Measure & Learn Step 4
  21. 21. AARRR! 1) Acquisition - users come from various channels 2) Activation - users enjoy first visit 3) Retention - users come back 4) Referral - users like product and refer others 5) Revenue - users conduct monetization behavior
  22. 22. Analysis Techniques ● Segmentation - isolate and analyze data subsets to understand behavior (by location, source). ● Context - use benchmarks to understand if your performance is good or bad (internal / external). ● Exploration - browse your data to find your next questions (landing/exit pages, bounce rates).
  23. 23. Acquisition
  24. 24. Sources Quality
  25. 25. Activation
  26. 26. Retention
  27. 27. Retention
  28. 28. Referral
  29. 29. Revenue
  30. 30. Maintain & Refine Step 5
  31. 31. Recommended Tools ➔ Google Analytics - free, robust analytics tool ➔ Optimizely - easy A/B testing --------------------------------------------------------------------- ➔ Google Forms - free surveys, easily embedded ➔ Qualaroo - onsite “nudges”
  32. 32. Thank You Liron Hayun [ UX & Analytics Consultant ] | lironh@gmail.com

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