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Introduction to Metrics and KPIs
This document discusses measures, metrics, and key performance indicators (KPIs) for tracking business performance. It defines measures as anything that is measured, metrics as values derived from combining measures, and KPIs as the most important metrics for understanding if an organization is on track. It recommends measuring values that provide insight into the business, customer behavior, strengths, and weaknesses. The document also outlines the "Pirate Metrics" model of measuring acquisition, activation, retention, referral, and revenue, and how to track these metrics by traction channel to understand where customers are coming from. It stresses identifying the 3-5 most important KPIs that the business is willing to invest heavily in improving.
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Similar to Introduction to Metrics and KPIs
Introduction to Metrics and KPIs
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- 2. • Measures, Metricsand KPIs – What makes sense to be measured? • Pirate Metrics as a first Model • Traction Channels and the Pirate Metrics • KPIs Agenda
- 3.
- 4. Measures Anything that ismeasured, e.g. number of customers, total revenue, etc. There is nothing inherently good or bad with a measure so it is not helping you to figure out if you are doing good.
- 5. Metric A value typicallyderived by a combination of two or more measures, e.g. total revenue over time, development of unique visitors etc. Metrics do provide you with an information if the values are good or bad.
- 6. KPI ”The most importantperformance information that enables organizations or their stakeholders to understand whether the organization is on track or not.” ”Something you are willing to pay a significant amount of money to increase it.”
- 7. METRICS- WHAT MAKESSENSE?
- 8. What makes senseto be measured? • Values that help you to understand you business, your customers behaviour and your current strengths and weaknesses • Values that help you to improve your business • Values that let you compare behaviour over time
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- 10. Pirate Metrics (to get started)
- 11. Acquisition Acquisition is thefirst contact point with a customer and your product or website. Examples: • Duel: Downloaded the App and registered • Germinal: Came to the website and registered for the newsletter
- 12. Activation Activation is thestage where people actually use your product. Examples: • Fullfekr: reading the Q&A, starting a free chat • Lynxir/Easypaz: Item placed to the Shopping cart/ first order
- 13. Retention Getting (first time)users back! Examples: • Datashahr: Writing two reviews/ searching two times via the platform for a second time within x days • Easypaz: Second Order
- 14. Referral Getting users intothe referral stages means they not only like your product, but they think that their contacts and friends could also benefit from that value. Examples: Germinal: Recommend your product to their friends Hotspotplus: Forward Advertisement to their friends
- 15. Revenue Getting paid! Examples: Easypaz: CustomerLifetime value/ % of users that buy NazarBazaar: Average revenue per campaign Duel: Average number of Sales per partner
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- 17. Limits of thePirate Metrics • Great to measure the onboarding process but not so good in measuring what happens after! • Originally focussed on SaaS services • Primarily measuring simple numbers
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- 19. Traction Channels andPirate Metrics You don’t only want to know what happens with users once they are acquired but where they come from
- 20. Traction Channels andPirate Metrics Metrics to measure: • Cost per Acquisition • What is the % for each acquisition channel • How do those users behave while going through the funnel – How many from each channel use the service once? – How many per channel are coming back? – How many invite friends? • CLV for each Traction Channel
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- 22. KPI’s Where are youwilling to pay a significant amount of money to increase the value?
- 23.
- 24. Homework • Discuss anddefine your initial number of Metrics • Define a first version of your KPIs • Create a google spreadsheet to measure them weekly and share it with Sara • Insert the first set of numbers
Editor's Notes
- #3 Brief overview on the topic of lean startup, then we will move to one essential feature and framework, It is hands on so after a short introduction you will create something Change your place Take notes
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- #11 Stages
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