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* reminder: National Talk Like a Pirate Day is Sept 19th! 
Startup Metrics for Pirates: 
AARRR!!! 
(Startup Metrics for Product Marketing & Product Management) 
Dave McClure 
Master of 500 Hats 
blog: http://500hats.typepad.com/ 
website: http://www.500hats.com/ 
slides: http://slideshare.net/dmc500hats/
Customer Lifecycle: 5 Steps to Success 
• Acquisition: users come to the site from various channels 
• Activation: users enjoy 1st visit: "happy" user experience 
• Retention: users come back, visit site multiple times 
• Referral: users like product enough to refer others 
• Revenue: users conduct some monetization behavior 
AARRR!
Customer Lifecycle / Conversion Behavior 
4. REFERRAL 
Ads, Lead Gen, Biz Dev 
Subscriptions, etc 
Website.com 
Campaigns, 
Contests 
Emails & 
widgets 
5. Revenue $$$ 
2. Activation 
Homepage / 
Landing Page 
Product 
Features 
SEO 
1. ACQUISITION 
SEM 
Apps & 
Widgets 
Affiliates 
Email 
PR Biz 
Dev 
Campaigns, 
Contests 
Direct, 
Tel, TV 
Social 
Networks 
Blogs 
Domains 
Emails & 
Alerts 
System Events & 
Time-based Features 
3. RETENTION 
Blogs, 
Content
Example Conversion Metrics 
(note: *not* actuals; your mileage may vary…) 
Category User Status Conv % Est. Value 
Acquisition Visit Site 
(or landing page, or external widget) 
100% $.01 
Acquisition Doesn't Abandon 
(views 2+ pages, stays 10+ sec, 2+ clicks) 
70% $.05 
Activation Happy 1st Visit 
(views X pages, stays Y sec, Z clicks) 
30% $.25 
Activation Email/Blog/RSS/Widget Signup 
(anything that could lead to repeat visit) 
5% $1 
Activation Acct Signup 
(includes profile data) 
2% $3 
Retention Email Open / RSS view -> Clickthru 3% $2 
Retention Repeat Visitor 
(3+ visits in first 30 days) 
2% $5 
Referral Refer 1+ users who visit site 2% $3 
Referral Refer 1+ users who activate 1% $10 
Revenue User generates minimum revenue 2% $5 
Revenue User generates break-even revenue 1% $25
Customer Lifecycle / Conversion Behavior 
SEO 
Website.com 
Marketing Channels: 
• largest-volume (#) 
• lowest-cost ($) 
• best-performing (%) 
1. ACQUISITION 
SEM 
Apps & 
Widgets 
Affiliates 
Email 
PR Biz 
Dev 
Campaigns, 
Contests 
Direct, 
Tel, TV 
Social 
Networks 
Blogs 
Domains
Customer Lifecycle / Conversion Behavior 
Website.com 
Activation Criteria: 
• 10-30+ seconds 
• 2-3+ page views 
• 3-5+ clicks 
• 1 key feature usage 
Do LOTS of landing page 
tests & A/B tests - just 
make lots of dumb 
guesses & iterate QUICK 
2. Activation 
Homepage / 
Landing Page 
Product 
Features 
SEO 
1. ACQUISITION 
SEM 
Apps & 
Widgets 
Affiliates 
Email 
PR Biz 
Dev 
Campaigns, 
Contests 
Direct, 
Tel, TV 
Social 
Networks 
Blogs 
Domains
Customer Lifecycle / Conversion Behavior 
1. ACQUISITION 
Website.com 
Automated emails are simple & easy 
retention feature 
• lifecycle emails @ +3, +7, +30d 
• status emails weekly/monthly 
• event-based emails as they occur 
2. Activation 
Homepage / 
Landing Page 
Product 
Features 
SEO 
SEM 
Apps & 
Widgets 
Affiliates 
Email 
PR Biz 
Dev 
Campaigns, 
Contests 
Direct, 
Tel, TV 
Social 
Networks 
Blogs 
Domains 
Emails & 
Alerts 
System Events & 
Time-based Features 
3. RETENTION 
Blogs, 
Content
Customer Lifecycle / Conversion Behavior 
4. REFERRAL 
Website.com 
Campaigns, 
Contests 
Only encourage users to 
refer *after* they have 
“happy” user experience; 
avg score >= 8 out of 10 
2. Activation 
Homepage / 
Landing Page 
Product 
Features 
Emails & 
widgets 
SEO 
1. ACQUISITION 
SEM 
Apps & 
Widgets 
Affiliates 
Email 
PR Biz 
Dev 
Campaigns, 
Contests 
Direct, 
Tel, TV 
Social 
Networks 
Blogs 
Domains 
Emails & 
Alerts 
System Events & 
Time-based Features 
3. RETENTION 
Blogs, 
Content
Customer Lifecycle / Conversion Behavior 
Campaigns, 
Contests 
Ads, Lead Gen, Biz Dev 
Subscriptions, etc 
5. Revenue $$$ 
Website.com 
2. Activation 
Homepage / 
Landing Page 
Product 
Features 
SEO 
Emails & 
Alerts 
System Events & 
Time-based Features 
This is the part *you* 
have to figure out… 
I don’t know jack about 
your business 
4. REFERRAL 
Emails & 
widgets 
1. ACQUISITION 
SEM 
Apps & 
Widgets 
Affiliates 
Email 
PR Biz 
Dev 
Campaigns, 
Contests 
Direct, 
Tel, TV 
Social 
Networks 
Blogs 
Domains 
3. RETENTION 
Blogs, 
Content
Types of Metrics & Measurement 
• Qualitative: Usability Testing / Session Monitoring 
– Watch what users do, figure out problems & solutions from small # of users 
• Quantitative: Traffic Analysis / User Engagement 
– Report what users do, track usage & conversion %'s for all or empirical sample # 
of users 
• Comparative: A/B, Multivariate Testing 
– Compare what users do in one scenario vs another, see which copy/graphics/UI 
are most effective 
• Competitive: Monitoring & Tracking Competitors 
– Track competitor activity & compare against yours; if possible compare channels, 
keyword traffic, demographic targeting, user satisfaction, etc. 
(see slide notes for links to tools & vendors)
Quantitative & Comparative 
Measurement 
• Conversion Criteria: 
– best-performing (%) channels / campaigns / copy 
– largest-volume (#) channels / campaigns / copy 
– lowest-cost ($) channels / campaigns / copy
Quantitative & Comparative 
Measurement 
• Conversion Criteria: 
– best-performing (%) channels / campaigns / copy 
– largest-volume (#) channels / campaigns / copy 
– lowest-cost ($) channels / campaigns / copy 
• Measurement Components: 
– Audience Segment (young women, regional metro, older singles) 
– Channel Source (social network, SEM, organic, PR, etc) 
– Campaign Theme / Brand Promise (“find a job”, “learn to cook”) 
– Landing Page & CTA 
– Copy & Graphics
Example Conversion Metrics 
(note: *not* actuals; your mileage may vary…) 
Category User Status Conv % Est. Value 
Acquisition Visit Site 
(or landing page, or external widget) 
100% $.01 
Acquisition Doesn't Abandon 
(views 2+ pages, stays 10+ sec, 2+ clicks) 
70% $.05 
Activation Happy 1st Visit 
(views X pages, stays Y sec, Z clicks) 
30% $.25 
Activation Email/Blog/RSS/Widget Signup 
(anything that could lead to repeat visit) 
5% $1 
Activation Acct Signup 
(includes profile data) 
2% $3 
Retention Email Open / RSS view -> Clickthru 3% $2 
Retention Repeat Visitor 
(3+ visits in first 30 days) 
2% $5 
Referral Refer 1+ users who visit site 2% $3 
Referral Refer 1+ users who activate 1% $10 
Revenue User generates minimum revenue 2% $5 
Revenue User generates break-even revenue 1% $25
Example Conversion Metrics 
(note: *not* actuals; your mileage may vary…) 
Category User Status Conv % Est. Value 
Acquisition Visit Site 
(or landing page, or external widget) 
100% $.01 
Acquisition Doesn't Abandon 
(views 2+ pages, stays 10+ sec, 2+ clicks) 
70% $.05 
Activation Happy 1st Visit 
(views X pages, stays Y sec, Z clicks) 
30% $.25 
Activation Email/Blog/RSS/Widget Signup 
(anything that could lead to repeat visit) 
5% $1 
Activation Acct Signup 
(includes profile data) 
2% $3 
Retention Email Open / RSS view -> Clickthru 3% $2 
Retention Repeat Visitor 
(3+ visits in first 30 days) 
2% $5 
Referral Refer 1+ users who visit site 2% $3 
Referral Refer 1+ users who activate 1% $10 
Revenue User generates minimum revenue 2% $5 
Revenue User generates break-even revenue 1% $25
Example Conversion Metrics 
(note: *not* actuals; your mileage may vary…) 
Category User Status Conv % Est. Value 
Acquisition Visit Site 
(or landing page, or external widget) 
100% $.01 
Acquisition Doesn't Abandon 
(views 2+ pages, stays 10+ sec, 2+ clicks) 
70% $.05 
Activation Happy 1st Visit 
(views X pages, stays Y sec, Z clicks) 
30% $.25 
Activation Email/Blog/RSS/Widget Signup 
(anything that could lead to repeat visit) 
5% $1 
Activation Acct Signup 
(includes profile data) 
2% $3 
Retention Email Open / RSS view -> Clickthru 3% $2 
Retention Repeat Visitor 
(3+ visits in first 30 days) 
2% $5 
Referral Refer 1+ users who visit site 2% $3 
Referral Refer 1+ users who activate 1% $10 
Revenue User generates minimum revenue 2% $5 
Revenue User generates break-even revenue 1% $25
Example Conversion Metrics 
(note: *not* actuals; your mileage may vary…) 
Category User Status Conv % Est. Value 
Acquisition Visit Site 
(or landing page, or external widget) 
100% $.01 
Acquisition Doesn't Abandon 
(views 2+ pages, stays 10+ sec, 2+ clicks) 
70% $.05 
Activation Happy 1st Visit 
(views X pages, stays Y sec, Z clicks) 
30% $.25 
Activation Email/Blog/RSS/Widget Signup 
(anything that could lead to repeat visit) 
5% $1 
Activation Acct Signup 
(includes profile data) 
2% $3 
Retention Email Open / RSS view -> Clickthru 3% $2 
Retention Repeat Visitor 
(3+ visits in first 30 days) 
2% $5 
Referral Refer 1+ users who visit site 2% $3 
Referral Refer 1+ users who activate 1% $10 
Revenue User generates minimum revenue 2% $5 
Revenue User generates break-even revenue 1% $25
Example Conversion Metrics 
(note: *not* actuals; your mileage may vary…) 
Category User Status Conv % Est. Value 
Acquisition Visit Site 
(or landing page, or external widget) 
100% $.01 
Acquisition Doesn't Abandon 
(views 2+ pages, stays 10+ sec, 2+ clicks) 
70% $.05 
Activation Happy 1st Visit 
(views X pages, stays Y sec, Z clicks) 
30% $.25 
Activation Email/Blog/RSS/Widget Signup 
(anything that could lead to repeat visit) 
5% $1 
Activation Acct Signup 
(includes profile data) 
2% $3 
Retention Email Open / RSS view -> Clickthru 3% $2 
Retention Repeat Visitor 
(3+ visits in first 30 days) 
2% $5 
Referral Refer 1+ users who visit site 2% $3 
Referral Refer 1+ users who activate 1% $10 
Revenue User generates minimum revenue 2% $5 
Revenue User generates break-even revenue 1% $25
Marketing 
Q: what channels / who do you market to? 
• Design & Test Multiple Mktg Channels 
• Select & Focus on Channels with: 
– High Volume 
– High Conversion 
– Low Cost 
• Measure *deeper* down the conversion funnel, 
not just to website / landing page 
• Segment & Select channels & customers by 
conversion @ deepest possible level (ideally $$$)
Product 
Q: how do you choose what to build? 
• Choose features for conversion improvement 
– 80% on existing feature optimization 
– 20% on new feature development 
• Just guess, then A/B test… A LOT 
• Measure conversion improvement 
• Rinse & Repeat
Founder/CEO 
Q: What metrics do you choose to watch? 
• Hypothesize Customer Lifecycle & Refine 
– Choose 5-10 conversion steps 
– Less, not More is better 
• BUT measure & iterate 
• Focus on conversion improvement 
• Delegate each Metric to someone to OWN

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Startup metrics-for-pirates

  • 1. * reminder: National Talk Like a Pirate Day is Sept 19th! Startup Metrics for Pirates: AARRR!!! (Startup Metrics for Product Marketing & Product Management) Dave McClure Master of 500 Hats blog: http://500hats.typepad.com/ website: http://www.500hats.com/ slides: http://slideshare.net/dmc500hats/
  • 2. Customer Lifecycle: 5 Steps to Success • Acquisition: users come to the site from various channels • Activation: users enjoy 1st visit: "happy" user experience • Retention: users come back, visit site multiple times • Referral: users like product enough to refer others • Revenue: users conduct some monetization behavior AARRR!
  • 3. Customer Lifecycle / Conversion Behavior 4. REFERRAL Ads, Lead Gen, Biz Dev Subscriptions, etc Website.com Campaigns, Contests Emails & widgets 5. Revenue $$$ 2. Activation Homepage / Landing Page Product Features SEO 1. ACQUISITION SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Emails & Alerts System Events & Time-based Features 3. RETENTION Blogs, Content
  • 4. Example Conversion Metrics (note: *not* actuals; your mileage may vary…) Category User Status Conv % Est. Value Acquisition Visit Site (or landing page, or external widget) 100% $.01 Acquisition Doesn't Abandon (views 2+ pages, stays 10+ sec, 2+ clicks) 70% $.05 Activation Happy 1st Visit (views X pages, stays Y sec, Z clicks) 30% $.25 Activation Email/Blog/RSS/Widget Signup (anything that could lead to repeat visit) 5% $1 Activation Acct Signup (includes profile data) 2% $3 Retention Email Open / RSS view -> Clickthru 3% $2 Retention Repeat Visitor (3+ visits in first 30 days) 2% $5 Referral Refer 1+ users who visit site 2% $3 Referral Refer 1+ users who activate 1% $10 Revenue User generates minimum revenue 2% $5 Revenue User generates break-even revenue 1% $25
  • 5. Customer Lifecycle / Conversion Behavior SEO Website.com Marketing Channels: • largest-volume (#) • lowest-cost ($) • best-performing (%) 1. ACQUISITION SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains
  • 6. Customer Lifecycle / Conversion Behavior Website.com Activation Criteria: • 10-30+ seconds • 2-3+ page views • 3-5+ clicks • 1 key feature usage Do LOTS of landing page tests & A/B tests - just make lots of dumb guesses & iterate QUICK 2. Activation Homepage / Landing Page Product Features SEO 1. ACQUISITION SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains
  • 7. Customer Lifecycle / Conversion Behavior 1. ACQUISITION Website.com Automated emails are simple & easy retention feature • lifecycle emails @ +3, +7, +30d • status emails weekly/monthly • event-based emails as they occur 2. Activation Homepage / Landing Page Product Features SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Emails & Alerts System Events & Time-based Features 3. RETENTION Blogs, Content
  • 8. Customer Lifecycle / Conversion Behavior 4. REFERRAL Website.com Campaigns, Contests Only encourage users to refer *after* they have “happy” user experience; avg score >= 8 out of 10 2. Activation Homepage / Landing Page Product Features Emails & widgets SEO 1. ACQUISITION SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Emails & Alerts System Events & Time-based Features 3. RETENTION Blogs, Content
  • 9. Customer Lifecycle / Conversion Behavior Campaigns, Contests Ads, Lead Gen, Biz Dev Subscriptions, etc 5. Revenue $$$ Website.com 2. Activation Homepage / Landing Page Product Features SEO Emails & Alerts System Events & Time-based Features This is the part *you* have to figure out… I don’t know jack about your business 4. REFERRAL Emails & widgets 1. ACQUISITION SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains 3. RETENTION Blogs, Content
  • 10. Types of Metrics & Measurement • Qualitative: Usability Testing / Session Monitoring – Watch what users do, figure out problems & solutions from small # of users • Quantitative: Traffic Analysis / User Engagement – Report what users do, track usage & conversion %'s for all or empirical sample # of users • Comparative: A/B, Multivariate Testing – Compare what users do in one scenario vs another, see which copy/graphics/UI are most effective • Competitive: Monitoring & Tracking Competitors – Track competitor activity & compare against yours; if possible compare channels, keyword traffic, demographic targeting, user satisfaction, etc. (see slide notes for links to tools & vendors)
  • 11. Quantitative & Comparative Measurement • Conversion Criteria: – best-performing (%) channels / campaigns / copy – largest-volume (#) channels / campaigns / copy – lowest-cost ($) channels / campaigns / copy
  • 12. Quantitative & Comparative Measurement • Conversion Criteria: – best-performing (%) channels / campaigns / copy – largest-volume (#) channels / campaigns / copy – lowest-cost ($) channels / campaigns / copy • Measurement Components: – Audience Segment (young women, regional metro, older singles) – Channel Source (social network, SEM, organic, PR, etc) – Campaign Theme / Brand Promise (“find a job”, “learn to cook”) – Landing Page & CTA – Copy & Graphics
  • 13. Example Conversion Metrics (note: *not* actuals; your mileage may vary…) Category User Status Conv % Est. Value Acquisition Visit Site (or landing page, or external widget) 100% $.01 Acquisition Doesn't Abandon (views 2+ pages, stays 10+ sec, 2+ clicks) 70% $.05 Activation Happy 1st Visit (views X pages, stays Y sec, Z clicks) 30% $.25 Activation Email/Blog/RSS/Widget Signup (anything that could lead to repeat visit) 5% $1 Activation Acct Signup (includes profile data) 2% $3 Retention Email Open / RSS view -> Clickthru 3% $2 Retention Repeat Visitor (3+ visits in first 30 days) 2% $5 Referral Refer 1+ users who visit site 2% $3 Referral Refer 1+ users who activate 1% $10 Revenue User generates minimum revenue 2% $5 Revenue User generates break-even revenue 1% $25
  • 14. Example Conversion Metrics (note: *not* actuals; your mileage may vary…) Category User Status Conv % Est. Value Acquisition Visit Site (or landing page, or external widget) 100% $.01 Acquisition Doesn't Abandon (views 2+ pages, stays 10+ sec, 2+ clicks) 70% $.05 Activation Happy 1st Visit (views X pages, stays Y sec, Z clicks) 30% $.25 Activation Email/Blog/RSS/Widget Signup (anything that could lead to repeat visit) 5% $1 Activation Acct Signup (includes profile data) 2% $3 Retention Email Open / RSS view -> Clickthru 3% $2 Retention Repeat Visitor (3+ visits in first 30 days) 2% $5 Referral Refer 1+ users who visit site 2% $3 Referral Refer 1+ users who activate 1% $10 Revenue User generates minimum revenue 2% $5 Revenue User generates break-even revenue 1% $25
  • 15. Example Conversion Metrics (note: *not* actuals; your mileage may vary…) Category User Status Conv % Est. Value Acquisition Visit Site (or landing page, or external widget) 100% $.01 Acquisition Doesn't Abandon (views 2+ pages, stays 10+ sec, 2+ clicks) 70% $.05 Activation Happy 1st Visit (views X pages, stays Y sec, Z clicks) 30% $.25 Activation Email/Blog/RSS/Widget Signup (anything that could lead to repeat visit) 5% $1 Activation Acct Signup (includes profile data) 2% $3 Retention Email Open / RSS view -> Clickthru 3% $2 Retention Repeat Visitor (3+ visits in first 30 days) 2% $5 Referral Refer 1+ users who visit site 2% $3 Referral Refer 1+ users who activate 1% $10 Revenue User generates minimum revenue 2% $5 Revenue User generates break-even revenue 1% $25
  • 16. Example Conversion Metrics (note: *not* actuals; your mileage may vary…) Category User Status Conv % Est. Value Acquisition Visit Site (or landing page, or external widget) 100% $.01 Acquisition Doesn't Abandon (views 2+ pages, stays 10+ sec, 2+ clicks) 70% $.05 Activation Happy 1st Visit (views X pages, stays Y sec, Z clicks) 30% $.25 Activation Email/Blog/RSS/Widget Signup (anything that could lead to repeat visit) 5% $1 Activation Acct Signup (includes profile data) 2% $3 Retention Email Open / RSS view -> Clickthru 3% $2 Retention Repeat Visitor (3+ visits in first 30 days) 2% $5 Referral Refer 1+ users who visit site 2% $3 Referral Refer 1+ users who activate 1% $10 Revenue User generates minimum revenue 2% $5 Revenue User generates break-even revenue 1% $25
  • 17. Example Conversion Metrics (note: *not* actuals; your mileage may vary…) Category User Status Conv % Est. Value Acquisition Visit Site (or landing page, or external widget) 100% $.01 Acquisition Doesn't Abandon (views 2+ pages, stays 10+ sec, 2+ clicks) 70% $.05 Activation Happy 1st Visit (views X pages, stays Y sec, Z clicks) 30% $.25 Activation Email/Blog/RSS/Widget Signup (anything that could lead to repeat visit) 5% $1 Activation Acct Signup (includes profile data) 2% $3 Retention Email Open / RSS view -> Clickthru 3% $2 Retention Repeat Visitor (3+ visits in first 30 days) 2% $5 Referral Refer 1+ users who visit site 2% $3 Referral Refer 1+ users who activate 1% $10 Revenue User generates minimum revenue 2% $5 Revenue User generates break-even revenue 1% $25
  • 18. Marketing Q: what channels / who do you market to? • Design & Test Multiple Mktg Channels • Select & Focus on Channels with: – High Volume – High Conversion – Low Cost • Measure *deeper* down the conversion funnel, not just to website / landing page • Segment & Select channels & customers by conversion @ deepest possible level (ideally $$$)
  • 19. Product Q: how do you choose what to build? • Choose features for conversion improvement – 80% on existing feature optimization – 20% on new feature development • Just guess, then A/B test… A LOT • Measure conversion improvement • Rinse & Repeat
  • 20. Founder/CEO Q: What metrics do you choose to watch? • Hypothesize Customer Lifecycle & Refine – Choose 5-10 conversion steps – Less, not More is better • BUT measure & iterate • Focus on conversion improvement • Delegate each Metric to someone to OWN

Editor's Notes

  1. Qualitative: SurveyMonkey (surveys), CrazyEgg (heatmap), TechSmith Morae / UserVue (ux recording), RobotReplay, TapeFailure. Quantitative: Google Analytics (free), MyBlogLog, ClickTracks, Index Tools, Visual Sciences / Webside Story, Omniture, WebTrends, etc. Comparative: Google Website Optimizer, SiteSpect, Optimost, Offermatica, Vertster, Kefta. Competitive: Quantcast, Compete.com, Alexa, Hitwise, Comscore, Nielsens. see more info at: http://webanalyticsassociation.com/ (WAA) http://kaushik.net/ (Avinash Kaushik) http://grokdotcom.com/ (Eisenbergs) http://www.emetrics.org/ (Jim Sterne)