Analytics for Startups - Pre Product Market Fit

#ANALYTICS
for Startups(before Product Market Fit)
www.popcornmetrics.com info@popcornmetrics.com @popcornmetrics

PAUL BOYCE, CoFounder & CEO

awesome session on #startup #analytics by
@paulmboyce @lisbonchallenge

startup = growth.http://www.paulgraham.com/growth.html
metrics exist to help you grow

startup =
finding PMF
metrics exist to help
you find Product
Market Fit

Where
are you
now?
Which
way to
go?

Pirates
Retention / Cohorts
Funnels
Channel

Quick Exercise:
What are the top metrics you watch daily?

What’s more useful?
1000 signups - quantity
1000 signups/wk - speed
7% more signups/wk (than last wk) - acceleration

A “Good” Metric is:
Ratio/Rate: “%, per hr/day”
Comparative: “vs last week”
Actionable: “not vanity”
Understandable: “whole team”

a good metric
changes
your
behaviour

Pirate Metrics

RETENTION METRICS

“keeping as
many users for
as long as
possible.”
value

if you aren’t retaining:
● low LTV
● limited channels
● less referrals
● Q: “are you giving value?”

Watch
Alex
Schulz
https://www.y
outube.com/
watch?v=n_y
HZ_vKjno

BAD
Retention
COHORTS SHRINK
SOURCE: Dan Wolchonok
(Hubspot)

GOOD
Retention
COHORTS RETAIN
SOURCE: Dan Wolchonok
(Hubspot)

“If you don’t have
good retention,
nothing else
matters.”
Brian Balfour, VP
Growth, Hubspot

How to build
a retention curve:
go read this article:
bit.ly/retention-curve

so, how do I
improve retention?

Average
Retention:
1.5m Android
apps
SOURCE: QUETTRA / ANDREW
CHEN
http://andrewchen.co/new-data-shows-
why-losing-80-of-your-mobile-users-is-
normal-and-that-the-best-apps-do-muc
h-better/

Retention:
Top 5000
Android
apps
SOURCE: QUETTRA /
ANDREW CHEN

Day 1 retention
has a massive impact.

GOAL: Push
the curve up.
prioritise
day1, week1
SOURCE: POPCORNMETRICS.COM

find the value.
look at onboarding.

Connect people to the value
- in the shortest time.
facebook: 7 friends in 10 days
zapier: create your first Zap
airbnb: find a “cool” listing
trello: create project, add coworkers
intercom.io: send first message

5 ideas to test:
TARGET: first few days, especially D1
● messaging
● onboarding flow
● find your “magic moment”
● look at best users
● get to value ASAP

FUNNEL METRICS

Deep Conversions: Playmode

Funnel Strategy:
● Look for biggest drop-offs
● Prefer upstream (benefits flow)
● Create sub-funnels to zoom in

Benchmarks.
- how well are you doing?
(I pulled these from Lean Analytics book)

The One Metric
that Matters

user content:
pinterest: 14 mins, tumblr: 21 mins, facebook:60 mins
Time on Site: 17mins / day
-------------------------------------------------------------------------------------
5-15% generate content
80% content < 2% of users

e-commerce:
amazon: 9.6%, ebay: 11.5%
-------------------------------------------------------------------------------------
startups: 1-3%
2% -> 10% : loyal | skus | repeat
4.5% mobile searches >> purchase

SaaS:
Start Trial: 5-10%
Subscribe: 15-25%
Churn: 2% <5%
-------------------------------------------------------------------------------------
Upsell 20% (annual $)
TRIALS: 20% serious | 20% casual | 60% curious

5-7% weekly growth
http://www.paulgraham.com/growth.html

awesome session on #startup #analytics by
@paulmboyce @popcornmetrics

Not all channels are
equal.
(or, how to cut CAC by 40%)

CHANNEL METRICS
via Google Analytics
(assuming you’ve got good retention)

“which channels
bring
the best users?”

Channel Report + Events

Where
are you
now?
A.A.R.R.R

Process.
turning guesses into facts

1. get a baseline.
2. get inspiration.
3. prioritise ideas.
4. run experiments.
5. measure results.
6. learn what works.
7. repeat.
7step
formula:

Checklist:
1. Focus on ONE part of AARRR
2. Install tools
3. Create High Level Funnel
4. Create Cohort Report
5. Create Retention Curve
6. Figure out how to improve Retention
Could you drive from just one metric for the
next x months?

Lastly:
● NPM - net promoter score
(Sean Ellis)
● Habits (Hooked, Nir Eyal)

that blog post (again):
bit.ly/retention-curve

I’m inspired by:
Alex Schultz (VP Growth Facebook),
Brian Balfour (VP Growth Hubspot),
Dan Wolchonok (Growth Hubspot)
Andrew Chen (essays on growth)

3 months FREE
for Lisbon Challengers
signup at:
http://PopcornMetrics.com
here’s the code:
LC2016H1100X14(use before end Nov 2016)

questions?

thank you.

Analytics for Startups - Pre Product Market Fit

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