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Startup Metrics (1 day workshop @ Digital Hub Aachen, September 21st 2017)

These were my slides for the plusandersen.com 1 day workshop on Startup Metrics for the incubated startups at Digital Hub Aachen. Bookings: you@plusandersen.com

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Startup Metrics (1 day workshop @ Digital Hub Aachen, September 21st 2017)

  1. 1. STARTUP METRICSWHAT & HOW TO MEASURE DIGIHUB AACHEN SEPTEMBER 21. 2017
  2. 2. GET KEEP GROW THE FUNNEL
 WITH STEVE BLANK
  3. 3.
  4. 4. GETTING - PHYSICAL
  5. 5. 1ST VIRAL LOOP
  6. 6. USE YOUR OWN LABELS
  7. 7. GET
  8. 8. KEEP
  9. 9. GROW
  10. 10. EXAMPLE
  11. 11. EXAMPLE
  12. 12. https://classroom.udacity.com/courses/ep245/ TAKE THE FULL COURSE
  13. 13. METRICS THAT MATTERS HOW AND WHAT TO MEASURE
 A FRAMEWORK
  14. 14. AARRR! METRICS FOR PIRATES
  15. 15. CUSTOMER LIFECYCLE 5 STEPS TO SUCCESS • Acquisition: Users come to you 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 monetising behaviour
  16. 16. Dave McClure Founder 500 Startups
  17. 17. CUSTOMER LIFECYCLE / CONVERSION BEHAVIOUR
  18. 18. EXAMPLE CONVERSION METRICS(NOTE: *NOT* ACTUAL; YOUR MILEAGE MAY VARY)
  19. 19. 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 # • Comparative: A/B Multivariate Testing
 - Compare what users do in one scenario vs another, see which copy/graphics/UI are most effective • Competitive: Monitoring and Tracing Competitors
 Track competitor activity and compare against yours; if possible compare channels, keyword traffic, demographic targeting, user satisfaction, etc.
  20. 20. 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 media, SEM, organic, PR, etc)
 - Campaign Time / Brand Promise (“Find a job”, “Learn to cook”)
 - Landing Page & CTA
 - Copy & Graphics
  21. 21. EXAMPLE CONVERSION METRICS(NOTE: *NOT* ACTUAL; YOUR MILEAGE MAY VARY)
  22. 22. EXAMPLE CONVERSION METRICS(NOTE: *NOT* ACTUAL; YOUR MILEAGE MAY VARY)
  23. 23. EXAMPLE CONVERSION METRICS(NOTE: *NOT* ACTUAL; YOUR MILEAGE MAY VARY)
  24. 24. EXAMPLE CONVERSION METRICS(NOTE: *NOT* ACTUAL; YOUR MILEAGE MAY VARY)
  25. 25. EXAMPLE CONVERSION METRICS(NOTE: *NOT* ACTUAL; YOUR MILEAGE MAY VARY)
  26. 26. MARKETING • Q: What channels do you market to?
 - Design & Test multiple marketing 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 $$$)
  27. 27. PRODUCT • Q: How do you chose what to build? • Chose features for conversion improvement
 - 80% on existing feature optimisation
 - 20% on new feature development • Just guess - then A/B test - a LOT! • Measure conversion improvement • Rinse & Repeat
  28. 28. FOUNDER / CEO • Q: What metrics do you chose to watch? • Hypothesise Customer Lifecycle & Refine
 - Chose 5-10 conversion steps
 - Less, not more, is better • BUT measure & iterate • Focus on conversion improvement • Delegate each metric to someone to OWN
  29. 29. Firebase & AARRR Metrics @ Google I/O
  30. 30. Ash 
 Maurya Running Lean
  31. 31. READ THE BOOK
  32. 32. Alistair 
 CrollLean Analytics @ Google Ventures
  33. 33. CAC VS LTV For each dollar you spend acquiring a customer, how many dollars does it leave behind in the whole lifespan you have them as a customer? CAC = Customer Acquisition Cost LTV = Customer Lifetime Value A CAC : LTV ratio of 1 : 3 or better = good
  34. 34. CAC vs LTV - The Driving Factors • High Churn Rate • Low Customer 
 Satisfaction • Lack Of Stickiness • Recurring Revenue • Scalable Pricing • Cross-Sell / Up-Sell • Additions To Product
 Catalogue • Lead-Gen For 3Rd Party • Sales Force In The Field • Outbound Marketing • Unoptimised Campaign • Wrong Target Audience • Wrong Channel • No Network Effects • Network Effects • Inbound Marketing • Free Or Freemium • Open Source • Free Trial • Touchless Conversion • Direct Marketing • Channels • Strategic Partnerships CAC LTV
  35. 35. CAC CALCULATION
  36. 36. GROWTH RATE “Startups = Growth” by Paul Graham of YC What is your growth week over week? More than 7% week over week is great
  37. 37. ENGAGEMENT RATE “30 / 10 / 1” by Fred “AVC” Wilson What is the % of all your registered users that will use the service or app Monthly / Daily / Concurrent (At Any Given Time)? 30/10/1 or better is good
  38. 38. DAU MAU The ratio of Daily Active Users to Monthly Active Users.
 For example, aDAU/MAU ratio of 50% would mean that the average user of your app is using it 15 out of 30 days that month. A simple metric to predict, with a high level of probability, the success of your product.
  39. 39. COHORT ANALYSIS
 YOU NEED TO UNDERSTAND IT VIDEO:
 Cohort Analytics Explained VIDEO: 
 Google Labs Cohort Analysis Workshop
  40. 40. WHY COHORTSBernd Leger, Localytics
  41. 41. WHY COHORTS
  42. 42. WHY COHORTS
  43. 43. SERIOUSLYYOU NEED TO UNDERSTAND IT COHORTANALYSIS.COM
  44. 44. Your churn rate is the amount of customers or subscribers who cut ties with your service or company during a given time period. These customers have “churned.” READ http://churn-rate.com CHURN RATE
  45. 45. CHURN FOR DUMMIES
  46. 46. CHURN
  47. 47. SaaS Metrics - 
 You need to track it SAAS METRICS
 
 The Ultimate SaaS Metrics Cheat Sheet Christoph Janz' Blog David Skok's Blog
  48. 48. SaaS Metrics - 
 You must understand it DEFINITIONS
 HTTP://WWW.FORENTREPRENEURS.COM/SAAS-METRICS-2-DEFINITIONS/ SAAS METRICS 2.0
 HTTP://WWW.FORENTREPRENEURS.COM/SAAS-METRICS-2/
  49. 49. SAAS METRICSHamid Shojaee, Founder/CEO PureChat
  50. 50. DAVID SKOKMr. SaaS Metrics
  51. 51. How to define your market size TAM - Total Available Market
 Theoretical total market size or customer 
 mass with problem today SAM - Serviceable Available Market
 Theoretical total market size or customer mass 
 that are able to use / purchase a solution like 
 yours right now SOM - Serviceable Obtainable Market 
 Your target market cap or customer base within 
 the next 2-3 years, your credible ambition TAM SAM SOM
  52. 52. TAM SAM SOM - Rough Example Say you want to make a dating app for iOS Your theoretical TAM would be 1.6b world wide, the number of all adults in the world seeking a partner, the number of people with the actual need or problem Your theoretical SAM is the percentile of 1.6b adults who has an iPhone, not all iPhone users in the world, not all smartphone users in the world, e.g. 1.6b people out of 7b is 14% of all people, your SAM could then be 14% of the 500m iPhones sold worldwide = 70m Your SOM or Target Market could be the percentile of the 70m that you can realistically acquire and serve in the immediate next years. This varies individually because it is based on your personnel (team size, positioning, channels, partners, funds, locality and competences - current and planned) and the efficiency of your marketing (CAC vs LTV, current and feasible) of your individual product
  53. 53. How to find market data Use Google, use Quora, use CB Insights, Crunchbase
 Seriously, JFGI: Just F*ing Google It Find facts in reports from Gartner, Forester, BCG, etc to lend some named sources to your numbers - You’ll be amazed by what you can find online TAM/SAM/SOM is an ART, not a SCIENCE - 
 Don’t make it too complicated. Do NOT make facts and figures up, do not use questionable sources, do not conflate markets - EVER
  54. 54. MAT JOHNSONPartner @ 500 Startups
  55. 55. WHAT IS GROWTH HACKING
  56. 56. WAIT DO YOU HAVE PRODUCT- MARKET FIT
  57. 57. IF NO - FORGET IT
  58. 58. WHAT IS GROWTH HACKINGRyan Holiday
  59. 59. REPORT HOW MANY INTERVIEWS AND WHAT DID YOU LEARN WHAT HAPPENED 
 SINCE LAST WEEK
  60. 60. EXERCISE WHAT ARE YOUR SUCCESS METRICS? IT’S EXERCISE TIME
  61. 61. EXERCISE WHAT DOES YOUR USER JOURNEY LOOK LIKE? IT’S EXERCISE TIME
  62. 62. EXERCISE HOW ARE YOU GOING TO MEASURE IT IT’S EXERCISE TIME
  63. 63. HOMEWORK MEASURE & MOVE YOUR SUCCESS METRIC(S) IT’S EXERCISE TIME
  64. 64. HOMEWORK CONDUCT AT LEAST15 CUSTOMER INTERVIEWS IT’S EXERCISE TIME
  65. 65. GET OUT 
 OF THE BUILDING GET OUT TIME
  66. 66. WE HELP 
 YOUR COMPANY 
 GET READY 
 FOR TOMORROW TODAY PLUSANDERSEN.COM
  67. 67. MORE PLUSANDERSEN.COM • Education & Training • Programs & Processes • Innovation Metrics • Management Tools • Innovation Outposts • Human Assets SOME OF OUR CUSTOMERS:
  68. 68. PRE-ACCELERATION ACCELERATIONGENERATION EDUCATION SELECTION FINAL DECISION SCALING UP DEALFLOW LEARNING JOURNEY LEARNING KEYNOTE KILL YOUR COMPANY INNOVATOR MASTERCLASS INNOVATOR BOOTCAMP LEAN LAUNCHPAD MVP AS 
 A SERVICE INNOVATION OUTPOSTS DEMO DAY PITCHING MASTERCLASS EXPERTS AS A SERVICE MENTORS AS A SERVICE TRAIN THE TRAINER SPINNING OUT +ANDERSEN PROGRAMS AT ALL STAGES
  69. 69. +ANDERSEN 
 & ASSOCIATES INNOVATION & GROWTH THROUGH SCIENCE + ENTREPRENEURSHIP LEARN MORE
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