Metrics for Startups - Tetuan Valley Startup School Fall Session, 2013
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Presentation given to Tetuan Valley startup school students during the fall of 2013. Introduction to metrics for startups, with examples from 24symbols
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Metrics for Startups - Tetuan Valley Startup School Fall Session, 2013
- 1. Metrics: because everything counts Justo Hidalgo @justohidalgo TAKE YOUR READINGS WHEREVER YOU GO
- 3. Hi! ■ Co-founder, • Worry about metrics ■ Data Integration and Management, Product Strategy and Innovation ■ Ph.D. in Computer Science on Data Integration and Web Automation ■ Ergo: Love Data ■ @justohidalgo
- 4. reading + discovery + any device + mobile A service to read and discover digital books that works on any device
- 6. My goals today Metrics A/B Testing (if we have time!) Some tools Conclusions Eat pizza
- 7. What I won’t talk about Qualitative measurement • Competitive landscape, UX quality, … Standard financial metrics • Revenue, Balance, Burn rate, Runway, … All possible metrics in the world • As many as asses
- 8. Let’s talk about metrics and startups!
- 9. Watch this… 500startups’ Dave McClure
- 10. … and this… Carsonified’s Ryan Carson
- 11. … and read this!
- 15. Traffic Metrics
- 16. Acquisition How do people find your site?
- 18. @justohidalgo
- 20. 15 seconds in “La 1”
- 23. Metrics Number of visits Distributions (per browser, region, …) Bounce rate Number of page views
- 24. AActivation How sticky is your site?
- 29. Metrics # Sign ins!!! 85000 Recency (time since user did something meaningful) 80000 75000 70000 65000 60000 55000 50000 45000 40000 Time per page Time on site (and churn as well!!!)
- 30. Biggest Apple Reseller in Spain 1-year subscription to 24s per iPad/Mac purchased @justohidalgo
- 31. AARetention Why do users come back?
- 35. Metrics. The standard ones… Number of unique/returning visitors Visits over time Average session time
- 36. … engagement… D/WAU: Daily/Weekly Active Users MAU: Monthly Active Users Stickiness = D/WAU MAU
- 37. … but also domain-specific!!! # Active readers # Books read per user Pages read per active reader per month Pages read per paid user per month
- 38. Social Metrics
- 39. AARReferral Do people talk about your site?
- 42. Curation the unbeatable experience of a bookstore
- 43. Curation bookshelves Every user, a librarian
- 47. Virality Amplification rate: • (#shares, #RTs, …) K-Factor = AR * conversion rate • = 1: steady state • > 1: growth ➤ 1.4 < x < 2.1 => hot & viral!!! • < 1: decline
- 48. The Four Viral App Objectives % viral hosts Contact rate per active host Duration of each active host’s infectious time period Infection conversion Source: http://framethink.wordpress.com/2008/01/15/the-four-viral-appobjectives-aka-social-network-application-virality-101/
- 49. @justohidalgo
- 50. Business Metrics
- 51. AARRRevenue Do you make money?
- 54. Source: Lean Analytics – Alistair Croll, Ben Yoskovitz
- 55. Churn
- 56. Lifetime Value = 100% ARPU * Churn rate Source: http://blog.kissmetrics.com/how-to-calculate-lifetime-value/ LTV
- 57. LTV vs CAC Of course, LTV > CAC But, moreover: LTV > 3x CAC
- 58. Freemium. Conversion Rate Free Users Delayed subscription (test the service & engage) Premium Conversion Rate Time @justohidalgo
- 59. Price/page Freemium for Books. Price per page Profit threshold Growth Consolidation time/conversion rate @justohidalgo
- 60. Source: Startup Metrics, a love story - @andreasklinger
- 61. Source: Lean Analytics – Alistair Croll, Ben Yoskovitz
- 63. One key question for the whole AARRR cycle ■ How effective is a web page compared to another? ?
- 64. What’s A/B Testing? Version A Visitors are randomly distributed Version B time 1200 new users 1000 new users Version A is better than B
- 65. What should you test? The call to action’s (i.e. the button’s) wording, size, color and placement, Headline or product description, Form’s length and types of fields, Layout and style of website, Product pricing and promotional offers, Images on landing and product pages, Amount of text on the page (short vs. long) … anything that you think it might affect your Key Metrics.
- 66. Is A/B testing perfect? Very good for ONE-SINGLE-GOAL projects where the KPI can be measured by counting actions • E.g. Downloads vs Quality perceived Granularity of the A/B test is paramount • If “A” better than “B” or is it just that the headline in B is horrible, but the rest is much much much better than “A”? A/B testing is suboptimal* * Recommended: http://untyped.com/untyping/2011/02/11/stop-ab-testing-andmake-out-like-a-bandit/
- 77. Conclusions
- 79. @justohidalgo
- 80. 2. Have someone taking care of it
- 81. 3. Only measure what you truly care about @justohidalgo
- 82. But again, choose right
- 83. 4. Beware vanity metrics…
- 84. … they may hide an awful truth
- 85. Thanks for your time! Justo Hidalgo http://www.loscuentosdelabuelo.com jhidalgo@24symbols.com @justohidalgo
- 86. Credits Olivier Guin, from The Noun Project Dima Yagnyuk, from The Noun Project Redesign from Otl Aicher’s icon, from The Noun Project Axsys, from The Noun Project Monika Ciapala, from The Noun Project Rob Schill, from The Noun Project Martin Karachorov, from The Noun Project Alexandre Mendes, from The Noun Project All other icons from The Noun Project Publishers trademarks, logos and brands belong to their respective companies.