metrics for startups: learn about funnel, retention and channel metrics

#METRICSfor Startups

www.popcornmetrics.com [email protected] @popcornmetrics

PAUL BOYCE, CoFounder & CEO


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


startup = growth.http://www.paulgraham.com/growth.html

metrics exist to help you grow


http://www.paulgraham.com/growth.html


metrics = data.

without data, you’re guessing.


Funnel metricsRetention metricsChannel metrics


Quick Exercise (2 mins):

1. Write your top 3-5 metrics (watch daily)


Metrics Serve Youi. measure growth

ii. set growth goalsiii. track growth improvement.


What makes a good metric?


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


What’s more useful?

1000 signups - quantity1000 signups/wk - speed

7% more signups/wk (than last wk) - acceleration


a good metricchanges your behaviour


The One Metric that Matters


FUNNEL METRICS


Pirate Metrics


Deep Conversions: Playmode


Funnel Strategy:

left ------------------------------> right

uber & micro


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


RETENTION METRICS


“keeping as many users for

as long as possible.”


value

if you aren’t retaining:● low LTV ● limited channels● less referrals ● no value?


“If you don’t have good retention, nothing else

matters.”

Brian Balfour, VP Growth, Hubspot


BAD RetentionCOHORTS SHRINK

SOURCE: Dan Wolchonok (Hubspot)


GOOD RetentionCOHORTS RETAIN

SOURCE: Dan Wolchonok (Hubspot)


How to build a retention curve:

go read this article:bit.ly/retention-curve


http://bit.ly/retention-curve


so, how do I improve retention?


Average Retention: 1.5

m Android apps

SOURCE: QUETTRA / ANDREW CHENhttp://andrewchen.co/new-data-shows-why-losing-80-of-your-mobile-users-is-normal-and-that-the-best-apps-do-much-better/


http://andrewchen.co/new-data-shows-why-losing-80-of-your-mobile-users-is-normal-and-that-the-best-apps-do-much-better/





Retention: Top 5000Android

apps

SOURCE: QUETTRA / ANDREW CHEN


Day 1 retention has a massive impact.


GOAL: Push the curve up.

prioritised1, w1

SOURCE: POPCORNMETRICS.COM


find the value.

look at onboarding.


connect people with what makes them stick. ASAP!

facebook: connect friends (10 in 14 days)zapier: create your first Zapairbnb: find that first “cool” listingtrello: create project, add coworkersintercom.io: install JS, send first message


Benchmarks.(how well are you doing?)


SaaS:Start Trial: 5-10%

Subscribe: 15-25%Churn: 2% <5%

-------------------------------------------------------------------------------------

Upsell 20% (annual $)TRIALS: 20% serious | 20% casual | 60% curious


user content:pinterest: 14 mins, tumblr: 21 mins, facebook:60 mins

Time on Site: 17mins / day-------------------------------------------------------------------------------------

5-15% generate content80% content < 2% of users


e-commerce:amazon: 9.6%, ebay: 11.5%

-------------------------------------------------------------------------------------

startups: 1-3%

2% -> 10% : loyal | skus | repeat4.5% mobile searches >> purchase


5-7% weekly growth





awesome session on #startup #metrics by @popcornmetrics


CHANNEL METRICSGoogle Analytics


Channel Report + Events


“which channels bring

the best users?”


Channel Report + Events


Exercise (Part 2):1. How many are good?2. Can you eliminate any?3. What could you add?4. How would you measure retention?5. What is your funnel?6. Could you drive from just one metric for

the next x months?


that blog post (again):

bit.ly/retention-curve




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:

Process.discipline + focus


Levers: AirBnb - photo sessionFacebook - 7 friends


awesome session on #startup #metrics by @popcornmetrics


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:

LC2016H1100X13

http://popcornmetrics.com



questions?


thank you.


metrics for startups: learn about funnel, retention and channel metrics

Data & Analytics