- Metrics vs. Instrumentation
- Metrics for the Early Stage Startups
- Don’t Know What Metrics to Track? Start Asking the Right Questions
- Develop a Tracking Plan. What events to track? Why? What properties should be captured? Location of the events to track (i.e. website page, app screen)?
- Key to the Tracking Plan is defining a naming convention. The naming convention should start with the Object (i.e. user, account, document) and the action (i.e. signUp, delete, edit). Consistent naming conventions enable teams to easily and quickly align on metrics. Examples: userSignUp, accountDelete, documentEdit.
- Question WHY you want to track. Understand WHAT you want to track and why. Start with 3-5 events. Diana recommends these three areas to start: Discovery(how the user has displayed interest), Engage (how users explore top feature(s)), and Convert (where users pay).
- Pre-signup, be simple. When considering what to track pre-signup, track the origin of people hitting entering the site and conversion. Use Google Analytics.
- Think about the important events of an app/ user from the very beginning. This enables everything downstream to be smoother and easier.
Diana gave a decent high-level talk on tracking without getting too technical. Check it out, and ensure your tracking aligns enables your business/ growth strategy.
- It’s real, so treat it as such. One of my lessons from Body Boss is that you have to treat your startup as a true company (or Production Company in this case). It’s not a hobby if you want it to truly turn into something special. You can start from a hobby, but eventually, you must treat it as a company. Everything counts. Everything matters.
- Your team is an extension of you. For entrepreneurs, it’s the co-founding team, the leadership, the employees. Top-to-bottom, everyone represents your brand. Hire slow. Fire fast.
- It’s not about friends, it’s about quality… about passion… about vision. Some say working with friends is bad, but that’s not the real problem. The problem arises when you can’t work professionally together, and how working relationships can impact personal ones. Sometimes, friends should just stay friends.
- Re-frame the hard talks. The Director is worried about impacting personal relationships when considering how to approach his colleagues about moving in different professional paths. However, the longer he procrastinates, the more mistakes occur. It’s important to realize that hard talks will occur as the company grows, as more customers onboard, etc. Re-frame the difficult talks into interests (rather than positions). Each talk needs to happen for a reason, so re-frame to the positive outcome of this.
One of the greatest challenges of any business is maintaining a positive culture rooted in its founding mission and values. The candidates and partners businesses bring on board has a tremendous say in how companies can be successful.
- Talks with rising high school seniors, college-bound, and post-grad students seeking input on local schools (namely, Georgia Tech and Emory) especially as an entrepreneur
- Life regrets
These were mutually exclusive talks, but they ended in similar ways. For the first type of conversation, I always brought up the energy, the student population, and the academic resources of both Georgia Tech and Emory – the former, especially.
|(Scene from I, Robot. image source: https://i.imgflip.com/fwri0.jpg)|
- At what rate are we losing existing customers (churn)? à can highlight product-market fit issues, education issues, misaligned expectations, complex UI/ UX, etc.
- What is the lifetime value of a customer? à help determine the ROI of marketing strategies, especially against the cost of acquisition
- What is our server uptime service level? à understand if service levels and how that may impact existing customers
- How often are our users using Feature X? For how long? à help determine roadmap and UI/ UX issues, unnecessary feature sets, etc.
- How are we acquiring website visitors, and at what rate are we able to convert these visitors to some call-to-action? à test the efficacy and messaging of marketing efforts
- How often are users visiting our knowledge base? Is there a particular article that is visited most often? àbetter upfront knowledge sharing/ education, better UI/ UX opportunities
Goals and strategy of the company leads to questions on where the company sits today, and how to achieve tomorrow. Then, instrument as needed to capture status and improvement.
- Metric: a standard for measuring or evaluating something, especially one that uses figures or statistics
- Instrument (-ation): a means by which something is effected or done; a device for measuring the present value of a quantity under observation.
- Average speed
- Heart rate
- VO2 max (lung capacity)
- GPS (for distance)
- Heart rate monitor
- Stopwatch (time)
- Metabolic cart (VO2)