Startup Metrics – Andreas Klinger (Notes)

• build, measure, learn 🔁
• design product for product/market fit (demand now not in X years)
• much knowledge about metrics based on online marketing (A/B testing, funnels, referral, optimization, …)
  • but online marketing is not innovation, it’s optimization
• we need product insights
  • focus on making (few) people stay and use your product first – to gain insights from active user’s
  • ask questions = make assumptions (hypothesis)
  • validate/falsify assumptions
• don’t use metrics/graphs that always go up anyway to measure your progress (only for press)
• don’t only measure single users or averages
  • use cohorts, medians and standard deviations e.g.
  • use intution for the rest
• good KPI’s:
  • validation/falsification of assumptions
  • rate/ratio (relative scales)
  • comparisons (to own history – not market)
  • explanations (for your assumptions)
• look at your own history
  • compare your progress to your own history (not only others or benchmarks)
  • maybe use industry averages as reality check
• measure based on user phase
  • Acquisition, Activation, Retention, Referral, Revenue (AARRR)
• measure the right things
• have different charts
  • for your internal development (must hurt)
  • for stakeholders/investors (must convince them)

Slides Summary

• use metrics for product and customer development
• use cohorts
• use AARRR
• figure out customer intent through non-biasing interviews
• understand your type of product and it’s core drivers
• find KPI’s that mean something to your spefific product
• filter noisy data
• metrics need to hurt
• focus on the first 30 days of customer activation
• connect product hypothesis to metrics
• don’t hide behind numbers

Conclusion

• use metrics to validate/doublecheck
  • to complement your ideas and feelings
• use insights when designing for or speaking to your customers

Sources

• Slides: Startup Metrics, a love story