Metrics for Startups: Learn about Funnel, Retention and Channel Metrics

#METRICSfor Startups

www.popcornmetrics.com info@popcornmetrics.com @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

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.”

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

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/

Retention: Top 5000Android

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

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

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.

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

questions?

thank you.

Metrics for Startups: Learn about Funnel, Retention and Channel Metrics

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