Analytics for Startups - Pre Product Market Fit

#ANALYTICSfor Startups

(before Product Market Fit)

www.popcornmetrics.com [email protected] @popcornmetrics

PAUL BOYCE, CoFounder & CEO


awesome session on #startup #analytics by @paulmboyce @lisbonchallenge


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

metrics exist to help you grow


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


startup = finding PMF

metrics exist to help

you find Product Market Fit


Where are you now?

Which way to

go?www.popcornmetrics.com [email protected] @popcornmetrics

PiratesRetention / CohortsFunnels Channel


Quick Exercise:

What are the top metrics you watch daily?


What’s more useful?

1000 signups - quantity1000 signups/wk - speed

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


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


a good metricchanges your behaviour


Pirate Metrics


Pirate Metrics


RETENTION METRICS


“keeping as many users for

as long as possible.”


value

if you aren’t retaining:● low LTV ● limited channels● less referrals ● Q: “are you giving value?”


Watch Alex

Schulz https://www.youtube.com/watch?v=n_y

HZ_vKjno


https://www.youtube.com/watch?v=n_yHZ_vKjno





BAD RetentionCOHORTS SHRINK

SOURCE: Dan Wolchonok (Hubspot)


GOOD RetentionCOHORTS RETAIN

SOURCE: Dan Wolchonok (Hubspot)


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

matters.”

Brian Balfour, VP Growth, 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:

1.5m 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.

prioritiseday1, week1

SOURCE: POPCORNMETRICS.COM


find the value.

look at onboarding.


Connect people to the value- in the shortest time.

facebook: 7 friends in 10 dayszapier: create your first Zapairbnb: find a “cool” listingtrello: create project, add coworkersintercom.io: send first message


5 ideas to test:TARGET: first few days, especially D1● messaging● onboarding flow● find your “magic moment”● look at best users● get to value ASAP


FUNNEL METRICS


Deep Conversions: Playmode


Funnel Strategy:

● Look for biggest drop-offs● Prefer upstream (benefits flow)● Create sub-funnels to zoom in



Benchmarks.- how well are you doing?

(I pulled these from Lean Analytics book)


The One Metric that Matters


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


SaaS:Start Trial: 5-10%

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

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

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


5-7% weekly growth





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


Not all channels are equal.

(or, how to cut CAC by 40%)


CHANNEL METRICSvia Google Analytics

(assuming you’ve got good retention)


“which channels bring

the best users?”


Channel Report + Events


Channel Report + Events


Pirate Metrics


Where are you now?

A.A.R.R.Rwww.popcornmetrics.com [email protected] @popcornmetrics

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:

Checklist:1. Focus on ONE part of AARRR2. Install tools3. Create High Level Funnel4. Create Cohort Report5. Create Retention Curve6. Figure out how to improve RetentionCould you drive from just one metric for the

next x months?


Lastly:● NPM - net promoter score

(Sean Ellis)● Habits (Hooked, Nir Eyal)


that blog post (again):

bit.ly/retention-curve




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:

LC2016H1100X14(use before end Nov 2016)

http://popcornmetrics.com

http://popcornmetrics.com

questions?


thank you.


Data & Analytics

Analytics for Startups - Pre Product Market Fit