One Metric That Matters
Monday, March 30, 2020
Guest Instructor: Lou Orfanos, VP & GM Sales Products @ Hubspot, Former CCO & SVP Product, Localytics
You’re gearing up to launch your product, but how will you know if you are onto something? In this session we’ll discuss the importance of identifying the right metrics to measure and the tools, tips and tricks to measure them.
After reading the blog post below, "The One Metric That Matters," each team must:
Identify -- in very specific terms -- the OMTM for your app for the next six months.
The OMTM is only important if you understand what affects it. This requires developing and testing guesses for underlying behaviors and observations that drive or predict your core metrics. In very specific terms, identify three user behaviors that you hypothesize will be the most powerful predictors of performance for your OMTM.
Example: Twitter’s OMTM might be the percentage of new users who access their account at least once during three successive 30-day periods after signing up. One predictor for this metric might be the fraction of new users who follow ten or more people within one week of signing up.
For your OMTM and each of the three predictors, specify exactly how you will collect the data required to track behaviors and performance.
By 10:00am March 30, each team should post a link to a google doc in the Assignment Master "March 30 - OMTM" tab with their DRAFT OMTM and three predictors, along with a description of how you will collect required data. Your final OMTM plan will be due on April 3, by 5PM.
Come to class with questions about metrics and measuring approaches. We will also have three teams up for crit with a focus on their OMTM, user behavior predictors and measurement techniques. Teams will be notified by March 27.
The One Metric That Matters by Croll & Yoskovitz (authors of the excellent book Lean Analytics)
How to Choose the RIght UX Metrics, by Telepathy,GV & Kerry Rodden
The Hierarchy of Engagement Expanded by Greylock Partner, Sarah Tavel
What does a modern growth stack toolset look like?
Onboardly's Shanelle Mullin offers a beginner's guide to startup marketing analytics (skip down to section titled "How to Use Google Analytics")
The Tools Early Stage Startups Need to Understand Their Customers interview of Peter Reinhardt by First Round Review
Lean Analytics is a book that looks at key metrics for different business models.