What are startup metrics? Why are they important? How can you use them to grow your business?
Dear Data-Traveller, please note that this is a Linkedin-Remix.
I posted this content already on Linkedin in August 2022, but I want to make sure it doesn’t get lost in the social network abyss.
For your accessibility-experience and also for our own content backup, we repost the original text here.
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What are startup metrics? Why are they important? How can you use them to grow your business?
Startup metrics are important because they help you track your progress and identify areas of improvement. They can also help you raise capital and attract new customers.
For me there are two main types of startup metrics:
1. When you don’t have product/market you need to measure product/market fit metrics. Here the Superhuman PMF approach or NPS can help you.
2. When you have product market fit you need to focus on growth. Here is a version of the classic pirate metrics that can help you:
AARRRrrr! That be the sound of our treasure map being unrolled. We be searchin’ for buried treasure, and the only way to find it is by usin’ the Pirate Metrics.
What be these metrics, you ask?
Well, they be a set of five essential metrics that every pirate needs to know in order to be successful.
They be:
1) Acquisition: How do we get new pirates to join our crew?
2) Activation: How do we get new pirates to start using our treasure map?
3) Retention: How do we keep our pirates from walkin’ the plank?
4) Referral: How do we get our pirates to tell their mates about our treasure map?
5) Revenue: How do we get our pirates to start paying for our treasure map? Ye best be learnin’ these metrics if ye be wantin’ to find yer buried treasure. So set sail with us and let’s find some gold!
This text about the pirate metrics was generated by the OpenAI playground. I am still impressed by the output.