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Startup Metrics (Ignite Velocity)
1. Startup Metrics for Pirates
• Acquisition: users come to site from various channels
• Activation: users enjoy 1st visit: quot;happy” experience
• Retention: users come back, visit site multiple times
• Referral: users like product enough to refer others
• Revenue: users conduct some monetization behavior
AARRR!
Dave McClure, Master of 500 Hats
http://500hats.typepad.com/
http://www.500hats.com/
http://slideshare.net/dmc500hats/
2. AARRR!: 5-Step Startup Metrics Model
SEO Campaigns,
SEM PR Contests Biz
Social
Networks Dev
Blogs Affiliates
Apps & Direct, Tel,
Widgets Email TV
Domains
1. ACQUISITION Viral
Loops
Emails & Alerts Homepage / Emails &
widgets
Landing Page
Product
Blogs, RSS,
on Affiliates,
News Feeds
e t enti Features Contests
3. R
Ads, Lead Gen, Biz Dev
System Events & Subscriptions,
Time‐based Features
ECommerce
Website.com
3. Why Be a Web 2.0 Entrepreneur?
• Low Cost
• Lots of Users
• Online Advertising / E-Commerce
• Online Metrics
• It’s Cool.
• Make MONEY.
4. Q: What’s My Business Model?
Can be one of the following:
1. Get Users (= Acquisition, Referral)
2. Drive Usage (= Activation, Retention)
3. Make Money (= Revenue*)
* ideally profitable revenue
Note: eventually need to turn Users/Usage -> Money
5. Role: Founder/CEO
Q: Which Metrics? Why?
A: Focus on Critical Few Actionable Metrics
(if you don’t use the metric to make a decision, it’s not actionable)
• Hypothesize Customer Lifecycle
• Target ~3-5 Conversion Metrics (tip: Less = More)
• Test, Measure, Iterate to Improve
• Delegate Each Key Metric to someone to OWN
6. Role: Product / Engineering
Q: What to Build? Why?
A: Build Features that Increase Conversion
• Wireframes = Conversion Steps
• Measure, A/B Test, Iterate FAST (daily/weekly)
• Optimize for Conversion Improvement
– 80% on existing feature optimization
– 20% on new feature development
7. Example Conversion Metrics
(note: *not* actuals… your mileage may vary)
Category Conversion Status Conv % Est. Value
Acquisition Visit Site 100% $.01
(or landing page, or external widget)
Acquisition Doesn't Abandon 70% $.05
(views 2+ pages, stays 10+ sec, 2+ clicks)
Activation Happy 1st Visit 30% $.25
(views X pages, stays Y sec, Z clicks)
Activation Email/Blog/RSS/Widget/Acct Signup 5% $2
(anything that could lead to repeat visit)
Retention Length of Session / # of Clicks 10% $1
(length/intensity of engaged visit, >180s)
Retention Email Open/ RSS view -> Click/Repeat Visit 3% $5
(3+ visits in first 30 days)
Referral Refer 1+ users who visit site 2% $1
Referral Refer 10+ users who activate 0.2% $10
Revenue User generates minimum revenue 2% $5
Revenue User generates break-even revenue 1% $25
8. Role: Marketing / Sales
Q: What channels? Which users? Why?
A: High Volume (#), Low Cost ($), High Conv (%)
• Design & Test Multiple Marketing Channels + Campaigns
• Select & Focus on Best-Performing Channels & Themes
• Optimize for conversion to target CTAs, not just site/landing page
• Match/Drive channel cost to/below revenue potential
• Grab the Low-Hanging Fruit:
– Blogs
– SEO/SEM
– Landing Pages
– Automated Emails
9. Example Marketing Channels
disclaimer: estimates of vol, cost/user, time & effort are subjective – actual costs are dependent on your specific business
Channel Volume Cost/user Time to implement Mktg Prod Effort
Effort
Viral / depends on CTA; size of accessible low/zero Low for FB social networks; low low/med
Referral social networks / # users med/hi for normal sites
Email depends on CTA, size of your house low/med Low low/med low/med
lists, email signups (med = create
templates)
Blogs / Depends on # blogs in your low/med Low (if just you blogging); low/med low/zero
Bloggers segment, competitive scenario med (if you're setting up big CMS / (med = CMS, prof
evangelizing to other bloggers) design)
SEO depends on your keywords Low/zero Medium low/zero med/hi
(depends on your search geeks)
SEM depends on your keywords Depends Low/med Low/med low/med
(depends on your marketing) (landing pages = med)
Contest small unless big prize $ low/med low/med Med low/zero
(don’t, keep it under $5K) (depends on contest, site, campaign) (med = prof contest site)
Widget Depends on CTA; size of accessible low/med Low/med med med/hi (depends on
sites, level of adoption + bloggers complexity)
domains depends on keywords, domain costs depends low low Low (redirects/co-
brand?)
PR depends on your business & Med/hi medium (develop story, build contacts) med low/zero
audience & news
Biz Dev / depends on partner, size of med-high med/hi (capture metrics, generate Med/hi med/hi
Partner customer base, conversion reports) (reports, co-branding)
Affiliate / depends on economics Med/hi med/hi (need to build affiliate program, med/hi med/hi (depends on rqd
Lead Gen capture metrics, generated reports) tracking & reporting)
Direct / radio depends on geography Med/hi medium Med/hi low/zero
Telemktg depends on target demographics med-high med-high High low/zero if no system;
Med/hi if integrated SFA
TV Potentially large (if you spend) High Med-high High Med/hi (production cost)
10. Acquisition
SEO Campaigns,
SEM PR Contests
Biz
Social
Networks Dev
Blogs Affiliates
Apps & Direct, Tel,
Widgets Email TV
Domains
1. ACQUISITION
Marketing Channels:
• largest-volume (#)
• lowest-cost ($)
• best-performing (%)
Website.com
11. Acquisition
Where are users coming from?
Acquisition Methods
SEO / SEM
Blogs
Email
Social Media &
Social Networks
Domains
12. Activation
SEO Campaigns,
SEM PR Contests Biz
Social
Networks Dev
Blogs Affiliates Activation Criteria:
Apps & Direct, Tel,
Widgets Email TV • 10-30+ seconds
1. ACQUISITION
Domains • 2-3+ page views
• 3-5+ clicks
• 1 key feature usage
Homepage /
Landing Page
Product
Features
do LOTS of landing page
& A/B tests –
make lots of dumb
guesses & iterate FAST
Website.com
13. Activation
What do users do on their first visit?
Example Activation Goals
• Click on something!
• Account sign up / Emails
• Referrals / Tell a friend
• Widgets / Embeds
• Low Bounce Rate
Activation Tips
• Less is more
• Focus on user experience / usability
• Provide incentives & call to actions
• Test and iterate continuously
14. Retention
SEO Campaigns,
Automated emails are simple & easy SEM PR Contests Biz
Social
retention (but don’t overdo it) Networks Dev
Blogs Affiliates
• lifecycle emails @ +3, +7, +30d Apps & Direct, Tel,
Widgets Email TV
• status emails weekly/monthly
Domains
1. ACQUISITION
• event-based emails as they occur
BUT:
• make it easy to unsubscribe
Emails & Alerts Homepage /
Landing Page
Product
Blogs, RSS,
on
News Feeds
et enti Features
3. R
Tip on emails:
• > 80% or more on SUBJECT LINE
System Events &
• < 20% or less on BODY TEXT Time‐based Features
Website.com
16. Referral
SEO Campaigns,
SEM PR Contests
Biz
Social
Networks Dev
Blogs Affiliates
Apps & Direct, Tel,
Widgets Email TV Viral
Domains
1. ACQUISITION Loops
Emails &
widgets
Emails & Alerts Homepage /
Landing Page
Affiliates,
Product Contests
Blogs, RSS, n
News Feeds
e tentio Features
3. R
Focus on driving referrals
System Events &
Time‐based Features
*after* users have a
“happy” experience;
Website.com avg score >= 8 out of 10
17. Referral
How do users refer others?
Referral Methods
Send to Friend:
Email / IM
Social Media
Widgets / Embeds
Affiliates
18. Referral
Viral Growth Factor
Viral Growth Factor = X * Y * Z
X = % of users who invite other people
Y = average # of people that they invited
Z = % of users who accepted an invitation
A viral growth factor > 1 means an exponential organic user acquisition.
19. Revenue
SEO Campaigns,
SEM PR Contests Biz
Social
Networks Dev
Blogs Affiliates
Apps & Direct, Tel,
Widgets Email TV
Domains
1. ACQUISITION Viral
Loops
Emails & Alerts Homepage / Emails &
widgets
Landing Page
Product
Blogs, RSS,
on Affiliates,
News Feeds
e t enti Features Contests
3. R
Ads, Lead Gen, Biz Dev
System Events & Subscriptions,
Time‐based Features
ECommerce
This is the part *you* Website.com
still have to figure out…
(we don’t know jack
about your business)
20. Revenue
How do you make money?
Revenue Tips
• Don’t rely on AdSense
• Start Free -> Go Freemium
• Subscription / Recurring transactions
• Qualify your customers -> Lead generation (arbitrage)
• Sell something! (physical or virtual)
21. AARRR!
Any Questions, Ye Scurvy Dogs?
Additional References:
• “Influence: The Psychology of Persuasion”, Robert Cialdini (book)
• “Putting the Fun in Functional”, Amy Jo Kim (etech 2006 preso)
• “Futuristic Play”, Andrew Chen (blog)
• “Don’t Make Me Think”, Steve Krug (book)
• “A Theory of Fun”, Raph Koster (book, website)
22. Dave McClure, Master of 500 Hats
http://500hats.typepad.com/
http://www.500hats.com/
http://slideshare.net/dmc500hats/
Hiten Shah, CrazyEgg / ACS / KISSmetrics
http://crazyegg.com
http://acsseo.com
http://KISSmetrics.com
23. Acquisition
Keyword Vocabulary
Top 10 - 100 words
• Your Brand / Products
• Customer Needs / Benefits
• Competitor’s Brand / Products
• Semantic Equivalents
• Misspellings
Things to analyze
• Sources
• Volume
• Cost
• Conversion
24. Acquisition
Where are users coming from?
Key Metrics to Track Example
Quantity (#)
Cost ($)
Conversions (%)
25. Acquisition
Tools
Google Analytics (web analytics)
google.com/analytics
Google Keyword Tool (keyword research tool)
adwords.google.com/select/KeywordToolExternal
SEO Book Tools (SEO related tools)
tools.seobook.com
Resources
SEO Book Blog
seobook.com/blog
The Social Media Manual: Read Before You Play
searchengineland.com/071120-144401.php
Strategies to ruthlessly acquire users
andrewchen.typepad.com/andrew_chens_blog/2007/04/10_obvious_stra.html
26. Activation
What do users do on their first visit?
Key Metrics to Track
Pages per visit
Time on site
Conversions
Before After
27. Activation
Tools
Crazy Egg (Visual Click Mapping)
crazyegg.com
Google Website Optimizer (A/B & Multivariate Testing)
google.com/websiteoptimizer
Marketo.com (B2B Lead Generation Management)
marketo.com
Resources
Experimentation and Testing: A Primer
kaushik.net/avinash/2005/05/experimentation-and-testing-a-primer.html
Landing Page Tutorials and Case Studies
copyblogger.com/landing-pages/
101 Easy Easy to use Google Website Optimizer
conversion-rate-experts.com/articles/101-google-website-optimizer-tips/
28. Retention
How do users come back?
Example Retention Goals
• 1 - 3+ visits per month
• 20% open rate / 2% CTR
• High deliverability / Low spam rating
• Long customer life cycle / Low decay
• Identify fanatics and cheerleaders
Retention Tips
• Email is simple and it works
• BUT make unsubscribe easy
• 80% subject line / 20% body text
• ACTUALLY 99% subject line / 1% body text
• Fanatics = virality + affiliate channel (bloggers?)
29. Retention
How do users come back?
Key Metrics to Track Example
Source
Quantity
Conversions
Visitor Loyalty
Session Length
31. Referral
Tools
Gigya (social media distribution & tracking tool)
gigya.com
ShareThis / AddThis (sharing buttons)
sharethis.com / addthis.com
GetMyContacts (PHP contacts importing & invitation software)
getmycontacts.com
Resources
Seven Ways to GO VIRAL
lsvp.wordpress.com/2007/03/02/seven-ways-to-go-viral/
What’s your viral loop? Understanding the engine of adoption
andrewchen.typepad.com/andrew_chens_blog/2007/07/whats-your-vira.html
Metrics: Where Users Come From
slideshare.net/guest2968b8/rockyou-snap-summit-32508