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Startup KPIs and Balanced Scorecard

What KPIs should a startup use? Why and how build a Balanced Scorecard for a startup? Learn more: https://bscdesigner.com/startup-kpis.htm

Main topics of the presentation:

- General diagram
- 1. Attraction KPIs
- 2. Engagement KPIs
- 3. Value KPIs
- 4. Retention KPIs
- 5. Economic KPIs
- Automation software
- Balanced scorecard for a startup

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Startup KPIs and Balanced Scorecard

  1. 1. STARTUP KPIs and Balanced Scorecard Aleksey Savkin | BSC Designer
  2. 2. 1 KPIs for STARTUP - Traffic metrics - Organic, direct, paid, social traffic - Conversion into trial - % of clients who unlocked key functions - Feedback obtained, meaningful conversations - Churn rate - % of clients who unlocked key functions - Paid subscriptions - The time users spend daily interacting with your product - Referrals, NPS, Newsletter subscriptions Attraction KPIs Engagement KPIs Value KPIs Retention KPIs Economic metrics: - Cash flow (Burn rate) - Customer Acquisition Cost / Lifetime Value (CAC/LTV) - Revenue, costs, profits 2 3 4 Startup KPIs and Balanced Scorecard | https://bscdesigner.com/startup-kpis.htm
  3. 3. We’ll discuss two topics: KPIs that a startup needs to track once it passes the “idea” stage. Using Balanced Scorecard to get a startup pitch to the next level. 1 2
  4. 4. KPIs for Startup KPIs that a startup needs to track once it passes the “idea” stage. 1 1. Attraction KPIs 2. Engagement KPIs 3. Value KPIs 4. Retention KPIs 5. Economic KPIs
  5. 5. 1. How good we are in attracting prospect clients? 2. How good we are in engaging users? 3. How much value do we create for our clients? 4. How good are we in retaining clients? 5. What is our economic sustainability? What KPIs Should a Startup Company Track? Formulate your “pains”
  6. 6. 1. Attraction KPIs Traffic metrics (organic, direct, paid, social traffic) Reference: ● https://bscdesigner.com/marketing-kpis.htm ● https://bscdesigner.com/social-media-metrics.htm How good are we in attracting prospect clients?
  7. 7. 2. Engagement KPIs Metrics: ● Conversion rate into free trial accounts or their proxy ● % of clients who unlocked key functions of the product ● Feedback obtained, meaningful conversations Reference: ● https://bscdesigner.com/marketing-kpis.htm How good are we in engaging users? Additional metrics: ● Website metrics (bounce rate, time on site) ● Social engagement metrics (likes and shares) ● Mail list metrics (CTR, open rate) ● Returning users rate ● NPS
  8. 8. 3. Value KPIs Metrics: Paid subscriptions and revenue are the best indicators of value created. Useful proxies: ● The time users spend daily interacting with your product ● Referrals, NPS ● Newsletter subscriptions How much value do we create for our clients? The team is a leading factor of value that your company creates for the end-users. Once intuitive management is no longer working well, look at team-related metrics. Reference: https://bscdesigner.com/hr- scorecard.htm
  9. 9. 4. Retention KPIs Metrics: Churn rate - the percentage of customers who cancel their subscription in a period. How good we are in retaining clients?
  10. 10. 5. Economic KPIs Metrics: ● Burn rate (e.g., negative cash flow), cash flow ● CAC / LTV (Customer Acquisition Cost / Lifetime Value) ● Revenue, costs, profits Where are we trending to long-term?
  11. 11. Automation Software ● If you are bootstrapping then you will survive with spreadsheet software or freeware BSC Designer Light Reference: https://bscdesigner.com/excel-vs-scorecard-software.htm https://bscdesigner.com/freeware.htm ● If you have some budget upgrade to the professional tool to easier implement KPI/strategy routines in your daily tasks. In this case, BSC Designer is a great “out of the box” option.
  12. 12. BSC DESIGNER ONLINE
  13. 13. Why Does a Startup Need a Balanced Scorecard? Using Balanced Scorecard to get a startup pitch to the next level. 2
  14. 14. What Balanced Scorecard is and is NOT ● It is: strategy execution framework; it helps to describe, explain, and execute strategy ● It is not: a set of four perspectives to arrange KPIs Reference: ● https://bscdesigner.com/four-perspectives.htm
  15. 15. Reason 1. Getting a Clear Understanding of the Strategy Finance How do we monetize the value created for customers? Customers What value do we create for the customers? Internal How do we create value for customers? Learning and growth What knowledge/skill gaps do we need to fill in?
  16. 16. Reason 2. Pitching Idea to the Investors Balanced Scorecard framework comes from the corporate world, and by having a strategy map, you send to your potential investors a simple message: “ We did our homework in terms of strategy… here is how we plan on executing it…
  17. 17. Action Plan 1. Formulate your “pains” (the questions we started with) 2. Define a few KPIs to track or use the KPIs from this article 3. Get your strategy map template (online version or PDF) and fill it in with your team Reference: ● https://bscdesigner.com/startup-kpis.htm
  18. 18. Thank you! Aleksey Savkin | BSC Designer

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