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Getting started with Lean Analytics
Transcript of Getting started with Lean Analytics
Analytics fit in?
How to choose the right metrics?
OMTM = One Metric That Matters
Chances are high, that just one number is the most important one to track.
> Business Model + Stage drives the OMTM selection
Qualitative vs. Quantitative
> Look for qualititative data in the beginning!
...even if you can't measure it easily
> Put yourself into your customers/users seat! vs. already selling a solution
> Think early of different user types!
Explanatory vs. Reporting
Leading vs. Lagging
> Focus on the metrics, which allow to predict the future!
vs. looking only in the past
Correlated vs. Causal
> Start with finding correlations between metrics, then look for causal relations!
> Use experiments to validate causal connections!
Vanity Vs. Real
"Its easy to to fall in love with numbers that go up and to the right"
No. of site visits,
No. of app installs,
No. of downloads
> change them to actionable metrics, which can initiate action!
> ask yourself, whether the an action can be easily derived from the number!
> Focus in the beginning on the
where magic might happen
find correlations between tracked actions happening now
employ tools such as cohort analysis
"Correlation is good,
Causality is great"
A/B testing &
- interviews & surveys,
What is in the book?
Lean Analytics Circle
...you might feel overwhelmed now:
to find the metrics,
to measure them correctly,
to investigate correlation & causality,
implement (automatic) tracking,
"Parah parah" or
"One cow at a time"
Answers the most important question
Forces you to draw a line in the sand.
Focus for the entire company
Culture of experiments
Why having OMTM matters!
How to find OMTM?
Different frameworks are out there.. but it depends on your business!
D. MccLure Pirate Metrics (AARRR)
E. Ries Engines of Growth
S. Ellis Growth Pyramid
> As you proceed in maturity, you should check which number is
easy to understand and reusable info graphics and process charts!
What are the characterictics of a good metrics?
ratio or rates,
might change the way you behave
What's in the book?
Extensive case studies
Detailed look to 12 common startup business models,
including standard metric definition per business model and
'Lines in the sand: value ranges for standard KPIs per industry
Good piece on understanding B2B markets