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Getting started with Lean Analytics

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by

Daniel Koller

on 30 August 2013

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Transcript of Getting started with Lean Analytics

Getting started with Lean Analytics
Where does
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"
..think of:
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
unknown unknowns!
... that's
where magic might happen
useful methods:
find correlations between tracked actions happening now
employ tools such as cohort analysis
"Correlation is good,
Causality is great"
tools include:
segmentation,
cohort analysis,
A/B testing &
multivariate analysis
tools include:
- interviews & surveys,
- SurveyMonkey,
...
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,
...
...but:
"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
OMTM now!
easy to understand and reusable info graphics and process charts!
What are the characterictics of a good metrics?
comparative,
understandable,
ratio or rates,
might change the way you behave
http://amzn.to/15zIbLy
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
@dakoller, daniel@dakoller.net
Full transcript