This week we started building an online tool to support our Lean Startup and Innovation Accounting framework. So far we used pen and paper, combined with Trello to track the innovation progress of our startups. After months of testing and optimising we feel it is the right time to make something that is specifically build for our use case. We expect to have a first version that we can share with you next week!
In week two of our summer recap we want to share some startup analytics articles with you. One of the most requested topics when mentoring startups. Startup founders know that they have to measure things and that analytics are the solution, but not a lot of people know how to actually apply it.
One of the most requested topics when mentoring startups are analytics. Startup founders know that they have to measure things and that analytics are the solution, but not a lot of people know how to actually apply it.
Last time we did a short introduction on analytics. We explained that numbers that can only go up and to the right are called vanity metrics. Metrics that only exist make you feel good. For example, the total amount of signups since the beginning of your startup is a vanity metric. In this blogpost we will dive further into what criteria make good metrics.
In the previous two posts we gave you an introduction to analytics, discussed vanity metrics and the criteria for good metrics. In this post we’d like to introduce the Pirate Metrics, an analytics framework created by Dave McClure of 500 startups.
When I first started using good metrics (I was no longer focussing on vanity metrics like total registered users) I had a hard time wrapping my head around Retention. What does it mean when you have 25% active users. Do they come back every day? Or every week? How do you measure that 25%? It took me a while to figure it out.