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Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries

fourhourworkweek.com
Is The 4-Hour Body a Scam? Tracking 3,500 People to Find Out (Send to my Kindle)
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 141-143 | Added on Saturday, 24 August 13 17:40:44
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the key to actionable metrics is having as few as possible. Detailed reports are useful when we?ve diagnosed a problem and are looking for clues as to what?s gone wrong. But where does that diagnosis come from in the first place? Actionable metrics help us realize we have a problem and point us in the right direction to start solving it.
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 107-109 | Added on Saturday, 24 August 13 17:39:32
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if we treat customers who were acquired with a given keyword as a segment and then track their metrics over time. For example, early on at IMVU we tried advertising for AdWords phrases that contained the name of a competitor?s product plus ?chat.? We?d then take a look at key statistics for the cohort of customers that registered from each separate campaign. What we found were striking differences in signup and conversion rates depending on what competitor we brought the customer in from. That information is moderately useful in directing a marketing campaign. But it?s far more useful as an indicator of who the customer behind the numbers are. We eventually found that the highest conversion rates came from products that are primarily used by teenagers and young adults ? a very different demographic than we thought we were serving.
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 79-85 | Added on Saturday, 24 August 13 17:37:20
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4. Keyword (SEM/SEO) metrics.
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 77-77 | Added on Saturday, 24 August 13 17:36:20
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If you don?t have the software to build these reports automatically, consider doing it by hand. This is easy to do if the number of conversion events in relatively small ? even if the number of customers is very large. For example, a typical website will have a 1% registration-to-purchase conversion rate. So even if you are registering 1000 new customers every day, those customers are going to result in something like 10 new purchases over their lifetime. So instead of getting fancy, use the good old index cards. At the end of each day, create an index card with that day?s date on it and the number of people who registered that day. Then, for each conversion that comes in, make a tally mark on the index card of the date that the person registered, not the date they purchased. For most products, this only requires you to maintain a week or two?s worth of index cards, since most products have customers that make purchase decisions relatively quickly. Then, on a weekly or monthly basis, gather up all the cards for a given cohort, and compute the conversion rate of the customers who registered in that period. That?s the number you want to focus on driving up.
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 69-77 | Added on Saturday, 24 August 13 17:36:16
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consider an ecommerce product that has a couple of key customer lifecycle events: registering for the product, signing up for the free trial, using the product, and becoming a paying customer. We can create a simple report that shows these metrics for subsequent cohorts (groups) over time. Let?s say we create a weekly report. For each week, we then report on what percentage of customers who registered in that week subsequently went on to take each lifecycle action. If these numbers are holding steady from cohort to cohort, then we get clear feedback that nothing significant is changing. If one suddenly shifts up or down, we get a rapid signal to investigate.
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 63-68 | Added on Saturday, 24 August 13 17:34:12
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3. Funnel metrics and cohort analysis.
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 62-62 | Added on Saturday, 24 August 13 17:33:33
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even a big rush of new customers shouldn?t change how many pages they each view on average, unless you?re getting a new kind of customer.
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 50-51 | Added on Saturday, 24 August 13 17:31:55
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look at data that is happening on a per-customer or per-segment basis. For example, instead of looking at the total number of pageviews in a given month, consider looking at the number of pageviews per new and returning customer.
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 48-49 | Added on Saturday, 24 August 13 17:31:43
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2. Per-customer metrics.
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 46-46 | Added on Saturday, 24 August 13 17:31:27
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(for more implementation details, see ?The one-line split-test, or how to A/B all the time? and ?Getting started with split-testing?).
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 43-46 | Added on Saturday, 24 August 13 17:31:17
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the real value of split-tests comes when you integrate them into your decision loop: the process of putting your ideas in practice, seeing what happens, and learning for your next set of ideas. The tests that drive the most learning are the ones to focus on. A good rule of thumb is to ask yourself, ?if this test turns out differently from how I expect, will that cast serious doubts on what I think I know about my customers?? If not, try something bigger.
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 38-41 | Added on Saturday, 24 August 13 17:30:14
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A/B experiments produce the most actionable of all metrics, because they explicitly refute or confirm a specific hypothesis.
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 35-36 | Added on Saturday, 24 August 13 17:29:42
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1. Split-tests.
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 34-35 | Added on Saturday, 24 August 13 17:29:18
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Do you really know what actions you took in the past that drove those visitors to you, and do you really know which actions to take next?
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 18-19 | Added on Saturday, 24 August 13 17:27:02
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The only metrics that entrepreneurs should invest energy in collecting are those that help them make decisions. Unfortunately, the majority of data available in off-the-shelf analytics packages are what I call Vanity Metrics. They might make you feel good, but they don?t offer clear guidance for what to do.
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 13-16 | Added on Saturday, 24 August 13 17:26:45
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Here is just one business-changing example, taken from the outstanding ?How IMVU Learned its way to $10M a year? on Venture Hacks?
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 6-8 | Added on Saturday, 24 August 13 17:25:34
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Eric Ries. He was most recently co-founder and CTO of IMVU, which has more than 20 million registered users and generates $1,000,000+ in revenue per month.
Vanity Metrics vs. Actionable Metrics ? Guest Post by Eric Ries - fourhourworkweek.com - Your Highlight Location 3-5 | Added on Saturday, 24 August 13 17:25:17
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