Metrics

How to Define Actionable Metrics

There is a big difference actionable metrics and vanity metrics. Vanity metrics are defined as page-views, number of attendees at an event, Twitter followers or Facebook likes. They might make you feel good, but they do not result in any action to grow business.

The number of your visitors, subscribers, and followers are not totally meaningless, but they are not what you should be spending the majority of your time or energy on. If you worry that you do not have as many Twitter followers as another, remember that many sites become internet famous for the cost of purchasing online databases of ‘followers’ that do not exist.

You can be ahead of the game if you look at revenue creation through a more scientific, more accurate model defined by actionable metrics. Ask yourself what creates revenue for your business and how that information can be used to encourage further growth. This will give you ideal sales opportunities, a shared sales and marketing goal. By using actionable metrics and the smart use of vanity metrics, you can save your business unnecessary waste in time and money on marketing leads that are not converted to a sales opportunity.

While vanity metrics may make us feel better as marketers, real business value comes from defining actionable metrics, and acting on them.

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Identifying Your Product’s Key Metrics

Goal

Data drives business, but adopting a data-driven approach to decision making cannot be successful without first identifying the key metrics for your company goals.

As product managers, data is vital for key metrics and key performance indicators (KPI). The right product metrics help identify strengths and weaknesses, track improvement over time, diagnose problems and more. The issue for organisations is how to use collected data effectively. This can be achieved by identifying the products key metrics that are most important to product vision, customer need and company goals.

Here we look at key metrics that really matter to your business and your stakeholders, by measuring your product not your product management or sales.

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