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Startup Metrics  4  Pirates Lean Startup Camp Montreal – July 2011 #AARRR #LeanStartup #StartupFest Dave McClure  @DaveMcClure http://www.500startups.com   http://500hats.typepad.com http://slideshare.net/dmc500hats AARRR !
Dave McClure ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],GEEK, CODER, ENTREPRENEUR Blogger, Marketing,  Angel/VC Investor
500 Startups Seed Fund & Accelerator (150+ investments @ ~$50K avg)
[ This  Talk  ]
Topics ,[object Object],[object Object],[object Object],[object Object],[object Object]
Key Concepts ,[object Object],[object Object],[object Object],[object Object],[object Object]
[ Interesting  Stuff  ]
Read  Geoffrey Miller Sex  +  Evolution  +  Consumer Mktg  =  Awesome Sauce
More Great  Stuff. Psychology  +  Comics
[The  Lean  Startup]
The Lean Startup ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Discover  Customers (Steve Blank, SteveBlank.com)
Iterate , Dammit. (Eric Ries, StartupLessonsLearned.com) LEARN BUILD MEASURE IDEAS CODE DATA
Product/Market Fit  b4 “Launch” (Sean Ellis, Startup-Marketing.com) Startup-Marketing.com
[Startup Metrics  4   Pirates ]
Startup Challenges ,[object Object],[object Object],[object Object],[object Object],[object Object]
Just Gimme the  GOOD  Metrics. Users, Pages, Clicks, Emails, $$$...? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],the  good  stuff.
Startup Metrics for Pirates ,[object Object],[object Object],[object Object],[object Object],[object Object],(note: If you’re in a hurry, Google “Startup Metrics” & watch 5m video) AARRR !
AARRR! : 5-Step Startup Metrics Model Website.com R evenue $$$ Biz Dev Ads, Lead Gen, Subscriptions, ECommerce A CQUISITION SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains R etention Emails & Alerts System Events & Time-based Features Blogs, RSS, News Feeds
One Step at a Time. ,[object Object],[object Object],[object Object],“ You probably can’t save your  Ass  and your  Face  at the same time…  choose carefully .”  – DMC
[ Constructing  MVP  ]
Role: Founder / CEO ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Optimize  4  Happiness  (both User + Business) ,[object Object],[object Object],[object Object],[object Object],[object Object],$$$
What is Minimum Viable Product? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Example Conversion Metrics (note: *not* actuals… your mileage may vary) Stage Conversion Status Conv.  % Est. Value (*not* cost) Acquisition Visitors -> Site/Widget/Landing Page (2+ pages, 10+ sec, 1+ clicks = don’t abandon) 60% $.05 Activation “ Happy” 1 st  Visit; Usage/Signup (clicks/time/pages, email/profile reg, feature usage) 15% $.25 Retention Users Come Back; Multiple Visits (1-3x visits/mo; email/feed open rate / CTR) 5% $1 Referral Users Refer Others (cust sat >=8; viral K factor > 1; ) 1% $5 Revenue Users Pay / Generate $$$ (first txn, break-even, target profitability) 2% $50
KILL  A FEATURE. Something  Sucks . Find It.  KILL   It. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[ Getting 2  PMF  ]
Role: Product / Eng / Design ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
What is Product/Market Fit? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Better  or   Different .   Funny! Shocking  !!! Accepted Not  Funny.
[ Testing 4  AUX  ]
Discover  Meaning Why Should Users  CARE  About Your Product? Kathy Sierra: “ Creating Passionate Users”
Discover Meaning Keywords, Images, Call-to-Action ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
How 2 Tell if Design is Good?
[ Metrics 4  ACQ  ]
Role: Marketing / Sales ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Example Marketing Channels ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
M AARRR keting Plan ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],ACQ = F(Customer, Campaign, Vol, Cost, Conv)
[ What is  WINNING?  ]
# TigerBlood 4 Startups # WINNING
Choose Yer # WIN NING Metrics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[ The Lean  Investor  ]
Startup 2.0:  “Lean Investor” Model ,[object Object],[object Object],[object Object],[object Object]
Investment #1: Incubate (“Product”) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Investment #2: Seed (“Market”) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Investment #3: Venture (“Revenue”) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Appendix
Startup Metrics Activation
Website.com ,[object Object],[object Object],[object Object],[object Object],[object Object],do LOTS of  landing  page  &  A/B tests  –  make lots of dumb  guesses &  iterate FAST Activation SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains
Activation What do users do on their first visit? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Activation What do users do on their first visit? ,[object Object],[object Object],[object Object],[object Object]
Activation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Startup Metrics Retention
Website.com ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Retention SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Emails & Alerts System Events & Time-based Features Blogs, RSS, News Feeds
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Retention How do users come back? How often?
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Retention How do users come back? How often?
Retention How do users come back? How often? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Retention ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Startup Metrics Acquisition
Website.com ,[object Object],[object Object],[object Object],[object Object],Acquisition SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains
Acquisition Where are users coming from? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Acquisition Keyword Vocabulary ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Acquisition Where are users coming from? ,[object Object],[object Object],[object Object],[object Object],Example
Acquisition ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Startup Metrics Referral
Website.com Focus on driving referrals * after * users have a “ happy ” experience; avg score >=  8 out of 10 Referral Acquisition SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Retention Emails & Alerts System Events & Time-based Features Blogs, RSS, News Feeds
Referral How do users refer others? ,[object Object],[object Object],[object Object],[object Object],[object Object]
Referral Viral Growth Factor ,[object Object],[object Object],[object Object],[object Object],A viral growth factor > 1 means an exponential organic user acquisition.
Referral ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Startup Metrics Revenue
Website.com Revenue This is the part *you*  still have to figure out…  (we  don’t know jack  about your business) R evenue $$$ Biz Dev Ads, Lead Gen, Subscriptions, ECommerce Acquisition SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Retention Emails & Alerts System Events & Time-based Features Blogs, RSS, News Feeds
Revenue How do you make money? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Revenue ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Types of Measurement ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
500 Hats Investments  (13+ deals, 2004-2008, ~$310K) Results:  1 exit @ $170M (9x) , +3-6 future wins  (i hope ;) 2 exits @ $50M, $70M  (advisory roles) (acq YHOO) (acq GOOG) (acq INTU)
Founders Fund Investments  (43 deals, 2009, ~2.9M) Results : 8 raised seed rd $500K+ 1 raised $4M; 3 early exits Results : 6 raised next rd $2M+ 1 raised $12M; 1 early exit fbFund REV  (Facebook Incubator) 22 deals ($850K total)  ~$40K avg FF Angel LLC 21 deals ($2M total) ~$100K avg
Title ,[object Object],[object Object],[object Object],[object Object],[object Object]
[ Don’t  Pitch  Me, Bro. ] Seriously : Don’t.  Fucking .  Pitch Me. (and  don’t email me  either, cuz i won’t read it)
Don’t Pitch Me, Bro. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Email
Links & Resources ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Startup Metrics 4 Pirates (July 2011)

  • 1. Startup Metrics 4 Pirates Lean Startup Camp Montreal – July 2011 #AARRR #LeanStartup #StartupFest Dave McClure @DaveMcClure http://www.500startups.com http://500hats.typepad.com http://slideshare.net/dmc500hats AARRR !
  • 2.
  • 3. 500 Startups Seed Fund & Accelerator (150+ investments @ ~$50K avg)
  • 4. [ This Talk ]
  • 5.
  • 6.
  • 7. [ Interesting Stuff ]
  • 8. Read Geoffrey Miller Sex + Evolution + Consumer Mktg = Awesome Sauce
  • 9. More Great Stuff. Psychology + Comics
  • 10. [The Lean Startup]
  • 11.
  • 12. Discover Customers (Steve Blank, SteveBlank.com)
  • 13. Iterate , Dammit. (Eric Ries, StartupLessonsLearned.com) LEARN BUILD MEASURE IDEAS CODE DATA
  • 14. Product/Market Fit b4 “Launch” (Sean Ellis, Startup-Marketing.com) Startup-Marketing.com
  • 15. [Startup Metrics 4 Pirates ]
  • 16.
  • 17.
  • 18.
  • 19. AARRR! : 5-Step Startup Metrics Model Website.com R evenue $$$ Biz Dev Ads, Lead Gen, Subscriptions, ECommerce A CQUISITION SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains R etention Emails & Alerts System Events & Time-based Features Blogs, RSS, News Feeds
  • 20.
  • 21. [ Constructing MVP ]
  • 22.
  • 23.
  • 24.
  • 25. Example Conversion Metrics (note: *not* actuals… your mileage may vary) Stage Conversion Status Conv. % Est. Value (*not* cost) Acquisition Visitors -> Site/Widget/Landing Page (2+ pages, 10+ sec, 1+ clicks = don’t abandon) 60% $.05 Activation “ Happy” 1 st Visit; Usage/Signup (clicks/time/pages, email/profile reg, feature usage) 15% $.25 Retention Users Come Back; Multiple Visits (1-3x visits/mo; email/feed open rate / CTR) 5% $1 Referral Users Refer Others (cust sat >=8; viral K factor > 1; ) 1% $5 Revenue Users Pay / Generate $$$ (first txn, break-even, target profitability) 2% $50
  • 26.
  • 27. [ Getting 2 PMF ]
  • 28.
  • 29.
  • 30. Better or Different . Funny! Shocking !!! Accepted Not Funny.
  • 31. [ Testing 4 AUX ]
  • 32. Discover Meaning Why Should Users CARE About Your Product? Kathy Sierra: “ Creating Passionate Users”
  • 33.
  • 34. How 2 Tell if Design is Good?
  • 35. [ Metrics 4 ACQ ]
  • 36.
  • 37.
  • 38.
  • 39. [ What is WINNING? ]
  • 40. # TigerBlood 4 Startups # WINNING
  • 41.
  • 42. [ The Lean Investor ]
  • 43.
  • 44.
  • 45.
  • 46.
  • 49.
  • 50.
  • 51.
  • 52.
  • 54.
  • 55.
  • 56.
  • 57.
  • 58.
  • 60.
  • 61.
  • 62.
  • 63.
  • 64.
  • 66. Website.com Focus on driving referrals * after * users have a “ happy ” experience; avg score >= 8 out of 10 Referral Acquisition SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Retention Emails & Alerts System Events & Time-based Features Blogs, RSS, News Feeds
  • 67.
  • 68.
  • 69.
  • 71. Website.com Revenue This is the part *you* still have to figure out… (we don’t know jack about your business) R evenue $$$ Biz Dev Ads, Lead Gen, Subscriptions, ECommerce Acquisition SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains Retention Emails & Alerts System Events & Time-based Features Blogs, RSS, News Feeds
  • 72.
  • 73.
  • 74.
  • 75. 500 Hats Investments (13+ deals, 2004-2008, ~$310K) Results: 1 exit @ $170M (9x) , +3-6 future wins (i hope ;) 2 exits @ $50M, $70M (advisory roles) (acq YHOO) (acq GOOG) (acq INTU)
  • 76. Founders Fund Investments (43 deals, 2009, ~2.9M) Results : 8 raised seed rd $500K+ 1 raised $4M; 3 early exits Results : 6 raised next rd $2M+ 1 raised $12M; 1 early exit fbFund REV (Facebook Incubator) 22 deals ($850K total) ~$40K avg FF Angel LLC 21 deals ($2M total) ~$100K avg
  • 77.
  • 78. [ Don’t Pitch Me, Bro. ] Seriously : Don’t. Fucking . Pitch Me. (and don’t email me either, cuz i won’t read it)
  • 79.
  • 80.

Editor's Notes

  1. I know, too many bullets…
  2. Qualitative: SurveyMonkey (surveys), CrazyEgg (heatmap), TechSmith Morae / UserVue (ux recording), RobotReplay, TapeFailure. Quantitative: Google Analytics (free), MyBlogLog, ClickTracks, Index Tools, Visual Sciences / Webside Story, Omniture, WebTrends, etc. Comparative: Google Website Optimizer, SiteSpect, Optimost, Offermatica, Vertster, Kefta. Competitive: Quantcast, Compete.com, Alexa, Hitwise, Comscore, Nielsens. see more info at: http://webanalyticsassociation.com/ (WAA) http://kaushik.net/ (Avinash Kaushik) http://grokdotcom.com/ (Eisenbergs) http://www.emetrics.org/ (Jim Sterne)