It changes the way you behave
Things to keep in mind:
- Qualitative v. Quantitative
- Vanity v. Actionable
- Exploratory v. Reporting
- Leading v. Lagging
- Correlated v. Causal
I’m going to be working with startups for two weeks advising them on how to use analytics to help fuel growth for their organization.
Taking notes here from materials I’m reading that I’ll eventually package up with my own thoughts and execution techniques through Google Analytics.
Metrics, you want to measure Outputs not Inputs. Draft a dashboard to tie this all together. You want to look for the anomalies, you don’t want to look for expected behavior.
At PayPal – none of the metrics said eBay. This was spotted through powersellers on ebay asking for PayPal – building a product for them to make it easy.
At LinkedIn – 30% of clicks from homepage went to a person’s own homepage. Made no sense. Max Lechin said it was vanity. People are looking at themselves in the mirror. Makes them feel good. You can test that, more content / more endorsement, you look at yourself more. It clarified what users of the product really wanted.Keith Rabois – How to Operate – How to Start a Startup
From: Lean Analytics
Don’t sell what you can make; make what you can sell.
Data driven learning is the cornerstone of success in startups. It’s how you learn what’s working and iterate toward the right product and market before the money runs out.
Sometimes growth comes from what you don’t expect. If you’ve found an insight, decide how to test it quickly w/ minimal investment. Define what success looks like before hand and know what you’ll do if your hunch is right.
Analytics is about tracking metrics that are critical to your business.
You don’t always know what metrics are key b/c you don’t always know what business you’re in.
Shortly after #deletefacebook became a thing, a survey that found 57% of Americans didn’t know Instagram was owned by Facebook. Looks like California and Hawaii might be catching on.
“Hands Across America” is trending again after the movie “US” was released. No Spoilers if you don’t know the connection here.