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.
South Dakota is the only state that searches for Lyft more than Uber.
It might have to do with the fact that the North Dakota Governor gave everyone free lift rides.
It’s part of their Zero Vision strategy, to cut down on alcohol and drug related driving fatalities. A good example of governments and businesses partnering together for the common good.
We reached it a long time ago! Searches for Facebook peaked in United States on December 2010 and have been in a steady decline ever since? Why is that…
One reasons is the decline in growth of younger demographics and the increase in older demographics. While overall growth in the US is largely static, from 2017 to 2019 the 12-34 demo declined 27%, while 55+ users increased 8%.
Where are these younger users going? The graph below from @chartrdaily shows a timeline of when each social media platform had the highest “buzz” on Google, worldwide.
As you can see, users change their preferred platforms quite frequently so knowing where users are is a moving target. (for example TikTok, the new social media darling is not listed on this chart).
Facebook as a business appears to be here for years to come, but probably not in the version that we know now. They will need to focus on other platforms in order to keep growing as tastes and trends in social media are notoriously fickle.