Lean Workbench For Creating And Tracking Metrics That Matter
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Transcript of Lean Workbench For Creating And Tracking Metrics That Matter
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Lean WorkbenchFor creating and tracking metrics that matter
Chris Wiggins and Jennifer [email protected] [email protected]
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"Standard accounting is not helpful in evaluating
entrepreneurs."
- Eric Ries, "The Lean Startup" (Random House, Inc. 2011)
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How can we quantify a company?
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Lean Startup Feedback Loop
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Business Model Canvas
www.launchpadcentral.com
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Launchpad Central Metrics
www.launchpadcentral.com
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What are “Lean” metrics?
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What are “Lean” metrics?Stop lying to yourself.
(this and following slides inspired by “Lean Analytics”, Croll, 2011)
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What are “Lean” metrics?Stop lying to yourself.
Traditional metrics are vanity metrics.
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What are “Lean” metrics?Stop lying to yourself.
Traditional metrics are vanity metrics.
So, what makes a good metric?
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What are “Lean” metrics?So, what makes a good metric?
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What are “Lean” metrics?So, what makes a good metric?
● a good metric is comparative
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What are “Lean” metrics?So, what makes a good metric?
● a good metric is comparative● a good metric is understandable
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What are “Lean” metrics?So, what makes a good metric?
● a good metric is comparative● a good metric is understandable● a good metric changes the way you behave
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Metric Typesqualitative: unstructured, anecdotal, revealing, hard to aggregate
quantitative: numbers and statistics
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Metric Typesvanity: make you feel good, don't change how you act
actionable: change behavior by helping choose a course of action
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Metric Typesexploratory: speculative and try to find unknown insights
reporting: keep you abreast of normal operations
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Metric Typesleading: predictive understanding of future. better because you can act on them
lagging: explain the past
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Metric Typescorrelated: metrics change together
casual: one metric causes another to change
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What are “Lean” metrics?Lean metrics are actionable: They help you change your behavior by enabling to choose a course of action in the lean startup build-measure-learn feedback loop.
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Lean Metrics In Practice at the New York Times
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Source: New York Times 2014 Innovation Report
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Source: New York Times 2014 Innovation Report
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Source: New York Times 2014 Innovation Report
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Source: New York Times 2014 Innovation Report
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Source: New York Times 2014 Innovation Report
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Source: New York Times 2014 Innovation Report
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Stages of Lean Analytics1. Empathy2. Stickiness3. Virality4. Revenue5. Scale
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Lean Metrics with Lean Workbench
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EmpathyGet inside your target market’s head● Make sure you’re solving a problem they’d
pay for● Run surveys
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EmpathyGet inside your target market’s head● Make sure you’re solving a problem they’d
pay for● Run surveys
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StickinessNow that you’re creating your product focus on:● retention● engagement
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StickinessNow that you’re creating your product focus on:● retention● engagement
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ViralityPeople need to know about your product to buy your product.
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ViralityPeople need to know about your product to buy your product.
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Revenue● Prove you can make money● Project future revenue
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Revenue● Prove you can make money● Project future revenue
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BenchmarkingCompare these metrics with your peersEventually: also by sector, other options
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Scale● Prove a market● Raise capital or bootstrap
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A/B and Multivariate Testing
www.optimizely.com
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A Look at a VC’s Pipeline
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A Look at a VC’s Pipeline● Meetings: Average venture firm has approximately 500
face-to-face meetings each year. Only 10 percent progress from that stage.
http://venturebeat.com/2014/04/19/heres-a-look-inside-a-typical-vcs-pipeline-a-must-read-for-entrepreneurs
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A Look at a VC’s Pipeline● Meetings: Average venture firm has approximately 500 face-
to-face meetings each year. Only 10 percent progress from that stage.
● Due Diligence: Do you have high rates of churn or burn? Is your product and financial model sound?
http://venturebeat.com/2014/04/19/heres-a-look-inside-a-typical-vcs-pipeline-a-must-read-for-entrepreneurs
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A Look at a VC’s Pipeline● Meetings: Average venture firm has approximately 500 face-
to-face meetings each year. Only 10 percent progress from that stage.
● Due Diligence: Do you have high rates of churn or burn? Is your product and financial model sound?
● Investments: Mid-sized firms invest in ⅕ that make it past due diligence. Customer acquisition and a “magnetic” CEO matter.
http://venturebeat.com/2014/04/19/heres-a-look-inside-a-typical-vcs-pipeline-a-must-read-for-entrepreneurs
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The Anatomy of a Seed Round
seed round analysis by Brendan Baker
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Finding Investors
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Finding Investors● Crunchbase
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Finding Investors● Crunchbase● Angellist
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Finding Investors● Crunchbase● Angellist● VC Matcher
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Crunchbase vs AngellistCrunchbase- companies at all stages, crowdsourced data
Angellist- usually companies looking for early stage funds
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Metrics For Investors
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Metrics For Investors● active users
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Metrics For Investors● active users● founder reputation
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Metrics For Investors● active users● founder reputation● revenue potential
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Metrics For Investors● active users● founder reputation● revenue potential
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Metrics For Investors● active users● founder reputation● revenue potential● changes in the market that make now the
time for your startup
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Lean Metrics with Lean Workbench
www.leanworkbench.com
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Future Work● mentor and interview matcher● segments, cohorts, a/b testing, and
multivariate analysis
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ResourcesThe Lean StartupLean AnalyticsVenture Deals: Be Smarter Than Your Lawyer and Venture Capitalist