Join Whitney Johnson for an in-depth discussion in this video Using the right metrics, part of Entrepreneurship Foundations.
- As a startup, you won't have everything figured out,…but you do need to know you're…moving in the right direction.…This is where metrics come into play,…having access to numbers that can provide…a snapshot of how your business is doing.…The good news is you only need to focus…on five metrics, acquisition, activation,…retention, referral, revenue or AARRR,…commonly referred to as pirate metrics…which were popularized by venture investor…and PayPal alum, Dave McClure.…
I'm going to talk about these metrics…in the context of an online business,…but you'll quickly see that with minor tweaks…they can be applied much more broadly.…The first metric is acquisition…or how many people visit your store or site?…So let's say you search engine optimized your site,…are engaging on social media,…and you may even have a few mentions in the press.…You've got visitors.…If you're like me, you're tracking how many…probably using Google analytics.…
You'll know if you have the right kind of visitors…or potential customers by tracking your bounce rate.…
- Cite the steps that can help you find an unmet need.
- Differentiate between a business and a hobby.
- Recognize how to decide between an online business and a brick and mortar business.
- Describe how to protect your intellectual property.
- Explain the best practices for hiring the right people.
- Recall the importance of tapping into networks of expertise.
- Cite the best practices for building a business website.
- Summarize the best metrics to use for your online business.
Skill Level Intermediate
Management Foundations (2013)with Britt Andreatta2h 9m Intermediate
1. Finding Your Big Idea
2. Starting Your Business
3. Building a Team
4. Marketing Your Business
5. Scaling Your Business
6. Funding Growth
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