Home > Work > Lean Analytics: Use Data to Build a Better Startup Faster
21 " We’re huge believers in doing things quickly, but there’s a difference between focused speed in a smart direction and being ridiculously hasty. "
― , Lean Analytics: Use Data to Build a Better Startup Faster
22 " If two metrics change together, they’re correlated, but if one metric causes another metric to change, they’re causal. If you find a causal relationship between something you want (like revenue) and something you can control (like which ad you show), then you can change the future. "
23 " Whenever you look at a metric, ask yourself, “What will I do differently based on this information?” If you can’t answer that question, you probably shouldn’t worry about the metric too much. "
24 " Every industry has KPIs — if you’re a restaurant owner, it’s the number of covers (tables) in a night; if you’re an investor, it’s the return on an investment; if you’re a media website, it’s ad clicks; and so on. "
25 " With the rise of social networks and sites like Facebook and Pinterest, which can refer visitors, e-commerce companies are increasingly interested in a long funnel that begins with a tweet, a video, or a link, and ends with a purchase. "
26 " Marc Andreesen puts it, “Markets that don’t exist don’t care how smart you are.”[ "
27 " If you identify a real need, you won’t be the only one satisfying it, and you’ll need all the talent you can muster in order to succeed. "
28 " The fundamental KPI for stickiness is customer retention. Churn rates and usage frequency are other important metrics to track. Long-term stickiness often comes from the value users create for themselves as they use the service. "
29 " Getting paid is, in some ways, the ultimate metric for identifying a sustainable business model. If you make more money from customers than it costs you to acquire them — and you do so consistently — you’re sustainable. You don’t need money from external investors, and you’re growing shareholder equity every day. "
30 " sometimes what you need is a new market, not a new product, "