As a startup founder, you’re not limited to these indicators. You should base your success measurement process on some of them, but you can choose your own.
When you determine them, you should keep these metrics in mind and use them as a baseline. Success Metrics (KPI) can differ from one startup to the next based on business goals and marketing strategies. Though, as a rule of thumb, they must always be linked to business objectives including user growth, monthly recurring revenue (MRR), annual growth rate, etc.
Digital Marketing Analytics Application Case Study:
Here is how it works. Let’s address the analytics of BitQuant – a FinTech startup seeking the early-stage traction for its product – to analyze the performance and understand the importance of the data gathered via Google Analytics. During the two months (Spt-Oct), the goal was to collect 1000 users desiring to get early access to the crypto exchange in the white list. Eventually, the marketing team managed to exceed that goal, having collected 30 times more users (30,956). Do you want to know how? Let’s go to the analytics tool.
Here is a screenshot of the Google Analytics overview for the given period.
As can be seen, the marketing team used all possible channels, such as Referral, Social, Organic, etc., to accomplish the marketing goal during the period. Each of the channels brought different amounts of traffic and has various conversion rates and Customer Acquisition Cost (CaC).
For example, Direct channel brought 21,100 users to the website with the lowest Bounce Rate (BR) – 29.77% and the highest Goal Conversion Rate (CR) – 81.36%.
At the same time, Email (862 visitors) has almost the highest BR (64.46%) and the lowest CR (15.29%) that can be considered as a bad performance. But notably, that the Email channel was used to convert users that did not pass the funnel for the first time, but who left some data: name and email. Therefore, by utilizing this channel, the team just optimized the existing budget spendings and increased ROMI.
In turn,158 users obtained through Organic Search with BR 51.28% and CR 28.45% were completely cost-free for the company. Mind that initial goal was to get 1000 users.
Amazing, isn’t it?
In addition, from this success measurement data, it’s evident that during the first 15 days of September, the results were not so good. It means that the marketing strategy and tactics used during that time were not so effective as they’ve applied at the end of September and October. We call such intervals hypothesis testing – a period of time when the marketing team examined the different marketing channels, along with stacks of promotional messages and content items that can reach the highest number of people form the target audience and achieve the best conversion rate and ROMI. Then, when the team found this winning stack of marketing items, they invested all remaining budget to get the maximum. And here we go. They got 30,956 users instead of 1,000 within the same budget.
READ MORE ABOUT THAT CASE HERE
What you’ll lose if you don’t track your performance via digital analytics?
Based on the data gathered during this marketing campaign, the team now can say with confidence: