Want to learn the best business insights from remarkable speakers at Slush 2023, but don’t have the time to watch the full speeches on YouTube?
You’ve come to the right place. Below is a summary of a speech by Jessica Lachs, VP of Analytics of DoorDash.
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<p class="h1-rich">🤏 TL;DR</p>
TL;DR: Measuring the right metrics objectively helps track progress and success of a company. Key metrics cover user acquisition, customer engagement, revenue generation, and operational efficiency. Create a value driver tree, set clear goals, and assign metric ownership to ensure success. Action items include creating a value driver tree, making metrics visible, reviewing progress regularly, setting challenging goals, and driving incremental value.
<p class="h1-rich">✨ Summary</p>
Measuring What Matters
- Tracking the right metrics objectively tells you if you're on the right track and how your company is doing.
- The key metrics generally cover user acquisition, customer engagement, revenue generation, and operational efficiency.
- Create a value driver tree to identify the metrics that drive your business.
Setting Good Goals
- Good goals stretch teams to perform at their best and put them on a course to win.
- Keep goals simple and easy to understand to ensure clarity and focus.
- Goals should drive incremental value and address the causal input metrics that drive the output metrics.
- Don't ignore fail states and focus on eliminating friction that prevents customers from realizing the value of your product.
Metric Ownership
- In the early days of a startup, anyone can take charge of defining metrics and tracking them.
- As the complexity of questions and metrics increases, it may be necessary to have a dedicated analytics or data science team.
- Fill your team with smart, scrappy, analytical doers and get started tracking key metrics.
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