Track Our Startup: Tracking KPIs + New Onboarding Flows

Even though last week was a shorty it didn’t stop Team Dasheroo. Plus we had a record day of users the day before Thanksgiving thanks to Duct Tape Marketing and Small Business Computing! Obviously you data geeks were NOT responsible for cooking the turkey.

In The Queue

We’re working to do our next release which is simply Dasheroo for Agencies. Mimi has been giving people “beta” demos of it. Fill this out if you want one. We just need one more feature to get it into your hands, that’s removing branding of a PDF or PNG export of your dashboards. It’s also a bunch of work to get the word out with new website assets, a press release, making sure the product is nailed and a video! Josh and team are also working on i20 (new app integrations) and after that figuring out where features like alerts and in-app messaging (so you know when we have new new features) fit in as well as a host of very large projects. It’s Dasheroo Mock up of first time user experience.tough because we want to get it all done this year but it just can’t happen.

Alf, our VP of Customer Success, sent around some new updated onboarding mocks and workflows. We’re trying to really nail a first-time user experience since we now have benchmarks of where people are getting stuck and falling off. We use MixPanel to identify and report on it. He also built a cool mock for “digests”. We would send you a business dashboard digest to your inbox so you know if there have been any changes, good or bad.

Marketing
We’re working on a few case studies, they’re always great to point to when we solve a problem for a business that someone else is having. We’re also going to be doing some website testing, which is totally exciting! I’ll let you in on all of the results when they come in. We’ll be using Optimizely to do it.
We’re finsishing up our “What is a KPI” mini site. We thought a) it’s important for all of our users to track specific KPIs even if we don’t off the app integration…yet and b) it’s great for SEO! Here you’ll get Customer Service KPIs, Marketing KPIs, Sales KPIs and Social Media KPIs. Have at ’em!
We’ve got a board meeting this week so I’m off to finish up on my reporting for it. Cheers!
John at Dasheroo

Startup Lessons Learned: Establishing Conversion KPIs

Dasheroo's internal sign up dashboard

Just one of the many KPIs we track at Dasheroo.

A couple weeks ago, I wrote about users vs. customer experience, where I shared my thoughts about the importance of each, and discussed one of the ways we measure customer experience. It’s via a KPI we have called ‘app engagement’.

Well, that’s just one critical juncture in the customer journey, and we measure several KPIs to make sure we’re on the right track.

So the team has been working hard to nail these down, and I thought I’d share them with you. Maybe they can help you establish or rethink yours, or maybe you have an idea or two that you can take away!

Here we go, the following are the Key Performance Indicators for Dasheroo:

  • Signup (SU) = a website signup for a Dasheroo account
  • SU % = # SU/Users to our website and blog (note: we remove any Dasheroo account holders from our Google Analytics ‘User’ value)
  • Connected users = SUs that connected 1+ Insights within 24 hours
  • Connected % = Connected users/SU in that week 
  • Engaged users = Connected users that were active in their account in past 7-14-21-30-60 days (note: we measure engagement at multiple timeframes and also have cohort reports to pinpoint any big drop off points and to correlate activity with product releases)
  • Engaged % = # Engaged users/# Connected users in past 60 days 
  • Disengaged users = Connected users not active in their account in 60 days 
  • Disengaged (or Free Churn) rate = # disengaged within 60 days / #of total connected at beginning of the that 60 day period (this could also be referred to as our ‘Freemium Churn’ rate; how many people did not see the value of our offering)
  • FTC = # first time customers
  • Average Revenue Per User (ARPU)= Monthly revenue/Total paid customers
  • Monthly Recurring Revenue (MRR) = All paying customers * ARPU
  • Churn = # Paid cancels in month
  • Churn rate = Paid churn/total paying customers at the beginning of that month (note: you want to make sure not to include any new FTCs in that month)

Whew! Sure that’s a lot to measure but we feel, at least for now, that these accurately capture and gauge our performance in driving our users through the ‘conversion funnel’ from initial account signup to the holy grail: a paying customer.

And of course now we are developing custom insights for all of these to be shown and continually updated in our business dashboards.

How do you measure your business performance – have you established KPIs that help you identify where your strengths and weaknesses? Let me know!