Our product: https://www.geckoboard.com/
Previously we’ve tracked no. new customers who’ve become weekly active, with a few iterations on what we define to be ‘active’.
Recently though we’ve gone cold on North Star metrics for many of the reasons listed by Brian Balfour here: https://brianbalfour.com/essays/...
we are pre-launching AI product for a foot-traffic counting https://wavezio.com/
North Star metric: Number of beta subscribers for now
Probably it should be the north-star for the most of startups in the very beginning
Likely a bit biased, but we use PMF as our top level metric at Viable Fit
We find that when combined with a user needs survey, it's the best way to stay focused on building the right product for the right market.
@valeryfenskaya We use the Sean Ellis method paired with Superhuman's product market fit engine (which is what Viable Fit is all about
We send a survey to all of our users who have seen some value from the product (in our case, they have sent a certain number of surveys). The survey consists of four questions:
1) "How disappointed would you be if you could no longer use this product?" This is the Sean Ellis method for measuring PMF. The percent of users who answer "very disappointed" is your PMF Score, you're looking for a PMF Score of 40 or higher to indicate product market fit.
2) "What kind of person would get the most benefit from this product?" this helps discover your target market and will help filter down your feedback to just the right market.
3) "What is the main benefit you receive from this product?" This question identifies your product's strengths and the main hook that resonates with your customers. keep building on the themes from this feedback to stay ahead of your competition and keep your moat wide.
4) "How can we improve this product for you?" This question is how you increase your PMF. Build ideas and fix bugs from this feedback to better fulfill your target market's needs and find product market fit.
Hope that helps, happy to walk you through it over Zoom :)
Thanks for starting this @valeryfenskaya! Very inspiring answers.
Our product is UserGuiding (https://userguiding.com/).
Our current North Star Metric (aka One Metric that Matters) is:
"% of free trial users that have embedded our JS code to their website AND educated 20% of their end-users with UserGuiding materials."
After 7 iterations, we have decided that this is the perfect activation metric for us because this is directly a leading metric for revenue.
PS: I have written a blog post about North Star Metrics! If anyone is interested, here it is: https://userguiding.com/blog/nor...
This is very contextual question but one word of caution:
Optimizing for a singular metric when building something brand new can mislead product decisions and overall strategy. Sometimes simply building something that feels right that a few people love should be the focus vs. optimizing a particular number.
@rrhoover agree with you, and the context is highly important.
indeed there are plently of other methodologies to follow :) and "do awesome things that people love" is the coolest one. I guess that also affects the team positively.
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