Speaking from our own personal experiences, we take great pleasure in developing new business ideas (whether our own, or for one of our clients) and even more pleasure when launching them.
With the euphoria of the launch pumping through our veins though, it can sometimes be easy to forget the importance of properly understanding how the new business ticks once it has been launched.
Imagine this scenario - your product is launched, you’re generating some interest and users are signing up; but do you truly know why what is happening is happening? Is this in line with your targets? What is the user sign-up rate telling you about your new business? And are there any other data points that you should be tracking and training yourself to understand (such as usage rates, paid vs free users etc)?
What’s quite striking to us here at Raw Jam, is that we also find that for many of our clients, tracking and understanding the data that drives their business doesn't even register as something they might want to start doing.
To keep ourselves in tip top form, we like to apply these principles to our own products. One such example is with our product Insta Butler. On a screen on the wall in our office, we show live stats of how this particular product is performing. Some of the key metrics we like to track are:
- User sign-ups per month (free vs paid)
- Whether our overall and monthly sales targets have been met (represented as a simple percentage)
- New sales generated on a month by month basis
- Percentage of new signups that are ‘non-starters’ (i.e. users that create an account but then fail to use the service even once)
- Avg. days it takes a user to upgrade from a free to a paid account
- Percentage of users that are self-promoting our product (this is specific to Insta Butler’s model)
- Total number of live requests in the Insta Butler queue
- Daily usage on a month by month basis (total uses vs unique users)
With everything said and done, the reason tracking data like this is such a critical thing to do, is that you can only find answers by asking the right questions. Ergo - we want to make sure that we’re providing our team with rich and accurate data so that proper and sensible questions can then be asked as to why that data might be showing a particular trend (or not, as the case may be).
The screenshot above was taken directly from the screen we have here in the office (with some key data values blurred out of course!).
Insights and data analysis outputs such as the ones outlined above, comprise part of our Premium Partner service, where we work closely with our clients post launch to help them further develop and understand their digital products.
If you’d like to have a chat with us to find out how we can help you take your product to the next level then click here.