To me, tracking the number of users completing a core action is better than both tracking top-level growth numbers like WAU or MAU, or total number of core actions taken.
Engagement Hierarchy: Core Actions
Sarah Tavel

In my experience, the difficulty in measuring and then implementing data-driven business improvements, is ensuring the company picks the right metric to optimize. Typically, it takes some serious soul-searching and great insight, to truly pick which KPI to focus on.

Typically, improving any of them will help in the short- and medium- terms, but picking the wrong one can often have subtle, but profound implications on the long-term operations because as time passes, all the company’s policies, products, processes, systems, and even culture, progressively gets defined by the KPI that it is trying to maximize.

Trying to identify the core action, is an excellent start, as it helps move the focus from input and outputs, and more to outcomes.

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