How to measure your startup’s success

Kandu expert Ozoda Muminova demystifies the best metrics to set to measure your startup’s progress

I’ve noticed that most start-up founders on Kandu are asking for help with metrics and KPIs (in return for coffee or lunch). Desire to set and track KPIs is not surprising. It is difficult to make a company successful without measuring progress and focusing on the right areas and customers. In addition, if you are trying to attract investors, clients and partners, KPIs measured correctly, give them a clear analytical snapshot on the state of your start-up.

Of course, what metrics and KPIs a start-up needs to track depends on the sector, products/services offered, size of company, stage of growth, etc. But I’d like to offer some of the most commonly tracked metrics. And if you’d like them customised for your start-up, find me on Kandu, take me out for lunch and we can talk!

Digital KPIs

For start-ups that have apps, web sites or online games, it is important to monitor digital traffic, engagement and conversion metrics:

  • MAU — monthly active users is an important KPI. MAU is the number of unique users who visit the site or app in a month.

Financial KPIs

Your finance director or a finance director in you will not be happy without tracking cost and profitability metrics:

  • ARPU — average revenue per user or customer, it is a useful pulse-check of whether you are attracting the right users/customers and your pricing strategy. Beyond the average, you need to get more granular and look at which products/services and which customers generate the highest revenue, so that you could focus and prioritise.
  • CAC — customer acquisition cost is the amount of money you need to spend on sales, marketing, proposals, on average, to acquire a new customer.

Trends and Benchmarks

Metrics have more meaning if you benchmark them against competition or sector averages, or your targets and trend them over time.

Wishing you high retention and low burn in 2018!

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Founder, Kandu, and 10 Digital Ladies. Connecting people to solve problems. Also digital strategist, product consultant and alt rocker at @darlaandtheblonde