๐๐ถ๐ป๐ง๐ฒ๐ฐ๐ต. ๐ง๐ผ๐ฝ ๐ณ ๐บ๐ฒ๐๐ฟ๐ถ๐ฐ๐ ๐๐ผ ๐บ๐ผ๐ป๐ถ๐๐ผ๐ฟ. ๐ฃ๐ฟ๐ผ๐ฑ๐๐ฐ๐ ๐บ๐ฎ๐ป๐ฎ๐ด๐ฒ๐บ๐ฒ๐ป๐
Operating in a high competitive sector, FinTech companies gathering big data feeds should ask themselves:
- Are they poised to take advantage of market opportunities the moment they emerge?
- How do they diagnose and fix incidents before they have time to impact my business?
- Do they monitor the information they need to stay ahead? Are they monitoring the right data?
Furthermore, each metric tells you so much in isolation. To provide a proper FinTech analysis you have to map out the complex relationships between how your product or app is functioning, do your marketing efforts perform well and figure out how it all fits together.
Letโs consider metrics to focus on.
Probably you have heard about AARRR. All of them indicate a customer behavior, which is vital for comprehension your performance โ but they miss out key areas: marketing and technical.
A holistic view of your FinTech business usually rely on next 7 metrics:
Acquisition Metrics
They point out how many new customers you onboard. For instance, KPIs such as app downloads & new user account creation rate. Cost per acquisition, keep it as low as possible: If your CPA is too high, change your customer acquisition approach or channels, review advertising strategies or switch to in-person events.
Activation Metrics
It reflects how good you incentivise people to use your product. KPIs typically include Monthly Active Users (MAUs) and app/site traffic.
Retention Metrics
Here, you measure a success at keeping people engaged with your product โ especially important if your business is subscription-based. Other KPIs: active/inactive accounts and returning customers.
To calculate your overall retention or churn rate, divide your active users that continue their subscriptions by the total number of active users in a time period.
20/100 = 0.02 *100% = 20% retention rate.
8 of your 100 users churn โ thatโs a 8% user churn rate, or a 92% user retention rate. A successful sale with an existing customer is 60โ70% and get more is impossible.
Around 70% of SaaS leaders said that acquisition was their biggest goal, while about only 20% believed customer retention was their most important goal. Thatโs not to say SaaS leaders donโt care about retention โ they just arenโt prioritising it or putting in the effort to optimise it.
Referrals
The best possible feedback your customers can give you, is when they recommend your product to others.
If you have a strong performance in this area you definitely observe a business growth. Keep eye on KPIs such as social shares, sent & saved posts, push referrals.
Revenues
Consider KPIs such as daily/monthly revenue, number of transactions/deposits to understand an entire picture of performance.
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