The world of startups has always been one that appeals to self-starters, risk takers, and emerging entrepreneurs. But, what makes an entrepreneur an entrepreneur? How do you start your own business and make it work? While the answers to these questions are not always clear or easily defined, startup founders must learn and adapt to change quickly, maintaining a unique product that defines their brand. A difficult task for most but there are general guidelines that can lead your startup to success.
What gets measured gets done. That’s why we use metrics like sales, engagement, and sign-ups when planning strategies, measuring performance and setting goals. Key Performance Indicators allow you to measure the performance of your marketing initiatives and how they relate to business objectives. The following is a list of KPIs your startup should be analyzing for meaningful returns.
Customer Acquisition Cost
This KPI shows the costs for your startup to acquire a new customer.
Customer Lifetime Value
Shows the total amount of money a customer will spend on your products or services during their lifetime.
Monthly Active Users
Denotes the total number of users that are actively using your product every month.
Customer Churn Rate
This KPI shows how fast your startup is losing customers.
Monthly Recurring Revenue
The amount of revenue your startup is generating on a monthly basis.
Revenue Growth Rate
This KPI shows how successful your startup is at growing revenue over a particular period
Revenue Churn Rate
The rate at which you’re losing revenue due to downgrades and cancellations
Average Revenue Per User
Shows how much revenue you’re generating from each of your active users.
Key performance indicators are vital to any startup’s success. This includes having an effective social media strategy to guarantee your business receives profitable results. Contact us for consultation on how to best plan your social media strategy.