Measuring Success a Week After Launching a Project
Before starting something new its best practice to ask – what does success look like a week, 30 days, 90 days, a year, and 3 years from now and how to measure that success. This helps to focus efforts and formulate plans that are tied to the goals of the venture. Avoid getting too detailed because plans inevitably change. Remember to work S.M.A.R.T., but also find ways to capture qualitative or subjective elements. Here’s how we’ve measured the success of our new project, MetaTalk.
Statement of Purpose: We believe supporting mental health in the workplace will enable people to think more clearly to address the challenges created by COVID19 and advance their work, which aids local and national recovery.
Week One Goals: By raising awareness of the project and finalizing processes (content delivery, website functionality, etc.) we’ll be in a stronger position next week to further identify the needs of our audience and provide more meaningful content/services.
KPI Snapshot: Website visits are up 1,088% this month, with unique visitors up 463% and average session duration increasing to 8 minutes 12 seconds. We received our very first online subscriber last night (exciting) and had 3 posts with over 1k views. Likes, comments, and direct messages are all up and momentum has been consistent throughout the week. We received positive feedback from our audience- validating efforts. Overall, impression rates are well over what was expected, but the conversion rate to followers is lower than expected on Instagram. Little attention has been given to the Facebook and Pinterest audience.
Improvements Ahead: Refining posts for the differences between the audiences of each platform and increasing engagement on Facebook and Pinterest. Conversion rates are important, but we need maturation time for people to find value. Planning and scheduling tasks more efficiently while allowing time for pop-up concerns. Further development on core offerings: micro-lessons and podcast.
These aren't the only ways to measure success. Take a look at this glossary of KPIs.
Key Performance Indicator Glossary
Activation Rate = Number of users taking a specific action to get value out of a product
ACV (Annual Contract Value) = The value that a contract will bring to your business annually
ARPA (Annual Revenue per Account) = MRR / Total # of Customers
ARR (Annual Recurring Revenue) = The amount of revenue you receive that recurs yearly
ARR (Annual Run Rate) = Projection of current MRR into the future, annualized
Billings = Current quarterly revenue + deferred revenue from the previous quarter
CAC (Customer Acquisition Cost) = How much it costs, on average, to acquire a customer
CCR (Customer Concentration Risk) = Revenue from largest customer / total revenue