In Episode #370, Eric and Neil discuss how to determine your one key metric. When you establish a set goal or priority, then all your tasks will follow suit to achieve that goal. But what IS that one measure that you look to as a company? Tune in to know what your one key metric is and why knowing what you’re after will set you up for success.
Time Stamped Show Notes:
- 00:27 – Today’s topic: How to Determine Your One Key Metric
- 00:36 – Josh Elman coined the term “one key metric”
- 00:40 – When starting a business and using Twitter, your one key metric will be the number of tweets you want to hit
- 01:09 – First, determine how people are using your product—the core functionality of your product
- 01:20 – Then figure out if that one key metric is the one to go after, then work from there
- 01:35 – “Figure out what you’re really after and what’s going to impact that”
- 01:40 – If you want to increase your revenue, figure out the different sources of revenue
- 02:09 – Then you can have control and manage that one key metric
- 02:21 – The purpose of Airbnb is to book a place to stay
- 02:26 – The core action is searching and booking your accommodations
- 02:36 – Another example is Yelp where you find different local businesses and review them
- 03:18 – Neil’s one key metric for Crazy Egg is the number of tests done a day
- 03:43 – Marketing School is giving away a free 1 year subscription to Crazy Egg which is a heat mapping tool that helps you increase your conversion rate
- 04:28 – Go to SingleGrain.com/giveaway for multiple entries
- 04:33 – That’s it for today’s episode!
3 Key Points:
- Knowing your one key metric helps you focus your tasks accordingly.
- Establish what you’re really after and what’s going to influence that.
- If you want to increase your revenue, then think solely on your sources of revenue.
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