What is your North Star metric at the moment?
Valerie Fenske
25 replies
We are currently aimed at the script installs - that's when users of Dashly start getting value.
What about your products?
Replies
Ryan Hoover@rrhoover
Product Hunt
This is very contextual question but one word of caution:
Optimizing for a singular metric when building something brand new can mislead product decisions and overall strategy. Sometimes simply building something that feels right that a few people love should be the focus vs. optimizing a particular number.
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Money Minx
Launching soon!
We are pre-launch so right now it's number of signups to our pre-launch list
@husseinyahfoufi exactly!
Likely a bit biased, but we use PMF as our top level metric at Viable Fit
We find that when combined with a user needs survey, it's the best way to stay focused on building the right product for the right market.
@jeffreykaine how do you measure the PMF?
@valeryfenskaya We use the Sean Ellis method paired with Superhuman's product market fit engine (which is what Viable Fit is all about
We send a survey to all of our users who have seen some value from the product (in our case, they have sent a certain number of surveys). The survey consists of four questions:
1) "How disappointed would you be if you could no longer use this product?" This is the Sean Ellis method for measuring PMF. The percent of users who answer "very disappointed" is your PMF Score, you're looking for a PMF Score of 40 or higher to indicate product market fit.
2) "What kind of person would get the most benefit from this product?" this helps discover your target market and will help filter down your feedback to just the right market.
3) "What is the main benefit you receive from this product?" This question identifies your product's strengths and the main hook that resonates with your customers. keep building on the themes from this feedback to stay ahead of your competition and keep your moat wide.
4) "How can we improve this product for you?" This question is how you increase your PMF. Build ideas and fix bugs from this feedback to better fulfill your target market's needs and find product market fit.
Hope that helps, happy to walk you through it over Zoom :)
Our product: https://www.geckoboard.com/
Previously we’ve tracked no. new customers who’ve become weekly active, with a few iterations on what we define to be ‘active’.
Recently though we’ve gone cold on North Star metrics for many of the reasons listed by Brian Balfour here: https://brianbalfour.com/essays/...
Sequence
@tommyrandle Thanks for sharing!
@tommyrandle thanks for sharing this with us. the examples are incredible.
Create HTML Form
Revenue, and always be, cause I take 15% of as personal income
Product: https://github.com/skerr92/msp43...
North Star: does it make smoke when I plug it in? If no, yay!!!
@thesethkerr hehehe
UserGuiding
Thanks for starting this @valeryfenskaya! Very inspiring answers.
Our product is UserGuiding (https://userguiding.com/).
Our current North Star Metric (aka One Metric that Matters) is:
"% of free trial users that have embedded our JS code to their website AND educated 20% of their end-users with UserGuiding materials."
After 7 iterations, we have decided that this is the perfect activation metric for us because this is directly a leading metric for revenue.
PS: I have written a blog post about North Star Metrics! If anyone is interested, here it is: https://userguiding.com/blog/nor...
@mert_aktas lovely! great to see you combined 2 metrics in one :) as long as it's a working model for you, that's an interesting case
Stop copycats
My product: Check my Presets
North Star: Money transferred to creators.
My goal in life is to push passion economy. I launch products related to this topic and today I'm launching Creators Calculator
@jacinto_fleta passion economy!!! incredible
Stop copycats
@valeryfenskaya Thank you Valerie!
we are pre-launching AI product for a foot-traffic counting https://wavezio.com/
North Star metric: Number of beta subscribers for now
Probably it should be the north-star for the most of startups in the very beginning
@dmitry_derbenev the NSM definitely depends on the stage!
Awsam great Fischer
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I am still finding it. But thank you so much for sharing this
We are also pre-launch (www.thekeysapp.com) and it is # waitlist members. But we are possibly shifting it to brand partners, which will be a big part of our launch