Mon, 17 January 2022
Finding Your North Star Metric
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
The North Star Metric is the one metric that drives the growth of the core business.
Founders use it to focus the company around a common goal.
Some startups focus on signups, others focus on retention, and still, others focus on engagement.
If you don’t have much startup experience, then you should work on customer acquisition, engagement, and retention efforts first.
Once you know what drives the best outcome for the startup then you can focus on determining your North Star Metric.
Your North Star Metric should be simple and specific.
Look at successful outcomes by cohort or initiative.
What benefit did each one bring?
What is common about them?
What is your ideal user case?
From this information, look for the factor that drove the outcome.
Focus your North Star on that driver.
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