Wed, 30 November 2022
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
It’s important to track the key metrics for your product.
Here’s a list of numbers to capture:
Customer acquisition cost -- the cost to acquire a customer.
Customer lifetime value -- the total revenue received from each customer on average.
Churn rate -- the percentage of customers dropping out each month.
Conversion rate -- the percent of customers that convert from a lead each month.
Unit sales per month - the number of total units sold each month and tracked over a six-month period.
Active users -- the number of daily and monthly active users per product.
Cost to build -- the cost to build and deliver each product.
Gross margin per product -- the percentage of revenue after subtracting the cost to build.
Cohort analysis -- the performance of the product after making specific changes. This is often used in A/B testing.
Cost to develop -- the cost and time it takes to create a new product.
It’s important to track this for each product to understand the contribution of the product to profitability.
It also helps in budgeting and forecasting new product development.
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