What I recommend is picking ONE METRIC. Why? According to Ilter Dumduz from Blys, it brings FOCUS. Yes, the all caps means I’m shouting at you over the internet. Blys chooses to track bookings. When Ilter was at Freelancer, a marketplace to hire freelancers they tracked jobs posted. This was relevant to their business. They would know that the more jobs posted would drive supply to fulfil those jobs. Its the lifeblood of a marketplace business for connecting those looking for freelancers and those who could supply the freelancing skills.
There are a ton of metrics you can measure in your product. You can measure traffic, active users, conversions, signups, churn, MRR (monthly recurring revenue), NPS (net promoter score). Or perhaps its social shares, K Factor, bounce rates, cost per acquisition, lifetime value, and contact rate. There’s a metric available for every aspect of your business. In this blog post I’ll highlight why its important to know the difference between leading vs lagging metrics.