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.
My friend Kiran Kumar from Compete Shark said it best: “It becomes very powerful when you focus everything on that one metric”. Compete Shark focused on conversion. Every marketing campaign, landing page, and communication was focused on converting people to signup to the product.
A business can live or die based on the one metric. Its easy to communicate to other people and to get everyone aligned.
In addition, you can change the one metric that matters. Its dependent on the business and also the stage you are at. Maybe you’ve nailed that metric and its no longer appropriate for a growth stage company. Perhaps as you mature, its a different metric that you track.
I’m out like the metrics that don’t matter,