Max Kremer Talking Startup Stories at April's StartupMetricsTO!
I always find that StartupMetricsTO is a great place to hang out with data-driven people, and yesterday was no different.
We had a good mix of product owners, founders and data scientists who attended (some of them regulars) to hear Max Kremer from Trialfire jam on using data to make decisions.
Max started by talking about how “soul crushingly hard” working on a startup is.. if you have a good idea, you won’t get funded.. if you build it - they won’t come. It’s just the plain reality of the way the world operates.
It’s a reminder that all the stories you hear in TechCrunch are outliers, edge cases - for every one victory there are 100 failures.
This is why, as Max points out, its so vital to understand not just metrics but the kinds of metrics that matter for your company. After discovering what matters, Max led us through the scientific method for testing ideas.. you know the old; starting with a hypothesis, testing, learning, iterating.
The key is to start simple, pick one metric:
He likened it to his love of motorcycles and racing. The key metric for motorcycle racing is laptime, to win, you need to optimize key parts of your motorcycle set-up and keep tweaking until you win (because no one remembers 3rd place).
He told stories of his successes at Go2Call & Datastay .. and a not so successful endeavor with Oceanlake.
The unifying message here was; its easy to think of things to track like traffic (duh) and signups (duh) .. but what really makes the difference is measuring and fine-tuning engagement. Which is not so cut and dry.
That notion brought us to how and why he founded Trialfire. For those who aren’t familiar, Trialfire is a very simple way to track “engagement” by the use of pinning particular buttons, sign-up forms, tracking users, and sending all that data seamlessly to your current analytics platforms (GA, Mixpanel, Intercom..).
Max used Trialfire on his own sign-up funnel and tested how engagement might change if the experience in his conversion funnel change. So he swapped two sections around as a test; “Get Tracking Snippet” came first for new users and then they could “Create Pins” to track engagement.
Here are his results before and after:
This result is a prime example of how experience affects engagement which he can accurately measure through the difference in behaviour from the base case to the experiment.
Loved to listen to Max, super smart guy and has a ton of real, no bs, insight on using data to make better products.
Check you all in May at our next event!