How to Determine Your One Key Metric | Ep. #370

<p>In Episode #370, Eric and Neil discuss how to determine your one key metric. When you establish a set goal or priority, then all your tasks will follow suit to achieve that goal. But what IS that one measure that you look to as a company? Tune in to know what your one key metric is and why knowing what you’re after will set you up for success.</p> <h3>Time Stamped Show Notes:</h3> <ul> <li>00:27 – Today’s topic: <em>How to Determine Your One Key Metric</em></li> <li>00:36 – <a href="https://medium.com/@joshelman">Josh Elman</a> coined the term <a href= "https://medium.com/@joshelman/the-only-metric-that-matters-ab24a585b5ea"> "one key metric"</a></li> <li>00:40 – When starting a business and using Twitter, your one key metric will be the number of tweets you want to hit</li> <li>01:09 – First, determine how people are using your product—the core functionality of your product <ul> <li>01:20 – Then figure out if that one key metric is the one to go after, then work from there</li> </ul> </li> <li>01:35 – “Figure out what you’re really after and what’s going to impact that”</li> <li>01:40 – If you want to increase your revenue, figure out the different sources of revenue <ul> <li>02:09 – Then you can have control and manage that one key metric</li> </ul> </li> <li>02:21 – The purpose of <a href= "https://www.airbnb.com/">Airbnb</a> is to book a place to stay <ul> <li>02:26 – The core action is searching and booking your accommodations</li> </ul> </li> <li>02:36 – Another example is <a href= "https://www.yelp.com">Yelp</a> where you find different local businesses and review them</li> <li>03:18 – Neil’s one key metric for <a href= "https://www.crazyegg.com/">Crazy Egg</a> is the number of tests done a day</li> <li>03:43 – <a href="http://marketingschool.io/">Marketing School</a> is giving away a free 1 year subscription to Crazy Egg which is a heat mapping tool that helps you increase your conversion rate <ul> <li>04:28 – Go to <a href= "http://singlegrain.com/giveaway">SingleGrain.com/giveaway</a> for multiple en