Business Benefits
Get more value and insights from your SaaS data and make smarter and informed business decisions.
Create an iterative SaaS data strategy based on a D.I.G framework.
D.I.G means: Discover (metrics and KPIs), Implement (tools), Grow (reports, dashboards, and training).
Write a list of your customer journey stages using a framework such as Pirate Metrics.
This framework includes: Awareness, acquisition, activation, retention, revenue, and referral.
Create a measurement plan (MP) document for each customer journey stage by making a Google doc with a table of 2 columns.
Column 1 contains 7 rows: Questions to answer, Business objectives, KPIs, Metrics, Segmentation, Targets, Tool(s) selected.
Column 2 contains your thoughts and analysis.
Translate your business needs at each stage into concrete KPIs and enter this information into your MP document.
KPIs are the one or two numbers that show how well you’re doing at each stage. For example, the main KPI of an Activation stage might be, Overall conversion rate (through onboard funnel).
Select metrics that provide more detail on overall performance and help you to better understand the journey.
For example, Activation metrics based on the above KPI might be, First app open/screen view, Avg. app session, and Onboarding funnel completion time (tour).
Choose the tool stack that will be right for your company by analyzing your budget, internal capabilities, and role in the stack.
Ask questions like:
- How much is in the budget to spend on tools?
- How many tools will we need and what do we already have to work with?
- Is my team skilled in languages like SQL or will I need tools to create those reports?
Build a tool stack that considers: data abstraction, marketing attribution, user behavior, in-app messaging, revenue metrics, and qualitative data.
For instance, tools like Segment.com and mParticle can simplify data abstractions and implementation; Heap and Amplitude will track user behavior; Google Analytics and Branch can track marketing attribution data; and Hotjar or Appsee can track qualitative data.
Prepare a tracking plan to outline your development team’s technical jobs.
- Think of events as actions within your product.
- Implement 5-10 events in the first round.
- Within event properties, capture as much data as possible.
- Describe the user with attributes and properties.
- You can also use a template for your tracking plan from tools like Mixpanel, Segment.com, or Amplitude.
Create customer acquisition cost, lifetime value, time period and target comparisons, cohort users, and segmentation reports and dashboards to visualize your KPIs and metrics.
Depending on the KPIs, metrics, and tools you selected, you may create different, or more, reports.
Train your team on how the data is structured and how to use the newly implemented tools.
For example, you can run 1-3 team sessions per month to cover the basics; run 3-5 one-on-one sessions to cover reports important to each team member; and use a tool like Slack to create a dedicated space where people can post questions and quickly get answers and explanations.
Last edited by @hesh_fekry 2023-11-14T15:50:15Z