Previously I shared 3 ways that you can use to deal with outliers or missing values in a data set.
Now let me share with you some business insights for startups or to small & medium businesses alike.
Startups have unique business needs and objectives, and as such, they often have different key performance indicators (KPIs) that they use to measure their progress and performance. Here are 10 critical startup KPIs and their use cases:
- Monthly recurring revenue (MRR). This KPI measures the amount of predictable, recurring revenue that a startup generates each month. It’s a key indicator of the sustainability and growth potential of a startup’s business model.
- Customer acquisition cost (CAC). This KPI measures the amount of money that a startup spends to acquire each new customer. It’s an important indicator of the efficiency and effectiveness of a startup’s marketing and sales efforts.
- Lifetime value (LTV). This KPI measures the total amount of money that a customer is expected to spend with a startup over the course of their relationship with the company. It’s an important indicator of the value and appeal of a startup’s products or services.
- Burn rate. This KPI measures the rate at which a startup is using up its available capital, such as funding from investors or revenue from sales. It’s an important indicator of a startup’s financial health and its ability to survive in the long term.
- Net promoter score (NPS). This KPI measures the likelihood that a customer will recommend a startup’s products or services to others. It’s an important indicator of customer satisfaction and loyalty.
- Gross margin. This KPI measures the percentage of revenue that a startup retains after deducting the cost of goods sold. It’s an important indicator of the efficiency and profitability of a startup’s operations.
- Funnel conversion rate. This KPI measures the percentage of leads (prospective customers) that progress through different stages of the sales process and eventually become paying customers. It’s an important indicator of the effectiveness of a startup’s sales and marketing efforts.
- User engagement. This KPI measures the level of interaction and engagement that users have with a startup’s products or services. It’s an important indicator of the value and appeal of a startup’s offerings.
- Retention rate. This KPI measures the percentage of customers who continue to do business with a startup over time. It’s an important indicator of customer loyalty and the effectiveness of a startup’s customer service and support.
- Employee turnover rate. This KPI measures the rate at which employees leave a startup and are replaced by new hires. High employee turnover can be disruptive and costly, so it’s important for startups to track this KPI and work to reduce it.
Need help in crafting these critical insights for your business? Let’s talk or choose which services & pricing suits you.
The content was generated by ChatGPT, a large language model developed by OpenAI. The responses generated by the model are not the original work of the author and are intended for informational purposes only.