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Showcase your customers to increase word-of-mouth growth

Source: Growth Bites

Instead of talking about how great his company is, Baird Hall of Wavve talks about how great his customers are. He invites users to tag his company when they post what they've created with his product, and then he shares it. Other companies highlight a customer of the week or show how users achieved success through their products. You could even let customers tell their own stories on your blog — the possibilities are endless. The main idea is that if you feature someone, they're likely to share the content. And they'll feel appreciated, which means they'll stick around and keep spreading the word long afterwards.

What's trending?

8 crucial KPIs you should track for your startup

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In this guide, we’ll break down eight crucial KPIs every startup should track: Activation Rate, Burn Rate, Cash Runway, Customer Churn Rate, DAU/MAU Ratio, Revenue Growth Rate, Monthly Recurring Revenue (MRR), and Annual Run Rate (ARR). Each of these metrics provides valuable insights into different aspects of your business, from user engagement to financial health.

1. Activation Rate

What It Measures:

Activation Rate measures the percentage of new users who take a key action that indicates they have realized value from your product. This key action could be anything from completing an onboarding process to using a core feature.

Why It Matters for Startups:

A high Activation Rate signifies that users are quickly experiencing the value of your product, which is crucial for retention and long-term growth. It’s a sign that your onboarding process and initial user experience are effective.

How to Calculate:

Activation Rate = (Number of users who completed onboarding / Total number of new users) × 100

Example: If 200 out of 500 new users completed the onboarding process, the formula is:

Activation Rate = (200 ÷ 500) × 100 = 40%

Pros:

User Engagement Insight: Shows how well users are engaging with your product right from the start.

Onboarding Effectiveness: Helps assess the effectiveness of your onboarding process.

Cons:

Context-Specific: The key action might vary by product, so it’s important to ensure it aligns with your overall goals.

Not a Full Picture: Does not provide insights into ongoing user engagement or satisfaction.

2. Burn Rate

What It Measures:

Burn Rate refers to the rate at which a startup is spending its capital before reaching profitability. It’s crucial to understand how long your startup can continue operating at its current expenditure levels.

Why It Matters for Startups:

Managing Burn Rate is essential for maintaining financial health. A high burn rate means you’re spending quickly, which could be risky if revenue isn’t increasing at a comparable rate.

How to Calculate:

To calculate the Burn Rate, subtract the total monthly expenses from the total monthly revenue.

Burn Rate = Monthly Expenses – Monthly Revenue

Example: If your monthly expenses are $50,000 and your monthly revenue is $10,000, then:

Burn Rate = $50,000 – $10,000 = $40,000

Pros:

Financial Planning: Helps in budgeting and forecasting how long your current capital will last.

Cost Management: Identifies whether you need to cut costs or find additional funding.

Cons:

Short-Term Focus: A high burn rate might not always reflect the potential for future revenue growth.

Not a Standalone Metric: Should be considered alongside other financial metrics for a comprehensive view.

Find below about other 6 crucial metrics 👇

Turn ZOOM meetings into video marketing

Source: Demand Curve

Good video content does NOT mean it needs to be highly produced.

Try pulling snippets from your Zoom meetings—even internal ones.

For instance, you could pull a 20-second clip about your mission from a strategy meeting about your team’s branding and messaging.

To find these video marketing opportunities:

1. Record your meetings by default.

2. Upload recordings into a transcription tool like Otter.ai or Descript. Then search for key phrases to find share-worthy snippets and write down their timestamps.

3. Transform the snippets into polished clips. You can use a freelance platform like Fiverr or Upwork to find a video editor. Alternatively, if someone on your team has the editing chops, you can do this in-house.

4. Try publishing them on social media, in your newsletter, or on your website.

It's unorthodox for sure. But we're always fans of experimenting, especially when it's simple.

Thank you for reading! ✌️

We look forward to sharing more with you next week. Stay tuned!

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