The Power of Measuring Customer Engagement
Talking about Customer Engagement, there are many metrics that could show a user engagement level, i.e. user are considered to be higher engaged if they refer your app to other potential user. Another example would be for returning users – users are more committed to your app if they keep coming back and use your app.
Talking to Mark Kofman, CEO and Co-Founder of 300.mg, these 2 metrics are what’s on his company’s schedule these days and using tools like Totango, help them calculate them correctly and exempt them from developing their own solution in-house.
Sometimes, understanding your users is not as simple as it looks, as it involves human behavior which is not always expected. Also, there are many metrics in the puzzle which complete a whole picture and any SaaS company should be measuring its most converting metrics and properly analyze them in order to grow customer lifetime value and accelerate revenues.
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My name is Mark, and I am CEO. and cofounder of 300.mg.
We’ve built an education center for all your collaboration activities. so we like consolidate all the indications which comes from Dropbox and Google Docs and other things at work with the team. I’d say a couple of months we are in beta right now and doing lots of tweaks and lots of experiments with the application right now.
Since we are coming from 500 start-ups. So, as you might have guessed if you know about Dave McClure’s activation acquisition of AARRR metrics. So, this is probably one of the core things what we do and in addition to the beta we also use a lot of metrics called Virility to understand how our current users actually referring the product to other users.
So, these are the two core things which we do. I think right now one of the most important ones is returning users. Basically, in this we track it simply, if user has been signed up last week like before last week, and if he is still coming back to the applications, so, this what we call a returning user in our system.
Just basically the only thing we are doing, and yeah its like lots of experiments we try out different positioning, ideas, different products, feature improvements. I would say everything what we do is to actually to increase that part, to measure the things which we are trying to achieve, have less metrics probably, not more, and focus on two or three things which we are trying to once and not more.
We try to use the tools and Totango is one of them but clearly something with other people who has built in that, and ideally we would not like to do any calculations or full metrics for this part and overall but there are some components which neither of the tools do, so we to need to do that ourselves.