Maximizing Customer Value: Tips for Setting KPIs and Goals with Adora Cheung

Key insights

• 📊
  Setting the right KPIs and goals for a startup is crucial for success, as they provide quantitative metrics that objectively indicate the health of the business and help prioritize time and course correct if needed.
• 💰
  "Your primary metric should quantify how much value you're delivering to your customer, because you obviously want to build something that people want."
• 📰
  If you're building an online digital daily newspaper, a good KPI to track would be daily active users (DAU), as it indicates the value of the content being delivered.
• 💰
  "Picking revenue as a key performance indicator (KPI) is crucial because it shows that people are willing to pay for your product, indicating real value and demand."
• 🌟
  "There's no metric that actually tells the story that tells 100% of the story maybe 90% but not 100% and so sometimes founders fool themselves by literally only tracking their primary metric and nothing else." - Adora Cheung emphasizes the importance of not solely focusing on one metric and ignoring other important aspects of a business's performance.
• 🚀
  Before worrying about metrics and goals, it's important to first understand the problem you're solving and who your customer is.
• 📈
  The goal of a startup is to grow its primary metric, which proves that it is creating something that many people want.
• 💥
  According to Adora Cheung, good startups typically experience growth rates ranging from 20 to 200 percent month over month in their early stages.
• 💡
  You should focus on exponential goals and not linear goals when setting KPIs and goals.