Even if you’re a pre-traction pre-revenue startup, there are still key metrics that investors find worth tracking to gauge potential for future success. Here are a few:
👩🦰 Customer Discovery Metrics:
Measure the effectiveness of your customer discovery efforts:
- number of customer interviews conducted,
- insights gathered, and
- iterations made based on feedback: e.g., how popular are new features you developed after the feedback?
📦 Product Development Metrics:
Track progress in product development, including milestones achieved, features built, and product iterations made based on user feedback.
🎯 Market Validation Metrics:
Assess the market validation through metrics like:
- the number of early adopters or beta users,
- their feedback, and
- engagement with the product.
📚 Engagement Metrics:
Even at pre-revenue, you should track user engagement metrics such as active users, time spent on the product, and frequency of use to understand how users are interacting with the product.
🤝 Conversion Metrics:
Measure conversion metrics related to user actions such as signing up for a beta, requesting more information, or providing contact details, to gauge interest and intent.
💰 Cost Metrics:
Keep an eye on costs and burn rate to ensure efficient use of resources and to understand how long the runway is before additional funding is needed.
👩👩👧 Team Metrics:
Track the growth and effectiveness of the team, including key hires made, team dynamics, and skill development.
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