How to Determine Your One Key Metric | Ep. #370

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 5 August 2017

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

In Episode #370, Eric and Neil discuss how to determine your one key metric. When you establish a set goal or priority, then all your tasks will follow suit to achieve that goal. But what IS that one measure that you look to as a company? Tune in to know what your one key metric is and why knowing what you’re after will set you up for success. Time Stamped Show Notes: 00:27 – Today’s topic: How to Determine Your One Key Metric 00:36 – Josh Elman coined the term "one key metric" 00:40 – When starting a business and using Twitter, your one key metric will be the number of tweets you want to hit 01:09 – First, determine how people are using your product—the core functionality of your product 01:20 – Then figure out if that one key metric is the one to go after, then work from there 01:35 – “Figure out what you’re really after and what’s going to impact that” 01:40 – If you want to increase your revenue, figure out the different sources of revenue 02:09 – Then you can have control and manage that one key metric 02:21 – The purpose of Airbnb is to book a place to stay 02:26 – The core action is searching and booking your accommodations 02:36 – Another example is Yelp where you find different local businesses and review them 03:18 – Neil’s one key metric for Crazy Egg is the number of tests done a day 03:43 – Marketing School is giving away a free 1 year subscription to Crazy Egg which is a heat mapping tool that helps you increase your conversion rate 04:28 – Go to SingleGrain.com/giveaway for multiple entries 04:33 – That’s it for today’s episode! 3 Key Points: Knowing your one key metric helps you focus your tasks accordingly. Establish what you’re really after and what’s going to influence that. If you want to increase your revenue, then think solely on your sources of revenue. Leave some feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with us: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Get ready for your daily dose of marketing strategies and tactics from
0:06.8	entrepreneurs with the guile and experience to help you find success in any
0:11.4	marketing capacity. You're listening to marketing school with
0:14.9	your instructors Neil Patel and Eric Sue.
0:18.6	All right guys before we start we got a special message from our sponsor.
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0:31.5	The faster your website loads, the better off you are. With
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0:38.5	site for low time. And one easy way to do it is use the host that Eric and I use dream host so just go to
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0:50.8	low time.
0:51.8	Welcome to another episode of marketing school.
0:55.0	I'm Erratu.
0:56.0	And I'm Neil Patel.
0:58.0	And today we're going to talk about how to determine your one key metric.
1:01.0	So this is some lingo from startup land,
1:04.2	and this is a term that I learned back in the day
1:07.0	from Josh Elman.
1:08.2	So just a refresher on the one key metric.
1:10.9	This is when you're starting a business out, let's say your
1:13.7	Twitter for example, right? And your one key metric is to get a user up to you know a
1:17.9	certain amount of you know tweets for example or for Facebook it's they wanted to get people up to, you know, 10 friends or so because they know it once they got people to 10 friends, then you know, they would be a lot more engaging user, and that's the kind of user that they wanted.
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