What are the best metrics for measuring customer engagement?
This is similar to people focusing on the wrong data attribute when doing paid advertising, focusing on metrics too high in the funnel or too low in the funnel when you’ve not collected enough data. e.g making a decision to go with a certain advertising funnel after just one purchase is wrong
So with that being said, here are some metrics to measure and when to measure them in your startup journey.
DAU/WAU/MAU – If your product is one where getting customers onto your platform will drive revenue or growth for your company (social media especially) DAU is something you’ll need to consider, however, it comes with a contingency, measuring passive users the same way you measure active users is not beneficial, as they don’t “contribute” in the platform, you need a balance of creators and readers.
So identifying a customer persona from their behaviour and THEN setting up ideal measurement metrics is vital, because if you measure a passive user on the same engagement metrics of an active contributor your startup will look like its failing.
Take Facebook, for example, they have defined personas even when doing paid ads with them, if you’re doing a PPE (Paid post engagement) campaign they show it to people who’re likely to comment/interact vs people who may not do that but purchase
Preferred Actions – This is where you can get very smart, work out the actions of your high LTV customers and work out the actions of your churned customers, this way you can easily see the behaviours of customers who’re most likely to churn vs those who may upgrade or stay longer.
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