Measuring Impact / Success

Tracking the success of a start-up business is crucial as these numbers will let you know what’s doing well and what isn’t – allowing you to insights into what needs to change and where your resources should be going. Regular analysis and adjustment puts businesses on a steady road to success.

How and what can we measure?

Measuring success of the Refresh Application

There are many methods Application developers use to gain insights into the success of their Applications. These include:

Mobile download – the amount of time the app is downloaded
Sign up rates – the amount of times people sign up.
Subsciptions – Which subsciption people are chosing – do they go beyong the tester membership?
Renewall rate – how many people renew their membership?
User growth rate – not only if it is growing but how it is growing. Does it spike due to particular events, places or ways that you advertisement, changes in price, app updates, or other activities?
Session length – how long are people using it.
Retention Rate – The number of users that come back or return after a given time period has passed. Retaining users is generally an indicator of creating a “sticky” or valuable app because people use it on a regular or more consistent basis. Retention Rate = ((CE — CN) / CS)) X 100

CE = number of customers at end of period
CN = number of new customers acquired during period
CS = number of customers at start of period
Daily active visitors – the number of active users who use the app on a daily basis.

Branding success

These are things that would be measured as we go along, we would hope that these would grow with time allowing our business to continue to grow and expand.

Brand awareness – there are several different ways to define brand awareness, including how many times the brand appears in the search engine results, on various social networks, or the “reach” of the brand how many people know about it.
Brand Equity is the “value of your customers’ perceptions of your organisation. It is the market capitalization of a company that isn’t defined by assets, liabilities, revenues, or intellectual property” (Campaigndrive). Ways to measure this are preference metrics such as:

Brand Relevance: The extent to which your customers agree your brand provides unique and specific value that is not offered by your competitors.

Accessibility: The ability to provide your target market with your products/services.

Emotional Connection: Your strength in forming emotional connections with customers, a key factor in loyalty.

Brand Value: A measure of how much your customers are willing to pay for your products and services.

and financial metrics such as:

Price premium over competition, average transaction value, customer lifetime value, rate of sustained growth. (Campaigndrive)

Logistics / Business model success

User feedback – are people using it as a wardrobe replacement?
Amount of rentals
Length of rentals
Success of returns – no damage etc.

Marketing / Social Media Success

SocDir can be a useful source with a list of more than 300 social media metrics tools.

User engagement metrics: metrics around retweets, comments, replies and participants amount of ‘worn stories’ posted.
Brand awareness metrics such as volume, reach, exposure and amplification. How far is our message spreading?
Track URL shares, clicks and conversions. Are people moving through social media to our external site and what do they do once they’re on our site?
Track contributors and influence. Who is participating and what kind of impact do they have? (Entrepreneur.com)