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G4-[PR]:Ch9 Metrics (Designing metrics that track the life cycle of the…
G4-[PR]:Ch9 Metrics
Designing metrics that track the life cycle of the platform
the design of the core interaction
the creation of the effective system of curation
focus on issue of monetization
Platform manager will need to devicse metrics
the platform matures and a self-sustaining business model has been developed
Stage 1:Metrics during the startup phase
Three main metrics
Matching Quality
Product or service curation
By tracking the sales conversion rate
Trust
Building trust is central to market place
Airbnb;it takes additional measures to build trust
Liquidity
By tracking the percentage of listings that lead to interactions
Occurence of illiquid situations
User commitment and active usage
Specialized metrics
Number of interactions
Airbnb, Upwork
Interaction capture
amazon
Percentage of active users
Co-creation or consumer relevance
Focus on interaction quality
Time between interactions
Focus on the degree of user commitment to the ecosystem
Producer participation
Engagement per interactions
How platform managers can measure
what really matters
Key metrics to guide
Pipeline businesses modle
The new measurement challenge
metrics of pipeline business
measure the efficiency with which value flow through the pipeline
inventory turns
operating income
cash flow
gross margin
overhead
metrics of platform business
quantify the success of the platform in fostering sustainable repetition of desirable interactions
the factor that contribute to it
the rate of interaction success
maturity running
innovation and metrics closely related
drive innovation
Demand adjustment
eg Absorbtion strategy
SNR
facilitate resource allocation
Growth
identifying and vetting the core metrics
traditional two-side platform
calculate the value
producer side
monitor figures
outcomes achieved
listings created
lifetime value(LTV) of producer
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frequency of producer participation
interaction failure
monitor producer fraud
consumer side
searches
lifetime value(LTV) of consumer
run experiments in an effort to impact the critical determinants
rate of conversion to sale
frequency of consumption
interaction conversion rate
develop smart strategies
new metrics base on
specific objectives
interests
unique characters
Elements of smart metrics design
Make sure metrics meet the 3A’s test
accessible
auditable
Actionable