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[G1]-PR-9 – Metrics: How platform managers can measure what really matters
[G1]-PR-9 – Metrics:
How platform managers can measure what really matters
Platform
platform metrics need to measure the rate of intrtaction success and the platform that contribute to it
concerned with some occurring on the platform/ some elsewhere
sharing
delivery of value throughout the ecosystem
the creation
big goal
remain focused is the creation of value for all users
improves it's long-term heath and vibrancy
process efficiencies and system enhancements may be important
they facilitate successful interaction among users
encourage the continual growth of positive network effects
strengthens the community
platform create vlaue primarily through the impact of network effects
designing metrics that track the life cycle of the platform
simplicity is a virture when developing metrics
cautions against "vanity metrics"
meet the 3A
accessible
auditable
actionable
answer to the key question
Are people happy enough to continue participating in it actively
METRICS DURING THE MATURITY PHASE
Incremental innovation
Drive innovation
Adapt to users needs
Absorb the missing function from core interaction
Adapt to the change of competitive and regulatory environment
Study the extensions that provide by the developers
High signal to noise ratio
Find out the do the innovations popular or not
Facilitate resource placement
Produce significant value for users.
Maintain the platform’s ability
Measure drivers of value
Measure drivers of innovation
ELEMENTS OF SMART METRICS DESIGN
Simplicity
Actionable
The real metrics
Are people happy enough with the ecosystem to continue participating in it actively?
Accessible
Audiable
Growth phase
monitor the change in size of the user
ensure balance on the two sides of its market
producer-to-consumer ratio
Producers
listings created
outcomes achieved
lifetime value
producer fraud
frequency of participation
interaction failure
Consumers
searches
rate of conversion
encourage loyalty on the part of the most valuable active users
frequency of consumption
interaction conversion rate
enhance the platform's continued growth
side switching rate
maintain balance across its network
the frequency of direct interaction
improve the product design, customer service, and marketing efficiency
startup phase
limited resources
core interaction that benefit both sides of the platform
matching quality
accuracy of the search algorithm
intuitiveness of the navigation tools
platform provides excellent services and goods
seek other users with whom they can engage in value-creating interaction
track the sales conversion rate
can know the percentage of searches that lead to interactions
high quality matching can reduce the searching cost
trust
use superior curation of participants to improve trust
mutual evaluation
Airbnb
photographer verifies the landlord information
liquidity
tracking the percentage of listings that lead to interactions within a given time period
mind illiquid situations
convert curiosity-seekers into active participants and value creators
use comparative metrics
Pipeline
pipeline metrics are designd to gauge the efficiency of the value flow from on end of the pipeline to the other
key numbers like
return on investment
overhead
gross margin
cash flow
operating income
inventory turns
the effiency with which value flows through the pipeline
concerned with the flow of value from one end of the pipeline of the pipeline to the other