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I Spent a Year Collecting Data, and All I Got Was This Lousy Pie Chart: Metric Design and…
- Collecting data for business intelligence requires careful consideration to avoid gathering unnecessary information.
- Start data collection by focusing on the end goal and the metrics needed for planned developments.
- Avoid collecting data just for the sake of it and prioritize essential metrics like daily active users for initial tracking.
- North Star metrics, such as revenue, retention, and customer acquisition, provide a high-level overview of business performance.
- Underneath North Star metrics are input metrics that offer more detailed insights and are useful for A/B testing.
- Developing a comprehensive set of metrics helps in tracking business success and identifying areas for improvement.
- Having intentional data collection and a robust metric system allows for real-time insights and proactive interventions.
- Continuing with metric design involves either diving deeper into existing metrics or expanding the range of metrics to track.
- Choosing the right data features at the appropriate time is crucial for building a network of valuable metrics for business analysis.
- Careful data collection and strategic selection of features lay the foundation for deriving meaningful insights and driving business decisions.
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