Setting "North Star" metrics: Moving beyond vanity results
We all want hundreds of thousands of post likes, followers, page visits, or email opens, right?
You probably answered with some variation of yes! These statistics are great, they feel good, they’re easy to track and share, but they’re also vanity metrics. Which means that while they’re nice to have, they don’t necessarily show progress and value.
While we do suggest tracking these numbers as they often support your larger goals and the tactics you’ll use, it’s also important to move beyond these results and set “North Star” metrics. 🌟
When you think of a “North Star,” many will likely think of the actual North Star which many have used while navigating at night. You may even think of it in terms of something internal that acts as a guide, like your personal values that help dictate the choices that you make and the directions you take.
Your North Star metrics should act the same way. These metrics should align with your overall mission and goals and they should also help guide your efforts. Beyond that, they should also be measurable, and should reflect customer value.
So how do you figure out what your North Star metric should be? Here are a few things to consider:
How does your product or service benefit your customers
What is the customer journey and/or behaviour
What is your desired outcome and what metrics could you use to measure the success of that outcome
As an example, let’s take a look at a North Star metric from a popular brand many will know: Netflix.
For Netflix, their North Star is Hours Watched.
Let’s take a peek at some of the language on their website, the first thing we see in the about us section is, “We are here to entertain the world, one fan at a time.” Further down, it says, “Whatever you’re into, whatever your mood, Netflix delivers the next series, films and games you’ll obsess over. This is entertainment the world never sees coming – and can’t stop talking about.” They keep users engaged by reaching people all over the world through 50 languages and by sharing personalized recommendations to help users discover content that they love. Many of their shows also become huge culturally and amass a large fandom, such as the series Stranger Things or Squid Games.
With all of that in mind, let’s think back to their North Star: Hours Watched.
We can see that all of these moving parts align and connect. They want to entertain the world and to do so offer shows, movies, and games that are available to users across the world in 50 languages. They share personalized recommendations which often leads to users spending more time watching content on the platform, and then many users will engage with Netflix, other fans, and communities online to discuss the content they watch.
Hopefully this example helped your understanding of a North Star metric and what yours might be, but if you’re not sure what your North Star would be, that’s okay! A marketing professional can help guide you through it and point you in the right direction. 🌟
If you like, you can book a FREE 20-minute consultation with us to get started!