How do you measure the impact of your experiments and learnings?

1 Define your metrics

Before you run any experiment, you need to define what metrics you want to measure and why. Metrics are indicators of how well you are achieving your goals and testing your hypotheses. They should be specific, measurable, actionable, relevant, and time-bound (SMART). For example, if you want to test the demand for your product, you might measure the number of sign-ups, downloads, or purchases in a given period. You should also set a target or benchmark for each metric, based on your assumptions or previous data.

3 Analyze your data

Once you have collected your data, you need to analyze it and draw insights from it. You should compare your actual results with your expected results, and look for patterns, trends, gaps, and anomalies. You should also use statistical tools and techniques to validate your findings and avoid biases and errors. For example, you might use charts, graphs, tables, averages, percentages, standard deviations, confidence intervals, and hypothesis testing. You should also document your data and analysis, and share it with your team and stakeholders.

4 Learn from your experiments

The ultimate goal of running experiments is to learn from them and use them to improve your product and business. You should summarize your key learnings and implications, and communicate them clearly and concisely. You should also identify the next steps and actions you need to take based on your learnings. For example, you might decide to iterate on your product features, pivot to a different customer segment, or scale up your marketing efforts. You should also celebrate your successes and failures, and foster a culture of learning and experimentation in your organization.

5 Repeat the process

Running experiments and learning from them is not a one-time activity, but a continuous process. You should always be testing new assumptions and hypotheses, and measuring new metrics and outcomes. You should also be open to feedback and change, and adapt to the changing needs and preferences of your customers and the market. You should also review and refine your methods and tools, and use best practices and standards to ensure the quality and reliability of your experiments and learnings.

6 Use online tools

To help you measure the impact of your experiments and learnings, you can use various online tools and platforms that offer features and functions to design, run, track, and analyze your experiments. Some examples are Google Analytics, Optimizely, Lean Canvas, SurveyMonkey, UserTesting, and Launchrock. You can also use online courses, books, blogs, podcasts, and communities to learn more about lean startup and experimentation.