Sketchy Ideas

Sketchy Ideas Episode 55: Vanity Metrics Vs. Value Metrics

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4:14 Intro

  • Opening remarks
  • Recap of gut decisions

    • 8:00 Into to vanity metrics

    • They look like positive patterns
    • “Most bad habits feel good, it might even look good at the time like cookies.” -B
    • Constantly getting fed information and your gut check and vanity metrics become less valuable when that happens
    • “There are ways to simplify and measure the value of your data”-B
    • Vanity metrics allow you to begin tracking the wealth of that certain activity
      • Have to ask yourself are your vanity metrics converting to the data that you’re looking for.
      • 3 layers

        • 12:00 Brad Gif

        • “If you’re a sports fan like I am”
        • Baseball example of getting data

          • 15:03

          • Giving example of having a 66 batting average, 2 out of three bats

            • 15:14 Michael Gif

            • “Let’s go one out of three that’s a realistic number” -B

              • 16:00 Are your vanity metrics leading to value metrics

              • Likes and loves are great but are they leading to activity
              • “Are people taking action based on your content” -M
              • Being an influencer has changed meaning.
                • Has everything to do with vanity and nothing to do with value
                • “If you're awesome like michael he’s growing a huge following on social media you should all go follow him on instagram” -B
                • “A lot of you who are doing sales are not evaluating the level of your activity in sales the right way” -B

                  • 20: 38 checkpoints and conversions

                  • If you are not fast enough to get to one point you will not be fast enough to get to the next
                  • It can be challenging to look at profit loss or cash flow
                    • Easy to focus on initial activity
                    • But you need to focus on conversions
                    • Ask how much money is coming in and going out every week

                      • 22:49 importance of collecting data

                      • “Data is extremely important and it is almost more important right now in a world of gut check data” -B
                      • At the root of any business you have money coming in and money coming out, it is important to learn how to measure that.

                        • 24:00 collecting data

                        • “When in doubt collect more data” -M
                        • The delusion gap
                          • Gap between your reality
                          • You are going to make a decision based on how you perceive the world
                          • “Good data reduces delusion gaps. It brings your perception closer to reality and wouldn’t you like to make a decision based on a better understanding of reality?” -M

                            • 26:14 Brad Gif

                            • “Are you saying my delusion gap is like the grand canyon” B

                              • 28:Vanity metrics

                              • They do not give you all the story
                              • “Vanity metrics will save the world” -B
                              • Just because it’s a sketchy idea does not mean it’s not worth exploring” -M

                                • 29:50  - Overview/End remarks

                                • Topics/concepts others have disagreed on, send them our way
                                • Look out for sketchy soiree
                                • [email protected]

                                  • Full Show Notes Here

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