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16 个创业关注指标-16 Startup Metrics

16 Startup Metrics 16 创业指标

翻译情况:AI翻译,人工未校对

原文地址:https://a16z.com/2015/08/21/16-metrics/

Summary:We have the privilege of meeting with thousands of entrepreneurs every year, and in the course of those discussions are presented with all kinds of numbers, measures, and metrics that illustrate the promise and health of a particular company.Ultimately, though, good metrics aren’t about raising money from VCs — they’re about running the business in a way where founders know how and why certain things are working (or not) … and can address or adjust accordingly.One common problem with CAC metrics is failing to include all the costs incurred in user acquisition such as referral fees, credits, or discounts.Especially in early stage startups, it’s important to know and monitor burn rate as companies fail when they are running out of cash and don’t have enough time left to raise funds or reduce expenses.

//摘要:我们有幸每年与成千上万的企业家会面,在这些讨论的过程中,我们会收到各种数字、措施和指标,以说明特定公司的承诺和健康状况.不过,最终,好的指标并不是为了从风险投资人那里筹集资金–它们是关于以创始人知道某些事情如何以及为什么有效(或无效)的方式运行业务……并可以相应地解决或调整。 CAC指标的一个常见问题是没有包括用户获取中产生的所有成本,如推荐费、积分或折扣.特别是在早期创业公司中,了解和监控烧钱率非常重要,因为公司在现金耗尽,没有足够的时间来筹集资金或减少开支时就会失败。

We have the privilege of meeting with thousands of entrepreneurs every year, and in the course of those discussions are presented with all kinds of numbers, measures, and metrics that illustrate the promise and health of a particular company. Sometimes, however, the metrics may not be the best gauge of what’s actually happening in the business, or people may use different definitions of the same metric in a way that makes it hard to understand the health of the business.

我们每年都有幸与成千上万的创业者会面,在这些讨论的过程中,我们会看到各种各样的数字、措施和指标,来说明特定公司的承诺和健康状况。然而,有时候,这些指标可能并不是衡量企业实际情况的最佳标准,或者人们对同一指标的定义不同,很难理解企业的健康状况。

So, while some of this may be obvious to many of you who live and breathe these metrics all day long, we compiled a list of the most common or confusing ones. Where appropriate, we tried to add some notes on why investors focus on those metrics. Ultimately, though, good metrics aren’t about raising money from VCs — they’re about running the business in a way where founders know how and why certain things are working (or not) … and can address or adjust accordingly.

因此,虽然其中一些可能对许多整天生活和呼吸这些指标的人来说是显而易见的,但我们编制了一份最常见或最令人困惑的清单。在适当的地方,我们试图添加一些关于投资者为什么关注这些指标的说明。不过,最终,好的指标并不是为了从风险投资人那里筹集资金–它们是关于以一种创始人知道某些事情如何以及为什么有效(或无效)……并能相应地解决或调整的方式来运营业务。

A common mistake is to use bookings and revenue interchangeably, but they aren’t the same thing.

一个常见的错误是将预订量和收入互换使用,但它们不是一回事。

Bookings is the value of a contract between the company and the customer. It reflects a contractual obligation on the part of the customer to pay the company.

预订量是公司与客户之间的合同价值。它反映了客户向公司付款的合同义务。

Revenue is recognized when the service is actually provided or ratably over the life of the subscription agreement. How and when revenue is recognized is governed by GAAP.

收入在实际提供服务时确认,或在订购协议的有效期内按比例确认。收入的确认方式和时间受公认会计准则的约束。

Letters of intent and verbal agreements are neither revenue nor bookings.

意向书和口头协议既不属于收入,也不属于预订。

Investors more highly value companies where the majority of total revenue comes from product revenue (vs. from services). Why? Services revenue is non-recurring, has much lower margins, and is less scalable. Product revenue is the what you generate from the sale of the software or product itself.

投资者更看重那些总收入中大部分来自产品收入(相对于服务)的公司。为什么呢?服务收入是非经常性的,利润率低得多,而且可扩展性较差。产品收入是指你从软件或产品本身的销售中获得的收入。

ARR (annual recurring revenue) is a measure of revenue components that are recurring in nature. It should exclude one-time (non-recurring) fees and professional service fees.

ARR(年度经常性收入)是对经常性收入部分的衡量。它应该不包括一次性(非经常性)费用和专业服务费。

ARR per customer: Is this flat or growing? If you are upselling or cross-selling your customers, then it should be growing, which is a positive indicator for a healthy business.

每个客户的ARR。是持平还是增长?如果您正在向上销售或交叉销售您的客户,那么它应该是增长的,这是一个健康业务的积极指标。

MRR (monthly recurring revenue): Often, people will multiply one month’s all-in bookings by 12 to get to ARR. Common mistakes with this method include: (1) counting non-recurring fees such as hardware, setup, installation, professional services/ consulting agreements; (2) counting bookings (see #1).

MRR(每月经常性收入)。通常情况下,人们会将一个月的所有预订量乘以12,得出ARR。这种方法的常见错误包括 (1)计算非经常性费用,如硬件、设置、安装、专业服务/咨询协议;(2)计算预订量(见#1)。

While top-line bookings growth is super important, investors want to understand how profitable that revenue stream is. Gross profit provides that measure.

虽然顶线预订量的增长是超级重要的,但投资者希望了解该收入流的盈利情况。毛利提供了这种衡量标准。

What’s included in gross profit may vary by company, but in general all costs associated with the manufacturing, delivery, and support of a product/service should be included.

毛利中包含的内容可能因公司而异,但一般来说,与产品/服务的制造、交付和支持相关的所有成本都应该包括在内。

So be prepared to break down what’s included in — and excluded — from that gross profit figure.

因此,要准备好将毛利数字中包括的内容和不包括的内容进行细分。

#4 Total Contract Value (TCV) vs. Annual Contract Value (ACV)

#4 总合同价值(TCV)与年合同价值(ACV)

TCV (total contract value) is the total value of the contract, and can be shorter or longer in duration. Make sure TCV also includes the value from one-time charges, professional service fees, and recurring charges.

TCV(合同总价值)是合同的总价值,期限可以较短或较长。确保TCV也包括一次性费用、专业服务费和经常性费用的价值。

ACV (annual contract value), on the other hand, measures the value of the contract over a 12-month period. Questions to ask about ACV:

另一方面,ACV(年度合同价值)衡量的是12个月内合同的价值。关于ACV要问的问题。

What is the size? Are you getting a few hundred dollars per month from your customers, or are you able to close large deals? Of course, this depends on the market you are targeting (SMB vs. mid-market vs. enterprise).

规模是多少?你是每月从客户那里获得几百美元,还是能够完成大笔交易?当然,这取决于你所针对的市场(中小企业vs.中型市场vs.企业)。

Is it growing (and especially not shrinking)? If it’s growing, it means customers are paying you more on average for your product over time. That implies either your product is fundamentally doing more (adding features and capabilities) to warrant that increase, or is delivering so much value customers (improved functionality over alternatives) that they are willing to pay more for it.

它是否在增长(尤其是没有萎缩)?如果是增长的,那就意味着随着时间的推移,客户平均要为你的产品支付更多的费用。这意味着要么你的产品从根本上做了更多的事情(增加了功能和能力)来保证这种增长,要么就是为客户提供了这么多的价值(比其他产品功能更完善),以至于他们愿意为它支付更多的费用。

See also this post on ACV.

也请参考这篇关于ACV的文章。

Lifetime value is the present value of the future net profit from the customer over the duration of the relationship. It helps determine the long-term value of the customer and how much net value you generate per customer after accounting for customer acquisition costs (CAC).

终身价值是指在关系存续期间从客户那里获得的未来净利润的现值。它有助于确定客户的长期价值,以及在计入客户获取成本(CAC)后,你为每个客户创造了多少净价值。

A common mistake is to estimate the LTV as a present value of revenue or even gross margin of the customer instead of calculating it as net profit of the customer over the life of the relationship.

一个常见的错误是将LTV估计为收入的现值,甚至是客户的毛利率,而不是将其计算为客户在关系期内的净利润。

Note, if you have only few months of data, the conservative way to measure LTV is to look at historical value to date. Rather than predicting average life span and estimating how the retention curves might look, we prefer to measure 12 month and 24 month LTV.

请注意,如果你只有几个月的数据,保守的衡量LTV的方法是看迄今为止的历史价值。与其预测平均寿命和估计留存曲线的样子,我们更倾向于衡量12个月和24个月的LTV。

Another important calculation here is LTV as it contributes to margin. This is important because a revenue or gross margin LTV suggests a higher upper limit on what you can spend on customer acquisition. Contribution Margin LTV to CAC ratio is also a good measure to determine CAC payback and manage your advertising and marketing spend accordingly.

这里的另一个重要计算是LTV,因为它有助于利润率。这一点很重要,因为收入或毛利率LTV表明你可以在客户获取上花费更高的上限。贡献利润率LTV与CAC的比率也是一个很好的衡量标准,可以确定CAC的回报率,并据此管理你的广告和营销支出。

See also Bill Gurley on the “dangerous seductions” of the lifetime value formula.

另见比尔-古利关于终身价值公式的 “危险诱惑”。

In marketplace businesses, these are frequently used interchangeably. But GMV does not equal revenue!

在市场业务中,这些经常被交替使用。但GMV不等于收入!

GMV (gross merchandise volume) is the total sales dollar volume of merchandise transacting through the marketplace in a specific period. It’s the real top line, what the consumer side of the marketplace is spending. It is a useful measure of the size of the marketplace and can be useful as a “current run rate” measure based on annualizing the most recent month or quarter.

GMV(gross merchandise volume)是指在特定时期内通过市场交易的商品的总销售金额。它是真正的顶线,是市场上消费者方面的支出。它是衡量市场规模的有用尺度,可以作为基于最近一个月或一个季度的年度化的 “当前运行率 “的有用尺度。

Revenue is the portion of GMV that the marketplace “takes”. Revenue consists of the various fees that the marketplace gets for providing its services; most typically these are transaction fees based on GMV successfully transacted on the marketplace, but can also include ad revenue, sponsorships, etc. These fees are usually a fraction of GMV.

收入是指市场 “拿走 “GMV的部分。收入包括市场因提供服务而获得的各种费用;最典型的是基于市场上成功交易的GMV的交易费用,但也可以包括广告收入、赞助等。这些费用通常是GMV的一小部分。

In a SaaS business, this is the cash you collect at the time of the booking in advance of when the revenues will actually be realized.

在SaaS业务中,这是你在预订时提前收取的现金,而不是实际实现收入的时间。

As we’ve shared previously, SaaS companies only get to recognize revenue over the term of the deal as the service is delivered — even if a customer signs a huge up-front deal. So in most cases, that “booking” goes onto the balance sheet in a liability line item called deferred revenue. (Because the balance sheet has to “balance,” the corresponding entry on the assets side of the balance sheet is “cash” if the customer pre-paid for the service or “accounts receivable” if the company expects to bill for and receive it in the future). As the company starts to recognize revenue from the software as service, it reduces its deferred revenue balance and increases revenue: for a 24-month deal, as each month goes by deferred revenue drops by 1/24th and revenue increases by 1/24th.

正如我们之前分享过的,SaaS公司只有在服务交付时才能在交易期限内确认收入–即使客户签署了巨额的前期交易。因此,在大多数情况下,这种 “预订 “会在资产负债表中的负债项目中被称为递延收入。因为资产负债表必须 “平衡”,所以如果客户预付了服务费用,那么资产负债表资产端对应的分录就是 “现金”;如果公司预计未来会开单并收到服务,那么对应的分录就是 “应收账款”)。当公司开始确认软件作为服务的收入时,它减少了递延收入余额,增加了收入:对于24个月的交易,随着每个月的推移,递延收入下降1/24,收入增加1/24。

A good proxy to measure the growth — and ultimately the health — of a SaaS company is to look at billings, which is calculated by taking the revenue in one quarter and adding the change in deferred revenue from the prior quarter to the current quarter. If a SaaS company is growing its bookings (whether through new business or upsells/renewals to existing customers), billings will increase.

衡量一家SaaS公司的增长–以及最终的健康状况–的一个很好的代理是看账单,账单的计算方法是将一个季度的收入加上上一季度到当前季度的递延收入变化。如果一家SaaS公司的预订量在增长(无论是通过新业务还是对现有客户的追加销售/续约),计费就会增加。

Billings is a much better forward-looking indicator of the health of a SaaS company than simply looking at revenue because revenue understates the true value of the customer, which gets recognized ratably. But it’s also tricky because of the very nature of recurring revenue itself: A SaaS company could show stable revenue for a long time — just by working off its billings backlog — which would make the business seem healthier than it truly is. This is something we therefore watch out for when evaluating the unit economics of such businesses.

与简单地看收入相比,计费是衡量一家SaaS公司健康状况的一个更好的前瞻性指标,因为收入低估了客户的真实价值,而客户的价值会被按比例确认。但这也很棘手,因为经常性收入本身的性质。一家SaaS公司可能会在很长一段时间内显示出稳定的收入–只是通过努力消除其账单积压–这将使业务看起来比实际情况更健康。因此,我们在评估这类企业的单位经济效益时要注意这一点。

Customer acquisition cost or CAC should be the full cost of acquiring users, stated on a per user basis. Unfortunately, CAC metrics come in all shapes and sizes.

客户获取成本或CAC应该是获取用户的全部成本,以每个用户为单位进行说明。不幸的是,CAC指标有各种形式和规模。

One common problem with CAC metrics is failing to include all the costs incurred in user acquisition such as referral fees, credits, or discounts. Another common problem is to calculate CAC as a “blended” cost (including users acquired organically) rather than isolating users acquired through “paid” marketing. While blended CAC [total acquisition cost / total new customers acquired across all channels] isn’t wrong, it doesn’t inform how well your paid campaigns are working and whether they’re profitable.

CAC指标的一个常见问题是没有包括用户获取过程中产生的所有成本,如推荐费、积分或折扣。另一个常见的问题是将CAC作为一个 “混合 “成本来计算(包括通过有机方式获得的用户),而不是孤立地计算通过 “付费 “营销获得的用户。虽然混合CAC[总获取成本/跨所有渠道获取的新客户总数]并没有错,但它并不能告知你的付费营销活动效果如何,以及是否盈利。

This is why investors consider paid CAC [total acquisition cost/ new customers acquired through paid marketing] to be more important than blended CAC in evaluating the viability of a business — it informs whether a company can scale up its user acquisition budget profitably. While an argument can be made in some cases that paid acquisition contributes to organic acquisition, one would need to demonstrate proof of that effect to put weight on blended CAC.

这就是为什么投资者认为付费CAC[通过付费营销获得的新客户的总获取成本/比混合CAC在评估企业可行性时更为重要的原因–它能说明一家公司是否能有利地扩大其用户获取预算。虽然在某些情况下可以认为付费获取有助于有机获取,但人们需要证明这种效果,才会重视混合CAC。

Many investors do like seeing both, however: the blended number as well as the CAC, broken out by paid/unpaid. We also like seeing the breakdown by dollars of paid customer acquisition channels: for example, how much does a paying customer cost if they were acquired via Facebook?

然而,许多投资者喜欢同时看到这两方面的数据:按付费/非付费分类的混合数据和CAC。我们还喜欢看到按美元划分的付费客户获取渠道的明细:例如,如果一个付费客户是通过Facebook获取的,那么他们的成本是多少?

Counterintuitively, it turns out that costs typically go up as you try and reach a larger audience. So it might cost you $1 to acquire your first 1,000 users, $2 to acquire your next 10,000, and $5 to $10 to acquire your next 100,000. That’s why you can’t afford to ignore the metrics about volume of users acquired via each channel.

与直觉相反,事实证明,当你试图接触更多的受众时,成本通常会上升。因此,你获取第一个1000个用户可能需要1美元,获取下一个1万个用户需要2美元,获取下一个10万个用户需要5到10美元。这就是为什么你不能忽视通过每个渠道获取用户量的指标。

Different companies have almost unlimited definitions for what “active” means. Some charts don’t even define what that activity is, while others include inadvertent activity — such as having a high proportion of first-time users or accidental one-time users.

不同的公司对 “活跃 “的含义几乎有无限的定义。有些图表甚至没有定义这种活跃度是什么,而另一些图表则包括了无意中的活动–比如拥有高比例的首次用户或意外的一次性用户。

Be clear on how you define “active.”

要明确你如何定义 “活跃度”。

Often this measured as the simple average of monthly growth rates. But investors often prefer to measure it as CMGR (Compounded Monthly Growth Rate) since CMGR measures the periodic growth, especially for a marketplace.

通常这种衡量方式是月增长率的简单平均值。但投资者往往喜欢用CMGR(复合月增长率)来衡量,因为CMGR衡量的是周期性增长,尤其是对于一个市场来说。

Using CMGR [CMGR = (Latest Month/ First Month)^(1/# of Months) -1] also helps you benchmark growth rates with other companies. This would otherwise be difficult to compare due to volatility and other factors. The CMGR will be smaller than the simple average in a growing business.

使用CMGR[CMGR=(最近一个月/第一个月)^(1/#个月)-1]还可以帮助你与其他公司的增长率进行对标。否则,由于波动性和其他因素,将很难进行比较。在一个成长型企业中,CMGR会比简单的平均数小。

There’s all kinds of churn — dollar churn, customer churn, net dollar churn — and there are varying definitions for how churn is measured. For example, some companies measure it on a revenue basis annually, which blends upsells with churn.

有各种各样的流失–美元流失、客户流失、美元净流失–对于如何衡量流失,有不同的定义。例如,有些公司以每年的收入为基础来衡量,这就把上销和流失混为一谈。

Investors look at it the following way:

投资者则从以下几个方面来看。

It is also important to differentiate between gross churn and net revenue churn —

区分毛流失和净收入流失也很重要 —

Gross churn: MRR lost in a given month/MRR at the beginning of the month.

毛流失率。某月损失的MRR/月初的MRR。

Net churn: (MRR lost minus MRR from upsells) in a given month/MRR at the beginning of the month.

净流失率(Net churn):指某月损失的MRR减去追加销售的MRR。(MRR损失减去上行销售的MRR)在某月/月初的MRR。

The difference between the two is significant. Gross churn estimates the actual loss to the business, while net revenue churn understates the losses (as it blends upsells with absolute churn).

两者之间的差异是显著的。毛流失率估计了企业的实际损失,而净收入流失率则低估了损失(因为它把追加销售和绝对流失率混在一起)。

Burn rate is the rate at which cash is decreasing. Especially in early stage startups, it’s important to know and monitor burn rate as companies fail when they are running out of cash and don’t have enough time left to raise funds or reduce expenses. As a reminder, here’s a simple calculation:

烧损率是指现金减少的速度。特别是在早期创业公司中,了解和监控烧损率非常重要,因为公司在现金耗尽,没有足够的时间来筹集资金或减少开支时就会失败。提醒一下,这里有一个简单的计算方法。

Monthly cash burn = cash balance at the beginning of the year minus cash balance end of the year / 12

每月现金烧损率=年初的现金余额减去年底的现金余额 / 12

It’s also important to measure net burn vs. gross burn:

衡量净烧钱与毛烧钱也很重要。

Net burn [revenues (including all incoming cash you have a high probability of receiving) – gross burn] is the true measure of amount of cash your company is burning every month.

净消耗[收入(包括所有你很有可能收到的现金)-毛消耗]是衡量你的公司每个月燃烧的现金数量的真实标准。

Gross burn on the other hand only looks at your monthly expenses + any other cash outlays.

另一方面,毛烧伤只看你每月的支出+任何其他现金支出。

Investors tend to focus on net burn to understand how long the money you have left in the bank will last for you to run the company. They will also take into account the rate at which your revenues and expenses grow as monthly burn may not be a constant number.

投资者倾向于关注净烧钱,以了解你留在银行里的钱能让你持续多久来经营公司。他们也会考虑到你的收入和支出的增长速度,因为每月的烧钱可能不是一个固定的数字。

See also Fred Wilson on burn rate.

也请参考弗雷德-威尔逊关于烧钱率的说法。

Downloads (or number of apps delivered by distribution deals) are really just a vanity metric.

下载量(或分销交易交付的应用数量)其实只是一个虚荣的指标。

Investors want to see engagement, ideally expressed as cohort retention on metrics that matter for that business — for example, DAU (daily active users), MAU (monthly active users), photos shared, photos viewed, and so on.

投资人希望看到参与度,理想的情况是以对该企业重要的指标–例如DAU(日活跃用户)、MAU(月活跃用户)、分享的照片、浏览的照片等–的队列留存来表示。

Cumulative charts by definition always go up and to the right for any business that is showing any kind of activity. But they are not a valid measure of growth — they can go up-and-to-the-right even when a business is shrinking. Thus, the metric is not a useful indicator of a company’s health.

根据定义,累积图表对于任何显示任何活动的业务来说,总是向上和向右。但它们并不是衡量增长的有效指标–即使在业务萎缩的情况下,它们也会向上和向右走。因此,该指标不是衡量公司健康状况的有用指标。

Investors like to look at monthly GMV, monthly revenue, or new users/customers per month to assess the growth in early stage businesses. Quarterly charts can be used for later-stage businesses or businesses with a lot of month-to-month volatility in metrics.

投资者喜欢看月GMV、月营收或每月新增用户/客户数来评估早期企业的增长情况。季度图可以用于后期企业或指标月度波动较大的企业。

There a number of such tricks, but a few common ones include not labeling the Y-axis; shrinking scale to exaggerate growth; and only presenting percentage gains without presenting the absolute numbers. (This last one is misleading since percentages can sound impressive off a small base, but are not an indicator of the future trajectory.)

这样的技巧有很多,但常见的几种包括:不标注Y轴;缩小比例夸大增长;只呈现百分比收益而不呈现绝对数字。最后一个是误导性的,因为百分比在一个小的基数上听起来令人印象深刻,但不是未来轨迹的指标)。

It’s fine to present metrics in any order as you tell your story.

在你讲故事的时候,以任何顺序呈现指标都可以。

When initially evaluating businesses, investors often look at GMV, revenue, and bookings first because they’re an indicator of the size of the business. Once investors have a sense of the the size of the business, they’ll want to understand growth to see how well the company is performing. These basic metrics, if interesting, then compel us to look even further.

在最初评估企业时,投资者通常会先看GMV、收入和预订量,因为它们是企业规模的指标。一旦投资者对企业的规模有了感觉,他们就会想了解增长情况,看看公司的表现如何。这些基本指标如果有趣,那么就会迫使我们看得更远。

As one of our partners who recently had a baby observes here: It’s almost like doing a health check for your baby at the pediatrician’s office. Check weight and height, and then compare to previous estimates to make sure things look healthy before you go any deeper!

正如我们一位最近生了孩子的合伙人在这里观察到的那样。这几乎就像在儿科医生的办公室为你的孩子做健康检查一样。检查体重和身高,然后与之前的估计值进行比较,以确保事情看起来很健康,然后再进行更深入的检查!

 

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#revenue #CAC #metrics #company #business #customer #month #收入

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