Which Growth Metrics to Track
More metrics do not mean better growth.
Too many metrics drown the team. Too few metrics create blind spots.
Early products need decision-making metrics, not numbers that only look exciting.
A good metric should answer:
Where do users come from?
Do they start using the product?
Do they experience value?
Do they come back?
Do they pay?
Do they recommend it?
Beware Vanity Metrics
Vanity metrics are not useless, but they can mislead.
Common examples:
Impressions
Likes
Followers
Page views
Downloads
Total signups
Group members
Email open rate
These can provide context, but they do not prove healthy growth.
Examples:
Lots of impressions, no signups
Many signups, no activation
Large group, no discussion
Many downloads, no repeat use
Good open rate, no clicks
Growth should be measured by behavior, not surface heat.
The Metric Tree
Use this chain:
Traffic → Signup → Activation → Retention → Payment → Referral
Each stage asks:
Traffic: are target users arriving?
Signup: do they leave identity?
Activation: do they complete the core action?
Retention: do they come back?
Payment: do they pay for value?
Referral: do they invite others?
If you only track total signups, you cannot see where users get stuck.
Activation Comes First
For many early products, the most important metric is not DAU or revenue.
It is activation.
Activation means the user completes a key action that reveals product value.
Examples:
Resume tool: upload resume and generate first report
SEO tool: enter keyword and get usable long-tail ideas
Cold email tool: import leads and generate first email
Analytics tool: connect data and see first chart
Collaboration tool: create project and invite first member
Activation is not signup.
Signup is the start. Activation means the user saw value.
Retention Is More Honest Than Acquisition
Acquisition can come from campaigns, ads, content, or friends.
Retention is more honest.
If users return, the product may be valuable.
Track:
D1 retention
D7 retention
D30 retention
Weekly active retention
Monthly active retention
Repeat feature usage
Core action repeat rate
Different products have different cycles.
Daily tools track daily retention.
Weekly tools track weekly retention.
Low-frequency but high-value products may track monthly retention or key task completion.
Payment Metrics Need Quality
Revenue matters, but not only the amount.
Track:
Trial-to-paid rate
Payment conversion path
ARPU
MRR
Refund rate
Cancellation rate
Paid user retention
Upgrade rate
Paid user source
If a channel brings many paid users but high refunds, quality may be low.
If another channel brings fewer paid users but high retention and higher value, it may deserve more investment.
Referral Metrics Show Word of Mouth
Referral means users are willing to tell others.
Track:
Invite send rate
Invite acceptance rate
Invited user activation
Referred user retention
Share link CTR
NPS
Organic mentions
Case studies and testimonials
Referral is not only a nice extra.
It often means product value is starting to spread through users.
Split Metrics by Channel
Do not mix all users together.
Segment by channel:
SEO
Reddit
X
YouTube
Xiaohongshu
Product Hunt
Cold email
Referrals
Paid ads
For each channel, track:
Visits
Signups
Activation
Payment
Retention
Cost
User feedback
This tells you which channel brings spectators and which brings customers.
A Minimal Metrics Dashboard
Start with:
Weekly visits
Weekly signups
Weekly activations
Weekly paid users
D7 retention
Main channel conversion rate
Positive user feedback count
One funnel step to improve next week
Do not make it complex too early.
Make sure the dashboard helps weekly decisions.
Metrics Should Lead to Actions
Every metric should connect to an action.
Low visits: improve channels and distribution
Low signup: improve landing page and value proposition
Low activation: improve onboarding and first task
Low retention: check whether core value continues
Low payment: improve pricing, trust, and proof
Low referral: check whether users are truly satisfied
If a metric does not guide action, keep it out of the core dashboard for now.
Summary
Growth metrics should help decisions, not create dashboards for show
Vanity metrics are useful context but cannot replace behavior metrics
Core chain: traffic, signup, activation, retention, payment, referral
Early products should focus on activation
Retention tells the truth more than acquisition
Revenue quality includes refunds, cancellations, source, and retention
Split metrics by channel to find good users
Every metric should lead to an action
Next, we will cover what DAU and MAU really mean.
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