Fast Company has a cover story on BuzzFeed this month. In it, Dao — our publisher, and my former boss — talks at length about how we interpret data at BuzzFeed. She even dives deep into how we do things on the newsletter team!
I want to highlight one passage. When asked, Is the newsletter team looking at click-through rate? (click-through rate is a way to measure what percentage of readers who open a newsletter click through to a piece of content on our site), she answered:
For a long time, it was: you want to get subscribers up, you want to get clicks up, you want to get unsubscribes down. But one of the things we talk about all the time is there is no one metric you are optimizing for. Anyone who just optimizes to one metric is going to eventually have a problem. This obsession over time spent. In some way I feel that sort of rhetoric has died down. There really is no one metric.
I’ve learned a lot from Dao over the years. But one sentence in there really drives home Dao’s biggest message: “Anyone who just optimizes to one metric is going to eventually have a problem.”
What we’ve learned with newsletters is that there is no “silver bullet” metric. If you try to optimize your email for open rate, you’ll try to game the system with headlines that entice subscribers to click. (Case in point: “You’re Fired.”) But if you overpromise and underdeliver, you’ll lose subscribers in the long run. If you try to optimize for clicks, you’ll use bold colors and buttons. It’ll work well at first — but readers will learn to tune them out. There are dozens of other metrics out there for email. And what Dao’s taught me is true: If you focus all of your energy on a single metric, in the long run, you’ll fail.
So what we do at BuzzFeed is keep an eye on about five key metrics.[2. The five big ones right now: Subscription rate, open rate, click rate, clicks per 1000, mobile open rates.] Knowing what matters most allows us to get a better understanding of how readers are using our newsletters. The data isn’t the full story — we still have to interpret it and figure out what our readers are trying to tell us from it. But in the long run, those data points help us iterate and build a better product.
And the same is true for any product you want to build. Try to pick a few metrics that give you a complete picture of the success of your work. If you’re a basketball coach, you can’t just tell your team to focus on 3-point shooting percentage — because that ignores huge metrics (rebounding, defensive field goal percentage, turnovers) that also make a difference in the outcome in a game. If you’re an app designer and the only metric is total downloads, you’ll do anything to game the system to get more downloads — while possibly neglecting an important set of metrics that can measure how much people like and use your app.
Point is: There is no silver bullet. The sooner you stop chasing one, the sooner you can start working to build a more complete product.
At top, a screenshot of BuzzFeed.com a decade ago.