Wouldn’t it be cool if you gave a prize for milestones like this. So whoever spent the millionth pound wins a trip to Vegas or a Ferrari or something
I’d personally rather that money went in to the product rather than prizes for one person!
I’m not sure Mondo’s cut of the transaction fees minus operational running costs would cover a ferrari…!
Actually I’d be interested in Mondo’s position overall on milestones like this. From Lean Startup/Product management perspective metrics such as total amount spent, users signed up etc are normally viewed as ‘vanity metrics’ as they arent direct indicators of success (when compared to things like repeat spend, referrals, active users, user satisfaction etc against cohorts). For example I worked for a company that were very interested in user growth as a metric however they were just looking at signups, not active usage - in that case an increasing number of people signed up was actually hiding that people weren’t really using the product (hence something that looked good was actually disguising poor performance underneath). This said, these metrics can make for good milestones/PR opportunities (if not barometers of product success)
Does mondo plan to publicise any of its metrics by which it is judging product success/user engagement?
Hey James, good question! You’re totally right that these are vanity metrics – we’re very clear on that internally but it’s always nice as a good feeling kind of thing (and PR ;))
We’d love to share more details about how people are using Mondo – I’ll have a think and chat to people about what and how we might do that. Suffice to say, percentage of active users is one of our key KPIs (and is really high )