← Market

Funnel and Metrics - AAARRR

Background

Often referred to as the ‘Pirate Funnel’, these are the items that comprise the canonical AAARRR funnel metrics acronym (see https://userguiding.com/blog/pirate-metrics-aaarrr/):

The 6 metrics of the Pirate Funnel: AAARRR

  • Awareness – How many people do you reach?
  • Acquisition – How many people visit your website?
  • Activation – How many people are taking the first step? (For example, sign up, download an app, or submit their first comment.)
  • Retention – How many people come back for a second/third/tenth time?
  • Revenue – How many people start paying? And how much do they pay?
  • Referral – How many people recommend your company to their friends?

Given the nature of our business, we can’t make use of these as-is. Instead, we have to adapt them to our needs.

Our Spin on the Metrics

We have a business that’s somewhat different than what AAARRR traditionally handles, so each of those items has been adapted to how Jack Henry Digital’s Developer Relations team can best think of each part of the acronym.

Awareness

For our team, Awareness is going to be about getting FIs and Fintechs to know that we have an Open API.

Awareness is going to be dominated by these metrics:

Acquisition

For our team, Acquisition is going to be about getting FIs and Fintech to become 3rd party developers by registering to use our Open API.

We currently don’t have a great way to track Acquisition for our developer program.

Once the Authenticated JackHenry.Dev project lands, we’ll hypothetically have a way to track these metrics:

Activation

For our team, Activation is going to be about getting 3rd party developers to use our Open API.

We don’t have a great way to track Activation for our developer program.

Once the Authenticated JackHenry.Dev project lands, we’ll hypothetically have a way to track these metrics:

Retention

For our team, Retention is going to be about getting 3rd party developers to continue using our Open API.

We don’t have a great way to track Retention for our developer program.

Once the Authenticated JackHenry.Dev project lands, we’ll hypothetically have a way to track these metrics:

  • Weekly Active (User) Tokens
    • e.g. Access Tokens, which are what is used to access our API
  • Number of desirable, valuable apps
    • This one will take some subjective judgment and cooperation with Sales, Marketing, and Strategi Partnerships teams to determine what makes an app ‘desirable and valuable’ for our platform.

Revenue

For our team, Revenue is tricky since Jack Henry isn’t charging 3rd party developers to use our Open API. Instead, we’ll have to handle this via indirect means by way of these metrics:

  • TTROI (Time to Return on Investment)
  • Growth in usage of Banno (managed by the Product and Operations teams)
    • Ideally, 3rd party developers add integrations that make Banno a more desirable platform for an FI’s customers to use on a regular basis
  • Revenue sharing agreements with 3rd party developers (managed by…don’t know which team)
    • These will be unusual and rare (again, we don’t charge for the Open API) but it’s entirely possible that a desirable app may get some special ’tender loving care’ in exchange for sharing revenue with Jack Henry

Referrals

For our team, Referrals is going to be about getting 3rd party developers to recommend our Open API to other potential 3rd party developers.

Referrals will be dominated by these metrics:

  • Social media conversations
    • e.g. LinkedIn, Twitter
  • Mentions / Testimonials in other media
    • e.g. conference talks, podcasts, webinars, blogs, news articles