【正文】 ting how the retention curves might look, we prefer to measure 12 month and 24 month 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.　　　第七、 （Gross Merchandise Value (GMV) vs. Revenue）　　這是非常傳統(tǒng)的電商和交易平臺(tái)指標(biāo)，在撮合交易平臺(tái)上適用。因此，在計(jì)算LTV時(shí)所使用的假設(shè)應(yīng)該是基于業(yè)務(wù)實(shí)際情況進(jìn)行的謹(jǐn)慎且合理的推斷?！　?duì)于初創(chuàng)企業(yè)，LTV的主要用途是用于衡量公司(特別是SaaS公司)市場(chǎng)支出的有效性并用以決定是否需要進(jìn)入加速擴(kuò)大市場(chǎng)支出的階段。另外，對(duì)特定市場(chǎng)渠道加大投入可能會(huì)引起該渠道paid CAC的變化，其變化情況和背后的原因可能非常重要。來(lái)自不同渠道的用戶(hù)所對(duì)應(yīng)的CAC可能是不同的?！　AC是獲取單個(gè)新用戶(hù)所需花費(fèi)的全部成本。通常而言，會(huì)以單個(gè)用戶(hù)的平均ACV對(duì)銷(xiāo)售能力和用戶(hù)的接受度進(jìn)行分析。　　通常，制造業(yè)的毛利率會(huì)偏低，而軟件、快消品行業(yè)的毛利率保守的講也至少在60%以上?！　∶麧?rùn)（率）衡量了主營(yíng)業(yè)務(wù)在發(fā)生期間費(fèi)用之前的銷(xiāo)售獲利水平?！　?）MRR（月度經(jīng)常性收入）是以月度為頻率的經(jīng)常性收入，它是對(duì)SaaS公司進(jìn)行業(yè)務(wù)分析時(shí)的重要指標(biāo)。　　A16Z的投資人在此提出了三個(gè)經(jīng)常性收入指標(biāo)：　　1）ARR（年度經(jīng)常性收入）是做業(yè)務(wù)分析時(shí)最基本的經(jīng)常性收入指標(biāo)，它是名副其實(shí)的“主營(yíng)業(yè)務(wù)收入”。　　A mon mistake is to use bookings and revenue interchangeably, but they aren’t the same thing.　　Bookings is the value of a contract between the pany and the customer. It reflects a contractual obligation on the part of the customer to pay the pany.　　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.　　Letters of intent and verbal agreements are neither revenue nor bookings.　　第二、（Recurring Revenue vs. Total Revenue）　　Recurring的字面意思是“重復(fù)出現(xiàn)的”，我們可以將其理解為由日常業(yè)務(wù)產(chǎn)生的經(jīng)常性收入。看收入的絕對(duì)值和增長(zhǎng)率是投資人最初要看的數(shù)字之一。按照會(huì)計(jì)語(yǔ)言的定義，收入是指企業(yè)在日?；顒?dòng)中所形成的、會(huì)導(dǎo)致所有者權(quán)益增加的、非所有者投入資本的經(jīng)濟(jì)利益的總流入。在一個(gè)會(huì)計(jì)期間（通常為一年）里跟誰(shuí)簽了銷(xiāo)售合同，合同的簽約金額是多大，公司會(huì)拿個(gè)小本本記錄（book）下來(lái)。兩者的區(qū)別非常清楚，不可混淆。　　這里，“使用者”基本上指的是（潛在）投資人和創(chuàng)業(yè)公司的管理層?！　∮幸痪湓?huà)說(shuō)的好：You can’t manage what you don’t measure.　　我們看到各種各樣的初創(chuàng)企業(yè)，似乎大家都拿到了錢(qián)而且活的不錯(cuò)。A16Z是世界知名的頂級(jí)風(fēng)投公司，Skype, Facebook, Instagram, Twitter, Foursquare, Pinterest, Airbnb, Zynga, GitHub, Jawbone, Lyft, Oculus, Slack, Zenefit等等都是其被投企業(yè)。16個(gè)經(jīng)營(yíng)指標(biāo)避免掉坑摘要：財(cái)務(wù)指標(biāo)并不是做判斷時(shí)的決定性因素，但的確是重要的投資標(biāo)的質(zhì)量對(duì)比指標(biāo)。A16Z的合伙人之一Andreessen Horowitz是暢銷(xiāo)書(shū)《創(chuàng)業(yè)維艱》一書(shū)的作者。但，真實(shí)情況是怎樣的？　　其實(shí)需要回答的問(wèn)題是：如何衡量一家初創(chuàng)企業(yè)的真實(shí)情況？　　一篇文章很難說(shuō)清楚這件事，我們只能粗略說(shuō)一下用來(lái)衡量真實(shí)情況可能會(huì)用到的工具?！　e 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 pany. 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.　　So, while some of this may be obvious to many of you who live and breathe these metrics all day long, we piled a list of the most mon 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.　　　第一部分：業(yè)務(wù)與財(cái)務(wù)指標(biāo)　　對(duì)于多數(shù)早期創(chuàng)業(yè)公司而言，財(cái)務(wù)指標(biāo)并不是做判斷時(shí)的決定性因素，但的確是重要的投資標(biāo)的質(zhì)量對(duì)比指標(biāo)。財(cái)務(wù)數(shù)字是在會(huì)計(jì)的語(yǔ)言體系下對(duì)公司過(guò)去業(yè)務(wù)成果進(jìn)行的描述。在把這些簽約金額累加在一起之后就構(gòu)成了本年度公司記錄的新簽約合同金額（bookings）。一般而言，收入只有在經(jīng)濟(jì)利益很可能流入從而導(dǎo)致企業(yè)資產(chǎn)增加或者負(fù)債減少，且經(jīng)濟(jì)利益的流入額能夠可靠計(jì)量時(shí)才能予以確認(rèn)。這個(gè)指標(biāo)本身有其內(nèi)涵，但在一開(kāi)始只能起到一個(gè)過(guò)濾器的作用，對(duì)于變現(xiàn)模式清晰的公司，如果收入表現(xiàn)不達(dá)標(biāo)是很少會(huì)有人會(huì)繼續(xù)分析的。這個(gè)財(cái)務(wù)指標(biāo)衡量的是一家公司的常規(guī)業(yè)務(wù)創(chuàng)造經(jīng)濟(jì)利益流入的能力?！　?）ARR per customer（單個(gè)用戶(hù)ARR）衡量的是從單個(gè)用戶(hù)身上獲取的年度經(jīng)常性收入。需要注意的地方有，不要把非經(jīng)常性收入算進(jìn)來(lái)；不要把合同金額當(dāng)成收入?！　≡诖_定毛利潤(rùn)的過(guò)程中，最重要的是需要把銷(xiāo)售成本的組成部分拎清楚?！　?shí)際上，投資人在進(jìn)行財(cái)務(wù)指標(biāo)衡量時(shí)未必是嚴(yán)格按照會(huì)計(jì)規(guī)定進(jìn)行項(xiàng)目調(diào)整的，行業(yè)慣例及其所反映的經(jīng)濟(jì)實(shí)質(zhì)才是做報(bào)表調(diào)整背后的原因。這是SaaS業(yè)務(wù)的常用分析指標(biāo)。　　其計(jì)算公式為：CAC=銷(xiāo)售費(fèi)用總額/期間新增用戶(hù)數(shù)。另外，因?yàn)榭倳?huì)有一部分用戶(hù)是自己找過(guò)來(lái)而不是通過(guò)你的市場(chǎng)投入吸引過(guò)來(lái)的，這一類(lèi)用戶(hù)不可以進(jìn)入CAC計(jì)算公式的分母項(xiàng)?！　ustomer acquisition cost or CAC should be the full cost of acquiring users, stated on a per user basis. Unfortunately, CAC metrics e in all shapes and sizes.　　One mon problem with CAC metrics is failing to include all the costs incurred in user acquisition such as referral fees, credits, or discounts. Another mon 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