Implementing a PLG Adoption Score in Mixpanel: A How-To Guide
I’m trying to implement a PLG Adoption score, calculating a score with a weighted formula based on events each Mixpanel has done. Is this possible in Mixpanel?
Yes, it is possible to implement a Product-Led Growth (PLG) Adoption score in Mixpanel using a weighted formula based on events. Mixpanel offers features that allow you to create custom metrics and formulas, which can be used to calculate such a score.Based on the information from the knowledge sources, here's how you can approach this: 1. Define your events: First, identify the key events that contribute to your PLG Adoption score. These could be specific actions users take in your product that indicate engagement and adoption.2. Use Formulas: Mixpanel supports the creation of formulas using simple arithmetic operators. You can use this feature to create a weighted formula for your adoption score.3. Create a custom metric: You can save your formula as a custom metric for reuse across your Mixpanel project.According to the Mixpanel blog, Segment (a company using Mixpanel) has implemented similar adoption scores: "We have built several different adoption scores based on different kinds of features. These are all machine learning-based models that we have built with help from our data science team, and the models are trained on retention data. We know that if we're getting to certain score thresholds, it's going to drive good gross revenue retention (GRR) outcomes."While this example uses machine learning models, you can start with a simpler weighted formula approach in Mixpanel.To implement this: 1. Go to the Insights report in Mixpanel. 2. Click on the "Metrics" button and select "Formula". 3. Use the formula editor to create your weighted score. For example, if you have events A, B, and C with weights of 0.5, 0.3, and 0.2 respectively, your formula might look like:
(0.5 ** A) + (0.3 ** B) + (0.2 * C). 4. Save this formula as a custom metric for reuse.Remember, users on Enterprise or Growth plans can save Formulas for reuse across the project, as mentioned in the Mixpanel documentation: "Users on an Enterprise or Growth plan can save Formulas for reuse. Free users can create Formulas locally within a report but cannot save them."By using this approach, you can create a PLG Adoption score that fits your specific needs and use it to track user engagement and product adoption over time.kapa.ai is still learning and improving, please let me know how I did by reacting below.
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