Product & Business

Pirate Metrics: Diagnosing the AARRR Funnel

Product Management diagram · made in Skemio

A funnel diagram displaying 5 stages: Acquisition, Activation, Retention, Revenue, and Referral with conversion descriptions.
A funnel diagram displaying 5 stages: Acquisition, Activation, Retention, Revenue, and Referral with conversion descriptions.
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What it shows

  • Acquisition without Activation is wasted spend: focus on first value.
  • Retention drives compounding revenue; churn undermines acquisition gains.
  • Referral compounds organic growth only after retention is stabilized.

The takeaway

Fix funnel leaks bottom-up: retain first, activate second, acquire last.

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