# Early-stage startup metrics: what to set up first

The few metrics a web or B2B SaaS startup should track first: the events to log, UTM rules, a how-did-you-hear question and a one-page weekly report.

Canonical: https://ignura.com/blog/early-stage-startup-metrics
Last updated: 2026-10-26
Author: Jawad Jalal

At an early-stage web or B2B SaaS startup, track five things first: visitors, sign-ups, activated users, paying customers and where each one came from. Log each step as an event, save the first source on the user record when they sign up, and read the same one-page report every week.

Most other metrics can wait until you have enough customers for them to mean anything. This post gives the five numbers, the events behind them, how to record where people came from, and the weekly report. It's for web and B2B SaaS products. For mobile apps, see our guide on [how to track app installs](https://ignura.com/blog/how-to-track-app-installs).

## The short version

- Track five numbers: visitors, sign-ups, activated users, paying customers and the source of each.
- Measure growth weekly, on revenue, or on active users if you don't charge yet.
- Log four events with the same names everywhere: `signed_up`, `activated`, `paid` and, if you sell with demos, `demo_booked`.
- Save the first source (UTM tags and referrer) on the user record at sign-up, and add a "how did you hear about us?" field next to it.
- Read one page every week. Leave LTV, burn multiple and cohort dashboards until you have enough customers.

## The five numbers to track first

Each number is a step, and each step has a rate between it and the next one. Those rates tell you where people stop.

1. **Visitors.** Unique people on your site, minus your team and existing users logging in. This is the top of the funnel.
2. **Sign-ups.** People who created an account or requested a demo. Visitors to sign-ups is your sign-up rate. Our [signup conversion rate guide](https://ignura.com/blog/signup-conversion-rate) covers the formula and sourced benchmarks.
3. **Activated users.** People who reached the first moment your product is useful, like sending a first invoice or connecting a first data source. Sign-ups to activated is your activation rate. Our [SaaS activation rate benchmarks](https://ignura.com/blog/saas-activation-rate-benchmark) explain how to define it, and the [activation rate calculator](https://ignura.com/tools/activation-rate-calculator) does the sum.
4. **Paying customers.** People or accounts on a paid plan. Activated to paid is the step that turns use into revenue.
5. **Source.** Where each of the people above first came from. Without it, the other four tell you something is working but not what.

## Growth rate: weekly, on revenue or active users

Once the five steps are counted, one number sits above them: how fast you're growing. In his 2012 essay [Startup = Growth](http://paulgraham.com/growth.html), Paul Graham wrote: "The best thing to measure the growth rate of is revenue. The next best, for startups that aren't charging initially, is active users."

Measure it weekly. Graham wrote that during Y Combinator, "A good growth rate during YC is 5-7% a week. If you can hit 10% a week you're doing exceptionally well. If you can only manage 1%, it's a sign you haven't yet figured out what you're doing." That's an essay about YC companies, not a benchmark study, but weekly growth is still a useful way to read your own number. Also note his point that a flat count is not a rate: what matters is new customers compared with the ones you already have.

## The events to log

Every number above comes from an event your product sends when something happens. Keep it to four to start:

| Event | When it fires | What it gives you |
|---|---|---|
| `signed_up` | An account is created | Sign-ups, and the moment to save the source |
| `activated` | The user reaches your activation moment for the first time | Activated users |
| `paid` | The first successful payment | Paying customers |
| `demo_booked` | A demo request is submitted (demo-led B2B only) | Demo requests by source |

One rule matters more than the tool: use the same event names everywhere. If your analytics says `signed_up`, your database says `user_created` and your CRM says `New Lead`, you'll spend each week matching numbers instead of reading them.

Fire `signed_up` and `paid` from your server, not only from the browser, so ad blockers and closed tabs don't drop them. Then sign up with a fresh email and check each event shows up once.

## Where people came from

This is the step most founders skip, and it's the one that tells you where to spend.

### UTM tags on every link you share

Add UTM tags to every link you post, send or pay for. Google's rules are short. It says "you should always use utm_source, utm_medium, and utm_campaign," that "Parameter values are case sensitive, e.g. utm_source=google is different from utm_source=Google," and that "Missing UTM parameters will result in (not set) values being present in reporting." The free [UTM builder](https://ignura.com/tools/utm-builder) keeps the tags consistent and shows which channel each link lands in.

### Save the first source at sign-up

Analytics tools show which sessions came from where. What you need later is which source brought each customer. So when someone first lands, keep their UTM tags and referrer in a first-party cookie. When they sign up, write those values onto the user record in your database as `first_source`, `first_medium`, `first_campaign` and `first_landing_page`. Pass them on to your CRM if you use one.

Now, months later, you can ask which source brought the accounts that pay, not only the ones that signed up. Some analytics tools do part of this for you. PostHog's docs, for example, say first-touch properties like `$initial_utm_source` "are backfilled when the user is identified." Keep your own copy on the user record anyway, so the answer doesn't depend on one tool.

### Add "how did you hear about us?"

Put one optional field next to the source: "how did you hear about us?", with a short list and an "other" box. It catches what tags miss, like a friend's recommendation or a podcast. Compare it with the tagged source instead of trusting either one alone.

For demo-led B2B, put the question on the demo form. It's the one form every buyer fills in, and the answer goes straight to whoever takes the call.

## Tools: start with a free tier

You don't need a paid stack to start. A product analytics tool, your database and a spreadsheet are enough. As one example, [PostHog's pricing page](https://posthog.com/pricing) lists 1M analytics events a month in its free tier, and Google Analytics is another common choice for site traffic. Pick one tool for events and stick with it, so you only ever have one set of numbers to read.

## The published sources in this post

Last checked on 25 October 2026.

| Source | Date | What it says |
|---|---|---|
| [Paul Graham, Startup = Growth](http://paulgraham.com/growth.html) | September 2012 | Measure growth weekly. Revenue first, active users next. 5-7% a week is good during YC |
| [Google Analytics Help, URL builders](https://support.google.com/analytics/answer/10917952) | Current page | Always use utm_source, utm_medium and utm_campaign. Values are case sensitive. Missing tags show as (not set) |
| [PostHog docs, UTM segmentation](https://posthog.com/docs/data/utm-segmentation) | Current page | First-touch properties like $initial_utm_source are backfilled when the user is identified |
| [PostHog pricing](https://posthog.com/pricing) | Current page | Free tier includes 1M analytics events a month |

## The one-page weekly report

Read the same page at the same time every week. Keep it to one table and three lines.

| Source | Visitors | Sign-ups | Activated | Paid | Demos | Notes |
|---|---|---|---|---|---|---|
| Google search | | | | | | |
| LinkedIn | | | | | | |
| Newsletter | | | | | | |
| Paid ads | | | | | | |
| Direct or unknown | | | | | | |
| Total, and change on last week | | | | | | |

Under the table, write what moved, why you think it moved and the one thing you'll try next week. Keep the "direct or unknown" row. If it grows, your links aren't tagged or the source isn't being saved.

## What can wait

Lifetime value, burn multiple, cohort dashboards and multi-touch attribution all matter later. Early on they're built on so few customers that one account can swing them. Add them once the five numbers above are steady and you have enough paying customers to compare.

One exception: if you're about to spend on ads, work out your CAC payback as soon as you have a few paying customers from that channel. The [CAC payback calculator](https://ignura.com/tools/cac-payback-calculator) does the sum, and our guide on [when to start paid ads](https://ignura.com/blog/when-to-start-paid-ads) covers how to size a first test.

## FAQ

### What metrics should an early-stage startup track?

Five: visitors, sign-ups, activated users, paying customers and where each one came from. Add a weekly growth rate on revenue, or on active users if you don't charge yet.

### What KPIs matter for a pre-seed SaaS startup?

Sign-up rate, activation rate and the share of activated users who pay, plus weekly growth. Paul Graham's 2012 essay calls revenue the best thing to measure growth on, and active users the next best for startups that aren't charging yet.

### How do I track where my sign-ups come from?

Tag every link with utm_source, utm_medium and utm_campaign in lowercase. Keep the tags and referrer in a cookie when someone lands, then save them on the user record at sign-up. Add a "how did you hear about us?" field next to it.

### Should I add a "how did you hear about us?" question if I already use UTMs?

Yes. Tags miss word of mouth, podcasts and people who type your name after seeing you somewhere. Keep the field optional with a short list and an "other" box, and compare it with the tagged source.

### What should be in a weekly startup metrics report?

One table with visitors, sign-ups, activated users, paying customers and demos by source, plus the change on last week. Under it, three lines: what moved, why you think it moved and what you'll try next.

## Is search one of your channels?

Ignura is an AI-native agency that automates your GEO and SEO. You approve what goes out. If search and AI answers are channels you want to count, we work on the pages people find there: [AI search](https://ignura.com/ai-search), [technical SEO](https://ignura.com/technical-seo) and [content](https://ignura.com/content). The guide to [tracking AI visibility](https://ignura.com/blog/how-to-track-ai-visibility) shows how to measure it. Plans are on the [pricing page](https://ignura.com/pricing).

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