Key Metrics & Success Criteria
The specific metrics to track at each stage, what "good" looks like, and when to pivot or double down.
Metrics Philosophy
Deployed is not a consumer platform — it's institutional infrastructure. Success is measured not by traffic or vanity metrics, but by verified institutional participation, liquidity velocity, and monetization conversion.
We focus on:
- Leading indicators: trust, engagement, verification completion, successful connections
- Lagging indicators: revenue, ARR, retention
- Qualitative signals: confidence, advocacy, and institutional credibility
🧭 North Star Metric: Successful Connections
Definition: A verified seller approves a verified buyer's access request (EOI) → the deal advances to diligence or off-platform negotiation.
Why it matters: This single metric captures the entire system working:
- Verified users are real
- Listings are meaningful
- Confidentiality and access control function correctly
- There's genuine cross-market liquidity
If this number compounds, the platform has proven product–market fit.
Stage-by-Stage Success Metrics
STAGE 1 — Pre-MVP Beta Market Signal
Validation of demand and message–market resonance
| Metric | Target | Why It Matters |
|---|---|---|
| Qualified Waitlist Signups | ≥ 100 (≥ 50 verified professionals) | Confirms institutional appetite for verified access infrastructure |
| User Interviews | ≥ 30 completed | Ensures real-world validation of origination, liquidity, and confidentiality pain points |
| Problem Agreement Rate | ≥ 70% | Confirms consensus around friction in discovery and verification |
| Willingness to Pay | ≥ 15 intents to pay for verified access | Indicates early monetization potential |
✅ What good looks like: Institutional curiosity confirmed → 100+ waitlist signups, 70%+ problem validation, early willingness to pay.
STAGE 2 — Closed MVP Beta
Validation of user experience, trust systems, and usability
| Metric | Target | Why It Matters |
|---|---|---|
| Verification Completion Rate | ≥ 80% of invited users | Validates ease and credibility of verification flow |
| Listings Created | ≥ 50 | Measures liquidity-side engagement |
| EOIs Submitted | ≥ 15 | Measures real buyer intent |
| Approved EOIs (Connections) | ≥ 10 | Validates core workflow (North Star) |
| "Would Use Again" Rate | ≥ 50% | Confirms repeat utility even before network effects |
| Average Time to Verification | ≤ 48h | Confirms institutional-grade onboarding speed |
✅ What good looks like: Most users verified smoothly, 10+ bilateral matches occur, and participants see immediate credibility value.
STAGE 3 — Private Beta Expansion
Network effect validation + first monetization test
| Metric | Target | Why It Matters |
|---|---|---|
| Total Verified Users | ≥ 150 (50 asset owners / 50 brokers / 50 allocators) | Achieves balanced early network density |
| Listings Uploaded | ≥ 150 | Validates supply growth and listing velocity |
| Successful Connections (North Star) | ≥ 25 | Demonstrates platform's core utility and market liquidity creation |
| Weekly Active Users (WAU) | ≥ 20–25% | Minimum healthy engagement rate for retention |
| Paid Conversions | ≥ 15 | Early proof of monetization viability |
| NPS | ≥ 45 | Confirms institutional satisfaction and advocacy |
✅ What good looks like: Verified liquidity loop works — listings, EOIs, approvals, and first paid users appear naturally within network.
STAGE 4 — Market Flywheel Validation
Organic growth, institutional adoption, and monetization scaling
| Metric | Target | Why It Matters |
|---|---|---|
| Organic Listings (Unprompted) | ≥ 30% of new listings | Indicates brokers find intrinsic value; liquidity layer is self-reinforcing |
| EOI Conversion (View → Interest) | ≥ 10% | Confirms quality and relevance of matchmaking |
| Paid User Ratio | ≥ 25% | Demonstrates monetization efficiency |
| DIAP Agreements Signed | ≥ 100 | Validates indirect distribution flywheel and partner leverage |
| Successful Connections (North Star) | ≥ 50 cumulative | Confirms systemic liquidity creation |
| Weekly Active Users | ≥ 30–35% | Shows sustained institutional activity |
| NPS | ≥ 50 | Reflects growing advocacy and trust |
✅ What good looks like: Organic engagement replaces manual seeding; monetization and partner-driven expansion prove flywheel momentum.
STAGE 5 — Public Launch & Growth
Transition from validation to scale
| Metric | Target | Why It Matters |
|---|---|---|
| Total Verified Users | ≥ 500 | Establishes credibility for enterprise expansion |
| Active Listings | ≥ 300 | Confirms platform liquidity |
| Paid Conversion Rate | ≥ 10% | Solid monetization base for ARR predictability |
| Monthly Recurring Revenue (MRR) | ≥ €5,000 (from subscriptions only) | Confirms initial commercial traction |
| Total Monthly Revenue | ≥ €10,000+ (incl. Action Packs) | Demonstrates broader monetization velocity |
| Successful Connections (North Star) | ≥ 100 cumulative | PMF benchmark across verified institutions |
| Systemic Partner Sign-ups | ≥ 1–2 | Institutional validation at strategic level |
✅ What good looks like: Network density, commercial traction, and brand credibility converge — Deployed becomes the de facto verified infrastructure layer for institutional real-estate liquidity.
Weekly / Monthly Dashboard (Post-MVP)
Note: These metrics should be tracked consistently after MVP launch to monitor platform health and identify early warning signs.
| Metric | Cadence | Target |
|---|---|---|
| New Verified Users | Weekly | ≥ 10 after Month 3 |
| Weekly Active Users / Total Users | Weekly | 25–35% |
| Listings Created | Weekly | ≥ 5 after Month 2 |
| Access Requests Sent & Approval Rate | Weekly | ≥ 50% approval |
| Successful Connections | Weekly | 1–2 per week after Month 3 |
| Paid Conversion Rate (Free → Paid) | Monthly | ≥ 10% |
| MRR Growth | Monthly | ≥ 15% month-over-month |
| Organic Listings Share | Monthly | ≥ 30% |
| DIAP Partner Introductions | Monthly | 10 partner-invited users onboard |
| Action Pack → Subscription Conversion | Monthly | ≥ 15% |
| NPS | Quarterly | ≥ 45–50 |
Pivot or Double-Down Thresholds
Clear decision criteria for when to change course versus when to accelerate investment:
| Indicator | Pivot If | Double Down If |
|---|---|---|
| Verified User Growth | < 100 by Week 10 | > 200 with waitlist demand |
| Successful Connections (North Star) | < 10 by Week 12 | > 20 with repeat activity |
| Free → Paid Conversion | < 5% after Month 6 | > 15% and rising |
| NPS | < 35 after Month 6 | > 50 with organic referrals |
| Organic Listings | < 15% after Month 6 | > 30% with no prompting |
| Partner Referrals (DIAP) | < 5 partners onboarded | > 25 active and introducing clients |
Summary — The Institutional PMF Test
Deployed has achieved product–market fit when:
- ≥ 150 verified institutional users are active weekly
- ≥ 100 successful connections have occurred (North Star)
- ≥ 25% of active users are paying (Action Packs or Subscriptions)
- Brokers upload new deals organically (≥ 30% unprompted)
- NPS ≥ 50 and institutions recommend Deployed as trusted infrastructure
At that point, the platform can confidently move into Pan-European regulated expansion and Systemic Partner scale-up.