The first step of analytics or product analysis at a startup is to run a bunch of quick experiments to gauge the business’s hypothesis using quantitative and qualitative data.
Using openly available public search data, trends and surveys. Some insights regarding the same can be drawn which as a next step can be validated using qualitative data.
If the product is already out, trying to understand if you are already at product-market fit is very important to know. This can be inferred using the user details and usage statistics.
The curve below from Sequoia tries to draw upon the conclusion of product-market fit for 3 sets for startups. The grey line shows no fit while green and orange have a favourable outcome.
This has been arrived at by using cohort analysis and by tracking their activity a few days, months or maybe even years down the line but ideally it’s one of the first two.