Essential Metrics for Successful Growth Hacking
Tips On How to Grow Your Business Faster and Maintain Momentum
For new companies that want to ramp up quickly, the “go to” approach for fast growth is “growth hacking.” Growth hacking is a method for start-ups to reach larger audiences in a short amount of time. It’s a way to gain rapid growth from limited resources.
The challenge for growth hackers, though, is how to measure the process and track success?
Taking a page from Dave Mclures, Pirate Metrics, Mclure created his pirate acronym AARRR. Joking aside, this acronym stands for something all start-ups using actionable metrics and data for growth hacking, should adopt. The acronym stands for:
· Acquisition: users come to site from various channels-How do they find you?
· Activation: users enjoy 1st visit: “happy” experience-Do users have a good first experience?
· Retention: users come back, visit site multiple times-Do they come back?
· Referral: users like the product enough to refer others-Do they tell others?
· Revenue: users conduct some monetization behavior-How do you make money?
In Paul Boyce’s Popcorn Metrics blog, Boyce encourages growth hackers begin measuring their metrics with a marketing…
