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 analytics stack. It’s a step towards measuring the effectiveness of your growth hacking plan:
· Use a mechanism to track your conversion funnel from signup to paying customer) — great starters are KISSmetrics and Mixpanel
· Use a tool to send automated emails that are tailored to individuals.
Some great tools include Customer.io, Intercom.io,
Use a device to track website visitors. Google Analytics is great for this.
Start with reports from Audience > Overview and Acquisition > Channels. This will tell you how many visitors you have, what your bounce rate is, and what channels are generating traffic.
Boyce strongly encourages start-ups to use Google Analytics. He quotes that every professional website uses Google analytics (including 67 percent of the Fortune 500). Google Analytics alone is not enough, but it helps. It’s perfect for…