This is the method you need to grow to the maximum and take advantage of the best opportunities. Here we tell you how to use data and marketing methods to achieve this.
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There is no single recipe to grow quickly, but there are some strategies that can help you. It is the case of Growth hacking or growth marketing related to a number of methods, a testing process and a way of serving that will lead you to growth.
However, it’s not just a series of specific tactics. If you just focus on them, you won’t know what makes you grow, and anyone can come tomorrow, they’ll copy you, and you’ll return to where you started, he warns Marcos Herrera, IEBS Growth Marketing Manager.
During his live class Growth hacking: scale with minimal resources, organized by s e IEBS through the initiative HomeSchool, The growth hacking specialist warned: “There is no magic recipe for growth. What works for others does not have to work for you because your product differs from the others and has different advantages or market adjustments. Therefore, your business model and performance differ from that of others. “
Data as the core of business
What is growth hacking based on? In the data. Disruptive companies like Netflix have that Data as the core of businessThey always try to test everything, and the whole team is focused on the same metric, says Herrera. Remember, if you don’t grow, someone will come to eat your market.
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Where should I start? The specialist stops a Growth mantra which says the following:
- There is always a better way to do things.
- Testing is the only way to find new ways to improve.
- Each test leads to more intelligent learning and testing.
- I will always focus on where there is an opportunity.
- The data must be available as the core of the business.
North Star Metric
A north metric, better known as North Star Metric (NSM), is used in all growth strategies. Why is? It is the metric for measuring the impact and is used to quantify the added value for your product and your users. It enables the sustainable growth of the company to be measured. “This way, we can practically measure how satisfied our users are with our product, so you can keep them and more,” says Herrera. “All of the tests we proposed should be aimed at improving the NSM and avoiding vanity metrics such as downloads, records, and billing.”
Some examples of north metrics are:
- Airbnb: reserved nights
- Facebook: Daily active users
- WhatsApp: Number of messages a user sends
To define your NSM, you should ask yourself the following questions:
- What is your team role in the company?
- What is the main value that your users receive?
- How can you quantify this value?
- What will all of the company’s units do?
Acquisition funnel or ARRR funnel (for the acronym for acquisition, activation, retention, reference and sales).
To know what you need to do in your company every day to grow on a large scale, you need one Growth framework, better known as a growth funnel or ARRR funnel.
To know all of the goals, key questions, and tactics to test in this funnel, we invite you to take the entire class of Homeschool With Marcos Herrera in the video of this note.
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