Growth hacking is the technical term that is gaining popularity among start-ups and brands. If you are closely looking at growth hacking, then you must have a look at the metrics of growth hacking.
Eventually, it will help you implement growth hacking effectively and blend according to your industry. Every digital strategy has its metrics. For instance, Email marketing has metrics to track, such as bounce and open-rate. Likewise, SEO has a few metrics, such as organic traffic and domain rating. Thus, growth hacking has few metrics.
Objectives For Digital Platforms:
There are multiple digital platforms to reach the target customers and increase the conversion rate. You can choose any and multiple platforms from social media to email marketing. Create a growth hacking plan, which will help you to grab the attention of new customers and retain the customers. You must keep the objectives for the multiple platforms and track whether the objectives are achievable or not.
Some may work out for you, and some may not. For instance: you can find more engagement and conversion in social media marketing on Instagram and not on email marketing. Then you can put more effort into social media marketing. The choice of platform will make a difference to bring customers to your online store.
As a growth hacker, you must examine from where the best conversion rates are coming. It may be from your blogs rather than PPC (Pay-Per-Click) Ads. You must understand the interests it holds and why your audience is preferring a certain CTA. This data will help you to perform with the funnel of growth hacking more precisely. Scrutinizing and evaluating data, metrics, and implications of growth hacks will be easy and effective. Hence, check out the best-performing CTA and the hidden reasons.
Customer Retention Rate:
Retained customers are very beneficial because they are the best. Since they buy the most from you. However, tracking the customer retention rate is essential for the growth hacker to know the strategy implemented; its performance. If your business is experiencing a situation similar to this. For Instance: if you get 1000 sign-ups in a month and only 10 of them retain in a month. Then you need to study and work on the strategy of growth.
However, the study needs a hypothetical situation with some assumptions and exceptions. Hence, the customer retention rate is an important metric that needs to be tracked and followed.
It is opposite to the customer retention rate. The churn rate is a growth metric that shows you the percentage of the customers that have ended the subscription value (canceled) or didn’t make the renewal. This metric is very crucial for the businesses and brands that have a system of recurring plans, such as OTT platforms, internet service providers, or any service provider.
One can easily calculate the data of churn rate and prepare a growth plan according to the satisfactory percentage.
These are the few metrics one can track as a growth hacker and plan the strategy to implement the growth hacks in the start-up. Where you can plan more specifically by focusing on the metrics that need to be focused and worked on. Hence, I hope this blog has helped you to work on growth hacks precisely.