Growth Hacking: Measuring and Finding the Best Traffic

eazl-marketing-training

How to Measure Traffic Volume and User Retention
In growth hacking, you are going need to be like a satellite that is able to measure and assess what is happening with the traffic on your website or web platform.  

growth hacking

The first metric to know is Sessions. Sessions used to be called Visits and is the number of times that the website was visited during a specific time frame.

Number two is Users. It used to be called Unique Visits and it is Google Analytic’s best guess that this is a single unique person who hasn’t visited the website within the past half-hour. So, it’s totally possible that you have a website that has 100,000 visits by 70,000 users. What that would mean is that some of these users revisited the website before that thirty-minute time period lapsed.

Number three is Bounce Rate. This is the number of sessions where the user only visited a single page on the website and then they left the website. What this does is measure the quality of user visits on the website. A higher bounce rate would be an indication of lower quality.

Number four is page views and this measures a single view of a specific page. What this does is help you gauge the effectiveness of one specific page versus another.

growth hacking

Source/Medium: Where’s the good traffic coming from?
You also need to be able to look at a variety of sources of traffic on the internet and prioritize the channels that are working for your growth hacking operation over others.

One metric to look at first is the source of the traffic. This is pretty self explanatory. It’s just saying that when this traffic comes from this website, it’s tracked by Google Analytics and then you can look that up later.

The second part is the medium of the traffic. Examples of traffic medium might be organic search versus paid advertising versus email referrals. Or it might say “none”. Oftentimes, “none” just means that it was a direct link given to somebody in particular, which might mean word of mouth.

growth hacking

For example, if Sanjay sends an email to Rob with a link to a particular page on a website and then Rob visits it, his medium would likely turn up as “none” in Google Analytics. So, as you’re sending your content marketing, for example, out into the world, you have to know which channels are giving you the highest return on investment so that you can prioritize and put your energy there.

The best way to do this is with the combined metric of source and medium because it will show you not only the source but the medium from which the source is delivering you traffic and it’s important to make sure that you have opted-in to email tracking if you’re a part of an email list service.

growth hacking

For example, let’s say that Vivica, is responsible for generating leads on a particular piece of thought leadership as a part of a growth hacking operation. What Vivica might do is arrange two different email list partnerships. Then, when she goes into Google Analytics, she could find that, in the source medium metric, there’s a specific trade journal the had a much higher conversion rate than all the other sources of traffic.

Then, she’ll know that that trade journal is an effective way to distribute the content to generate the traffic that she wants to create growth.

Want to learn more about growth hacking? Check out our course.

 

Growth Hacking Metrics: Which Ones Deserve Your Attention

In this post, we are going to integrate two concepts that you can use to support your growth hacking initiatives.

growth hacking metrics

Lagging vs. leading indicators
A lagging indicator is more like the output from some system, whereas a leading indicator is more like an input to that system. For example, if Sam is looking at the statistics from his business from last month, a lagging indicator would be the revenue, which is kind of like the output of that business system for that month, whereas a leading indicator might be the time allocation that Sam’s growth team put into different marketing initiatives that went out there to support the business. You can use correlation between lagging and leading indicators and try to see if there are relationships there.

Growth hackers have the ability to change the leading indicators because these are things that you can manipulate, whereas a lagging indicator really is a result of the system so you cannot manipulate it. You want to tune your mind especially into the leading indicators.

Correlation vs. causation
The correlation is relationship between variables. It is useful for looking at how a segment would behave on your website. For example, you could determine how a geographic segment behaves when they visit some page on your site. Do they ultimately then take some action?

You could make a correlation between that geographic segment, the visits to that page, and then the actions that were taken.

Causation shows a causal link. For example, this would be the number of shares of some post on a different social media network and then the amount reach that that post got. There is a causal link between the number of shares and the reach of that post. You want to be picky about how you use these stats and you have to really make sure that they’re relevant.

One famous example of a non-relevant positive correlation one is, if you look at the data, there seems to be a correlation between the number of pirates on the sea and global warming. That is, the degree of warmth on the planet. Is this “correlation” relevant? Probably not- you have to be careful.

Check out our Growth Hacking with Digital Marketing Masterclass on Udemy.

Growth Hacking: When and How to Use Data

Everybody in the business world talks about metrics, data-driven decisions, and these sorts of things. In this post, we’re going to take three crucial concepts from statistics that apply to you, as somebody who is practicing growth hacking.
growth hacking concepts

  1. Qualitative vs. quantitative metrics
    A qualitative metric is a quality that can’t be specifically measured, but you can kind of create data based around qualitative characteristics, whereas a quantitative metric can be specifically measured and then used to  determine whether or not something is happening.

Here’s a quick example: Let’s say that you have the logo above. You could ask a focus group, “To what degree does this logo make you feel hungry?” Then, based on their responses, you could do some statistics.

But a quantitative metric would answer the question, “This is a cupcake store. How many cupcakes did they sell last Friday?”  

  1. Statistical significance
    This is the likelihood that what you are seeing when you collect statistics and you run analyses is a fact, rather than just a coincidence. Basically,as the number of observations that you collect increases, so does the confidence that you have that what you’re seeing is a fact rather than a coincidence. A good rule of thumb is that you want to have at least 1200 observations when you’re performing an analysis.
  1. Key Performance Indicator (KPI)
    When you think of a KPI, the first thing is that it is something that your business measures repeatedly, whether it is every week, every month, etc. You don’t want to have too many KPIs. Keep it simple.

You also want to make sure that the KPI that you are measuring is relevant to the objectives of your business.

For example, a luxury store might be concerned about the quality of their customers’ experiences in the store because they need to push visitors to make a single purchase, whereas a discount store is more concerned about the volume of goods that are purchased because their margins are small, so they need customers to purchase a lot.

If you are new to data analysis, keep these three statistical concepts in mind and they’ll steer you in the right direction.

What KPIs does your company track? Tweet at us.

Digital Marketing Funnels: Engage, then Sell

digital marketing funnels

You can think of a digital funnel kind of like a train where passengers get on the train, they go through a tunnel, they arrive at some destination, and then they take some action. For growth hackers, this funnel is usually digital.

A digital funnel is going to be unique to your individual business case, but this is kind of how it would look:

You have the whole universe people and then, when they become aware of your product or service, they become activated and they enter into your funnel. Then, they go through a step of evaluating whether or not to purchase your product or service and then, when they do, they become revenue-generating customers. Then, hopefully, they stay customers and repeat purchasers and, ideally, they become referrers and send friends into your funnel.

While you’re looking at your funnel, you’re looking also at digital points of conversion. That’s the space between the different steps in the funnel. Ideally, you want to have the lowest friction possible for people to go through your funnel.

Marketing digital funnels infographic

Let’s give an example:
Let’s say that Sandra is building an email list for her yoga studio. What she might do is she might publish some sort of content and then distributed out to multiple different channels. Ideally, people are going to see this content and visit a landing page, where they were asked to subscribe to email list. I

If Sandra sees that this particular point a conversion isn’t working, she knows what fix. The ultra hack will be if Sandra can determine what her Lifetime Customer Value is for each person that becomes a customer. That way, she can ultimately reverse engineer her sales funnel to see where she can invest in the funnel and at what dollar amounts or currency amounts does it make sense for her to do so.

In summary, a digital funnel is the digital pathway you want someone to take in order for them to do something that contributes to your growth. Even more important than measuring the volume of each step in that funnel is what happens between them. That’s conversion.

By measuring the efficiency of the funnel, you can identify where your funnel is weak. Once you know the Lifetime Customer Value of each customer, you can even reverse engineer the funnel and make smarter marketing spend strategic decisions.

How to Develop Psychographic Customer Profiles

As a marketer, you want to think about your understanding of your customer base as gold. Knowing about their mindset and their habits is extremely useful when designing you product.  We’re going to look at two ways to think about collecting customer data and give you an overview on how to develop psychographic customer profiles.

Don’t forget to check out our free interview sample guide at the end of the post!

Psychographic Customer Profiles

Quantitative data
These are things like demographic profiles. How old are your customers? Or, in the case of business-to-business, what size of revenue do these companies make? How many employees do they have?  These are the kinds of questions you’ll need to answer.

Information like this can be useful when it comes to targeting for sales outreach and advertising, plus the design of your product or service.

Qualitative data
What’s probably more useful for marketers trying to growth hacker is qualitative data. This kind of data is especially useful for identifying who will be your early adopters and how you re going to appeal to them and get them to take action.

The best way to get this information is through customer interviewing. Ideally video interviewing through a service like Skype, but phone interviewing works as well. 

Determining needs
You’re looking for two things in these interviews. The first thing you’re looking for are their needs. This is when you’re asking them about the product and they’re gonna probably tell you that they have certain needs that you’d call “must-haves”.

This is when the customer tells you, “If your product or service doesn’t have this, I won’t consider buying it.”

But there are also latent needs. These are needs that they don’t know that they even have. You might have to read between the lines here and, if your product or service meets those needs, you might create a customer for life.

As you’re doing the interviews, you might find that certain needs are contradictory between different interviews, but that’s okay. Don’t worry about it. Just make sure that you’re letting the customer talk and that you’re not really injecting too much of yourself into the conversation.

Basically, make sure you aren’t trying to lead your interviewee in a certain direction or get a certain response from them. This will skew your results.

Psychographics
The second type of information you’re seeking in these interviews is customer psychographics. One way you can think of this is what Seth Godin calls “tribes”. What tribe does the individual you are interviewing belong to?

The way that you think of tribes is, “What kind of stories are these people telling themselves about themselves; about their position in the world? What worries do they have about their career about their personal life and what goals do they have in terms of their career and personal life?”

This is going to help you design your messaging strategy.

Debrief and find patterns
Ultimately, when you have a few interviews (you should do at least five for each segment that you want to target), you want to debrief and find patterns among those different interviews. Use your interviews to create personas about the target customers.

We created an interview script and a form that you can use as a starting point for creating your own custom interview scripts and forms. After checking out or resources, you might want to start by writing a list of every helpful question that you could possible ask and then narrow down to the best 10. Click below to access.

Sample Interview Script

sample-interview-form

Growth Hacking Kickstarter: How Bluejay Raised $30k in 48 Hours

In this interview, we spoke with Maja Voje about her experiences growth hacking Kickstarter.

Recently, Maja was the growth hacker for Bluejay, a team that raised more than $80,000 on Kickstarter to build a smartphone mount for your car. They reached $30k in just 48 hours!

In the above interview, we discuss audience testing on Facebook, virtual teams, and raising money on Kickstarter.

We also talk about:

  • How they performed audience testing and converted it into product design
  • How they looked for target audiences for the Kickstarter campaign using digital tools

eazl-marketing-training


Maja is a member of the Eazl Community. She has worked in marketing for six years and has been involved in the tech industry for three.
In 2013, Maja was contracted as a project manager for Google’s Speech Ops in Slovenia and later worked as an SEO and PR specialist for Rocket Internet,
She was also contracted for Receipt Bank, one of London’s most influential fintech firms. In January, they raised $10 million of growth capital to start a growth team for their new ventures.
In 2015, Maja joined The Kiwi Factory (and Team Bluejay) as COO and is deeply involved in marketing and business development there. She also runs a small consulting business.

3 Parts of Your Growth Hacking Strategy

growth hacking strategy

If you want to create an overarching marketing strategy –a sort of manifesto for your growth operations–then, let’s do that together.

I would suggest that you start a marketing journal that you can use throughout your growth hacking journey and later, when you are taking notes on the different growth marketing tactics that you are trying out. Record your  data so that you can remember what worked and what didn’t work for the future.

I would, personally, do that in something like a Google document, but you can do it in whatever way works for you. Let’s do it.

Step 1: Think about your buying center.
Is it just one person? Is it two or three people?Is it a committee of five or ten people?

Once you think about that, start thinking about what their interactions might be like.What questions will they ask each other? Who will procure the initial interest in the type of offering that you have and then present it to the group?

That’s the kind of system that you want to be able to imagine so that you can work that system later, in terms of your content and your messaging strategy.

Step 2: Think about the key personas in that buying center decision.
A persona is a representation of the kind of person that you are selling to. If you need to, this is a good time to put five target market interviews on your to-do list. If you know these people and you can call them right away, get them on the phone.

If you need to connect with people through your alumni network or through LinkedIn or whatever, then do that.

Get at least five people from your target market on the phone and ask them questions about how they find out about information about the type of offering that you have and these other questions so that you can really jump right ahead to a more sophisticated approach to your strategy, based on your knowledge of these key personas.

Personas is a really important concept in marketing in general and in growth hacking.

Step 3: Make a decision about your strategy
Is your overarching strategy to educate the market or to be discovered?

Specifically, if you have an offering that’s new to the world; that a lot of people don’t even know exists yet, then your overarching theme to your growth operations is going to be around education. You need to create a need in them so they can look for a solution to that need (hopefully from you).

On the other hand, if you have an offering that people already know about; they already know they need it, then your growth operations are going to be focused around getting discovered.

Think about that and make a note: are you doing more education or more discovery?

The education is going to be more about content marketing, telling people, and educating. Discovery is going to be more about inbound marketing, SEO, and things like that.

Come share your buying center, key personas, and overarching strategy with our Marketing Mastermind Group.

Have you checked out Growth Hacking Masterclass?

Product Market Fit and Timing for Growth Hacking

Product Market Fit

Growth hackers need to think of their role within a company in terms of two different phases: before or after product-market fit.

Before product-market fit
Before your product is the right product for a certain market, you need to be doing things like searching for user patterns, looking at ways you can change the product in order to appeal better to your potential customers, determining which distribution channels would be better for distributing the product, and –perhaps– raising money. At the end of the day, sales and marketing will not solve these problems.

After product-market fit
Where a growth hacker really comes into play with the company is after the product-market fit. After the product-market fit, you need to learn more about your customers and how they are using the product; what they are benefiting from from your product or service.

Target Market Interview Download

Then, your next step is to create repeatable processes that you can do over and over in order to acquire customers.  Next, you want to integrate these different processes into a playbook that is designed based on your different personas so that, in the future, you can reference the way things were done successfully in previous situations.

In summary, before product market fit is achieved, finding that product-market fit is the number one goal of you and the company. After the product-market fit is achieved, that’s when you want to launch your growth campaigns. Your growth campaign should focus on creating repeatable acquisition processes, measuring everything, and then attaching what you’re finding to the different personas in your business.

Check out our Growth Hacking Masterclass on Udemy.

Growth Hackers Are Tomorrow’s Marketing Leaders

Check out our Growth Hacking Masterclass on Skillshare, where you’ll learn to develop a growth hacking mindset in areas like social media, PR, analytics, online advertising, and more.

growth hacker

Growth Hacking comes from the Silicon Valley marketing mindset and is about spreading something to the right people as quickly as possible. Sean Ellis, an early marketer at Dropbox and the one responsible for coining the term “growth hacking”, says that a Growth Hacker’s true north is growth.

A traditional marketer would have a really broad focus and a broad set of responsibilities, whereas the growth hacker is solely focused on growing the business or a part of the business. It’s not better or worse, it’s just different.

A growth hacker’s daily tasks, the way they are reviewed by their boss, and their budget all centers around growth. But growth hackers need to be generalists because that have to be both creative and tech savvy.

Another key success factor for a growth hacker is the ability to detach themselves from the individual tactics that they are trying and act based on the data that they are seeing. It is similar to the entrepreneurial cycle, where you have moments of euphoria and moments of total dread because some efforts are not working.

There are many studies that prove that we are not always rational when we have invested a lot of time and energy into a project launch. This is why growth hackers use data to track the creation, distribution, and the impact of certain tactics. They can use this data to make smart decisions.

Check out our Growth Hacking Masterclass on Skillshare.

How to Use 3 MBA Marketing Concepts in Growth Hacking

In this post, we are going to launch your marketing mind to the next level with three critical MBA marketing concepts that apply to growth hacking.

1. The two levels of marketing strategy

Eazl Growth Hacking MBA Marketing Concepts
See campaigns illustrated above and tactics illustrated below.

A campaign is a coordinated series of tactics that are associated with some specific initiative. Specifically, at the campaign level of strategic thinking, you’re thinking about the objective of the marketing campaign and also the messages that you want to take out to the audience.

The second, lower-level marking strategy is about tactics. A tactic is a single mechanism that is designed to achieve the goals of the campaign and usually, at the tactical level, you should be looking at things like resource allocation, which should include grabbing the content, the budget, or whatever you need to achieve the tactic in the campaign.

For example, a graphic design company in Illinois wants bring in more clients for their logo services. They’ve noticed that a lot of companies in their target market -medical service providers- do not have attractive or appealing branding. 

The design company decides to run targeted ads on Facebook that will reach medical professionals who show interest in other pages that would imply that they they are building their own practice. They also decide that AdWords campaigns and some direct marketing through LinkedIn networking is an effective way to develop leads. 

The company’s objective is to serve more new clients for logo services and their messaging is that the medical service industry is not up-to-date with good design, which could set them ahead of the competition.

Their tactics are the ad campaigns and networking, plus all of the copy, images, and the budget that would be necessary to make the tactics effective.

 

2. The buying center

Eazl Busying Center MBA Marketing Concepts
In the example below, the buying center is not just the doctor. It’s the doctor as well as the business manager.

Then there is the delivery mechanism. Through which channels will this tactic help the campaign achieve what it’s trying to achieve?

Most growth hacking is about tactics, experimentation, and optimization. When you are designing campaigns –we are going to onto the second concept here–you want to be thinking about this concept called the buying center.The easiest way to understand the buying center is through an illustration:

Let’s say that there’s a marketer trying to take to market a natural health care product and their target market is chiropractic centers. They might be thinking, “Well, I need to talk to the doctors and show them that this product really works.” In reality, it might be that the chiropractic centre purchases products by the doctors introducing sample products into a group meeting and the group meeting might be led by a mission-oriented business manager.

What you’re seeing here, is that the doctor might be focusing on the specific healthcare applications of the product, whereas the business manager, who might have more decision-making power,is focused on the mission of the product to see if it aligns with the values of the company. The buying center, in this case, is not just the doctor. It’s the doctor as well as the business manager. So, as you start to design your campaign, you want to investigate and find the buying center that is responsible for making decisions of buying products or services.

3. Customer Creation vs. Discovery

Eazl growth hacking MBA Marketing Concepts
In the example below, organic food companies had to focus on customer creation and educate potential customers on why organic is better.

If you’re trying to take a new problem or solution to market, then you are trying to create new customers because they don’t know that they have the problem that your product solves yet. This is mostly about education.

On the other hand, if you’re taking a product to market that is solving a problem that customers already have, then you’re campaign is probably more about discovery so that customers can find you when they need you.

Here’s a quick example:
In the 1990s, organic food started to get really popular in the US. Those organic food companies had to educate customers about why buying organic food made sense. They had to work to educate the consumer on why organic food is better for you.

On the other hand, you also have restaurants, but people already know that they’re hungry. So, with restaurants, it’s about being found through services like Yelp and other review sites. That way, when somebody searches for a restaurant or needs a recommendation, they find the restaurant.

 

Use these 3 MBA Marketing Concepts in your growth hacking planning and don’t forget to calculate Lifetime Customer Value and Paid Acquisition before you launch your ad campaigns.