Growth Hacking For Dummies by Anuj Adhiya

Author:Anuj Adhiya [Adhiya, Anuj]
Language: eng
Format: epub
ISBN: 9781119612162
Publisher: Wiley
Published: 2020-03-24T00:00:00+00:00

If you were tasked with expanding growth for Quora, you’d now have a better understanding of the key actions that drive growth — information that would allow you to make smarter decisions about your biggest growth levers.

This, however, would be just the start of your activities. The power of growth models to impact your NSM is multiplied when you can segment your data by channel and type of users. It’s highly unlikely that users who come to you from Facebook will behave the same as ones who come from a Google search. The same could be true of desktop users versus mobile users. If that is the case, what’s different? Which is better? Who gets further along in the customer journey? Who buys more (or more quickly)? Who refers others the most? Look at your growth model and ask yourself whether the key inputs are the same across all user bases or are different among different groups.

Getting the answers to these kinds of questions is crucial because the clearer you define your growth equation for different customer segments instead of in aggregate, the better you’ll be able to unlock insights you can act on.

Though a growth model can help you better understand how your product grows, no growth model will ever be perfect. Every model has some assumptions built into it because, in reality, you rarely have all the data all the time. All you can do is to get as much real data as possible. In other words, don’t stress yourself out by trying to find a model that is 100 percent accurate.

If you can’t wait to give the whole growth model concept a shot, Chris More, the former head of product growth and analytics at Firefox, created a growth model template to help you understand the inputs and outcomes that could impact your product’s growth. It’s a bit more involved than what I lay out in this chapter, but it should be easy to see what data you need in order to create your own model. You can access it at http://bit.ly/CMGrowthModel.

The true power of the growth model is as a focusing mechanism. You use it to help prioritize decisions in a data-driven way versus the opinion of the most influential person at your organization. You will use also use it to set realistic estimates for team goals, because the growth team will have a better sense of the work required to achieve their objectives. Most importantly, it instills a sense of urgency into the work the team does because they can now see how every action is in the service of growing the value delivered to your customers.

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