The importance of finding your Growth Metric
Which data you should look at for the growth of your business?
There are great teams that have lots of ideas and implement them all at once, which makes it complicated to understand which of the ideas has a real, meaningful impact on growth, and what are the priority actions for the company.
This strategy can cause a difficult choice of the best actions and makes it hard to have a clear and precise overview of the situation.
It’s good to have many ideas, and being willing to test them, but you should avoid the risk of losing the control of the results and of the impact on the business.
It’s easy to get lost in a large quantity of data and analyze them too deeply even when they are not so important and could be disregarded.
You should therefore identify first of all a single fundamental growth metric fondamentale for your business, and test ideas for the growth of that metric, as a first action.
How you can find your “North Star Metric” and apply Growth Hacking to your startup?
First of all, you should think of what is really generating growth for your business and larger revenues. Think of something that has a meaningful, immediate, measurable impact. Are you a publisher generating revenue from advertising based on the number of visits? Then you can take into account visits as a fundamental growth metric.
Once chosen your North Start Metric, you should focus on the actions that have an impact on that metric: you will be able to simplify the choice of the actions to bring that metric at the desired level, optimizing also the time taken to reach that goal.