Paul Boyce has written an excellent note for beginner growth hackers. He describes the following things in a more detailed way than I do.
- Pirate Metrics frameway which was developed by Dave McLure. His model shows your product selling circle in dynamics. The main stages are:
– acquisition – how do you find users?- activation – when user “activates” in an app, i.e. becomes a loyal user. For example, in Facebook a user “activates” when he/she adds 7 friends (it’s a Facebook growth hackers’ decision, you’re free to choose what does the “activation” mean).
– retention – do users come back to your product? How do you bring back users to your app ? How often? What motivates them to do this?
– revenue – how do you make money?
– referral – do users discuss your product with others? Is there vitality in it? How do your users bring their friends and acquaintances to the app?
- Analytics adjustment.
– adjust Google Analytics in order to watch the total statistics: users, bounce rate, what traffic sources generate income, keywords, etc.- adjust the system for tracking your users’ behavior – Kissmetrics or MixPanel. These services also allow to carry out cohort analysis.
And the main profit of such soft is tracking of your conversation funnel.
- Automation of work with users via email.
There are apps on the market (Intercom, Customer, Trakio, etc.) that allow you to hold a conversation with your users. For example, to ask whether they like your product or what issues have they encountered in 1-3 days after registration.
You may read about all that in a more detailed article by Paul Boyce.