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Growth Hacking Quantification

by nthmarketing
2 replies
I'm wondering what different ways you all quantify your growth, since that is our main objective. What metrics do you use to validate what your doing. I know there are simple ones like number of hits, conversion rate, click through rates, number of orders but I'm curious if anyone has some other ways they do it.

Thanks,
Fred
#growth #hacking #quantification
  • Profile picture of the author savidge4
    As you have mentioned there are the standard metrics that you want to follow and improve on. I think the most over looked metrics or maybe least discussed is actual order total. Its great to have a sales conversion of say 3%. However, if your site is converting on a $7.00 item you are not getting rich quick. The question then becomes how can you turn that conversion into $14.00 or $30.00.

    Tactics for this obviously vary dependent on the product being sold. If you are selling information based products, the obvious path is to create an upsell funnel. We all know this is effective. I do however think that many consider a sale a sale and don't really look at this process being a metrics of its own.

    I think in many cases or from what I read on this forum, that many simply segregate their lists based on buyers and non buyers. I go a step further and segregate based on the level of product sold. So if I have people buying $7.00 products, I am going to keep giving them $7.00 products with the next step up upsell. If I have people buying the $47.00 upsell, I want to bypass the low offers with these folks and give them the more expensive offers.

    The other side of this is product driven sales. You have a site with products. How do you get that sale total to increase. Offering reduced or free shipping on orders over $X is a commonly used method. Pricing product so that you can offer buy 2 get 1 free is an effective method. Displaying like product in a good better best format is shown to be effective.

    Again there are many ways about going after this. All sales are not created equal. I would rather sell $100 worth of product at a time than a single $7.00 item.

    Hope that Helps!


    Originally Posted by nthmarketing View Post

    I'm wondering what different ways you all quantify your growth, since that is our main objective. What metrics do you use to validate what your doing. I know there are simple ones like number of hits, conversion rate, click through rates, number of orders but I'm curious if anyone has some other ways they do it.

    Thanks,
    Fred
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    Success is an ACT not an idea
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  • Profile picture of the author MelanieandMiles
    There are 2 that matter...

    1. Cost Per Action
    2. Earnings Per Action

    If you get your cost per action (we can call this a sale) below the earnings per action (we can call this an average initial order value) you can confidently scale.

    For example

    Cost Per Action = $10
    Earnings Per action = $15

    How many $10 bills would you throw into that campaign?
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