Growth Hacker’s Digest – Edition 22
Last week, you’ve learned that bots are touted to be go-to distribution channel in 2016. I’ve made the case last week that despite the hype, I don’t think it will become a bleeding-edge channel this year nor the next.
In order for it to be a viable distribution channel, the AI-led conversation should be delightful enough that it retains users. My baseline is at the level of how Facebook retains users via the newsfeed.
To get a taster of the quality of conversation that you can have via bots, take a stab at the Botsify platform.
That said, I think the success of this new channel hinges on breakthroughs in the deep learning & the sentiment analysis space.
At best, what can be done is to mediate the AI bot’s responses through a human (i.e. a Wizard of Oz type of setup).
As for the curated blog posts of the week, here’s what I have for you:
– I’ll share with you the 21 metrics Pinterest uses for its internal dashboards
– A lesson around Google Analytics 101 with a focus on remarketing, top performing internal links, and goals
– What a “micro-conversion” is and why this are more important than conversion itself
– The mindset that enabled Jeff Bezos to be dominant in his space
New at Growth Hacker Kit:
Just a few weeks before launch!
P.S. The Toolbox package now offers discounted lessons and tools from select partners I trust! One of the partners who’s onboard is Kurt Elster, who is the founder of Ethercycle, the #1 Shopify Consultancy in the United States. One of his new products, eCommerce Hacks Weekly, will be part of the bonuses & discounts that I’ll have in store for you.
P.P.S. I’m also offering an early preview of one of the chapters! Let me know which chapter you want through this link and I’ll ship the voters’ favorite next week!
P.P.P.S. Say hi in Twitter!
Blog Posts of Note:
Building conversions and sales is all about recognizing that it’s a system (read 1st paragraph in this link). That said, depending on the app and the user stories that you prioritize, what you measure can look entirely different for various apps. But for folks who just want to get started on the key measures, the link tells you what to focus on using Google Analytics and how to drive improvement for those metrics.
That said, how does an conversion-driving dashboard look like? I invite you to check out Pinterest’s internal dashboard. Specifically, you should focus on activation metrics because high activation means the user sees value in the core features. And if the core features are perceived as useful & valuable, conversions or sales happen.
While the activation metrics there still look pretty shallow (i.e. it just shows splits by gender and past 7 day activation rates), how growth marketers truly leverage this data is by mapping it with their internal growth experiments. By comparing the metrics with the plans, they can begin to extract insights such as “does the beta feature we implemented increase activation for X persona? For Y persona?”. That’s how they discover whether a feature truly works for the business or not. Don’t just look at metrics on face value.
…in the next article, an agency also prescribes the “conversion is a system” principle:
The terms may be different (activation? micro-conversion? tomato? toe-mah-to?) but the principle remains the same: conversion is system.
While I touched on the system on a high level here, KlientBoost shares some tools that will enable you to achieve those “micro-conversions”. Click the article link to learn more.
But if you just want to get started, the micro-conversions that you *must* track and measure are:
– Bounce Rate %
– Page Duration
– Goal Completions (i.e. sign ups, lead magnet opt-ins, purchases, etc.)
…now what tool do we use to measure and configure it?
Google Analytics 101: How to Configure Google Analytics to Get Actionable Data
The post is quite gigantic. I suggest that you focus only on these three sections (permalinked to the right sections):
– Laser focused Remarketing with Demographics and Interest Reporting
– Explore your Site for Top Performing Links with Enhanced Link Attribution
– Use Goals to Define and Measure Success
The first link enables you to target the right audience in your advertising campaigns. The second link enables you to discover “what’s working” in your site. The third equips you to track conversions.
… now how you maximize all these insights to grow conversions?
by Version One Blog
The more uncertain the path is to your conversion goal, the greater the need to experiment. To help complement the mindset Jeff espouses, I suggest that you use Growthhackers.com’s High Tempo Testing System.
The trick, however, is to not conflate a testing plan with a business plan. Long-time readers know that the #1 cost of startup failure is pre-mature scale. Pre-mature scale is a failed growth test masked as a “solid” business plan.
This means that assuming 0 growth, the company should be able to absorb the costs of testing. Otherwise, you are at risk of overshooting your target burn rate.