Part of what makes this approach so effective is that it drives product people to look past the fancy, ivory tower metrics: customer acquisition, retention and activation in marketing. Instead, they should be looking for acquisition, retention and activation in the context of their business from a growth marketing lens. In other words, instead of looking at conversion as a measure of success, they should be looking at acquisition, retention and activation as measures of failure.
If you think about it, retention and activation are quite simple concepts. They involve getting a customer, signing them up, then providing value that creates a relationship with them and then giving them another opportunity to refer your product or service.
So many businesses think in terms of revenue and profit. The truth is, without the ability to turn a profit, a startup is destined for failure. However, many startups do not take into consideration the real-life needs of the business, the way people work in the world today and how people will respond to your offerings if they do grow and become successful. Pirate metrics can help you identify business problems before they become very problematic.
When an entrepreuner starts a new company, it can be a roller coaster of emotions. Many startups fail because the owners were ill-prepared for the realities of the industry. Many startups fail because the owners were unprepared for the financial needs and the growing competition in the market. All of these things can be avoided with proper knowledge and preparation and a good understanding of the growth marketing aspects of their business.
Pirate metrics in growth marketing is the ability to know which customers are converting and which customers are not generating any leads.
If you have a good understanding of which customers are generating leads, you can easily identify those customers in your funnel.
The framework is designed around the complete customer lifecycle, and can also provide you with the ability to understand where your customers are and which customers are likely to be a revenue stream in the future.
A Growth marketer or hacker can help you identify your constraints in your growth using methods such as Pirate metrics. A Growth marketer uses imaginative methods to help businesses acquire and return customers.
If you would like to understand more about developing and growing products as a start-up or within an organization, you can obtain more information here.
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