Alexander Torrenegra's Blog
About This Show
I started my first business at age 14 in Bogotá, Colombia, with the objective of buying my first computer. After migrating to the US at 19, I founded Torrenegra Labs, an incubator that was named one of the top immigrant owned startups in the US by Forbes Magazine. With Torrenegra Labs, I have co-founded and invested in several successful tech companies including WeHostels, VivaReal, and Dashbell. Together with the love of my life, Tania Zapata, we co-founded Bunny Inc., the company that created Voice123, VoiceBunny, and BunnyCast. I also co-founded HubBOG, BogoDev, and BogoTech, the three largest communities of web entrepreneurs, software developers, and technologists in Colombia. In 2012 I was honored by MIT’s Technology Review with the TR35 Top Colombian Innovator of the Year award, and in 2013 with the NYC Venture Fellowship by the City of New York. Alex is also an Endeavor Entrepreneur.
Most Recent Episode
The simplest and most useful growth hacking tool I’ve ever used
Apr 30 2014
I’m the CEO of Bunny Inc., but I also work as product manager of one of our products: VoiceBunny and one of my responsibilities is to determine the effectiveness of our acquisition channels. There is a big challenge to this: How do you fairly compare the channels to each other?
Two common tools are Google Analytics and Kissmetrics, however, they don’t properly measure some very important acquisition channels. First, and foremost, they don’t measure word of mouth, arguably, the most important acquisition channel for many companies. Additionally, when a user types your brand name into a search engine and clicks the link, these tools attribute the acquisition to SEO, even though these users probably learned about your company in some other way; for example, via a press article.
Another tool used by some is sign up surveys. When users sign up, they are asked how they learned about the product using a drop down menu. Unfortunately, many times, visitors will pick any answer from the menu in order to quickly continue with the registration. This gathers a significant amount of false data. Additionally, the results will be biased by the list provided. You may actually have more acquisition channels than you think, but if users don’t see them in the list, they won’t ever get the credit they deserve.
What to do, then? Here is the solution we have been successfully running: After our visitors register and continue using our site, we ask them this open-ended question: “How did you learn about us?” We have learned a lot of information this way and have been be able to compare apples to apples.
How did you learn about us?
Here’s a step-by-step guide to this process:
First: Using a tool like Qualaroo or doing some basic hacking, show all registered users of your site the following question: “how did you learn about us?” Next to it, show an open field for them to submit the answer. As a reference, around 20% of VoiceBunny clients answer this question.
Second: Every month, you’ll have to manually check the answers and “normalize them” in a new column in your database. For example, if the user wrote “Google,” you then type in the new column the code “SEM”. Sounds time consuming, right? Don’t worry. It takes less than three seconds to process each answer. Here is a list of some answers I’ve seen and the codes I like to use:
“Google,” “Internet search,” “Yahoo!” For all of these, I use the code “SEM.”
Episodes of This Show
Sep 19 2013