6 minutes | Apr 30, 2014

The simplest and most useful growth hacking tool I’ve ever used

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.” “T
Play Next