6 strategies for growing your business using analytics
Every line is the perfect length if you don’t have to measure it.
Strangely nowadays, strategic management is the key to growth and it is measurable. A master plan is the missing piece in a puzzle called scaling. At the Seventh Edition of YourStory TechSparks, Satyajeet Singh, Head of Strategic Product Partnerships at Facebook, delivered a very resourceful talk.
Acquiring a user is just the beginning, success is measured by retention and conversion
The real challenge begins when you realize what value the new acquired user takes back. According to a survey conducted by Facebook, 77 percent of the user base leaves the platform in the first week.
Numbers that matter
The analytics platform on Facebook or any other analytics platform, gives you these retention metrics. Thus, when you build a business keep a keen eye on the following:
- Daily detention/conversion - Most important when you launch a new feature
- Effective use of personalized funnels help you understand your user behavior
- Search strings that result in lower conversion
Treat users like people and not cookies
Most of the Indian users are slowly following the US tradition of starting an interaction on one device and ending it up on the other
While using analytics to judge a specific user behavior, Satyajeet suggested:
If you are a multiple device user, be sure of the majority of the user on both the devices. For instance, the user on an IOS varies from that of an Android and web. Understanding the user types on all the platform help you streamline your business for them
Who are the people and what are they using on your app?
The user analytics helps one understand the kind of users on your platform and helps you keep a check on the metrics. Be it their gender or age group, geographical interests and vernaculars, helps you go deeper, popularly called as the Who and What behaviour
Retention metrics can be applied on device types, this will help you to understand your investments on a new platform. Satyajeet added Targeting also increases when you understand your audience.
Re-engaging at the right time
From sending messages and emails to sending push notifications, re-engaging has taken different forms. If your user has just installed the app and hasn’t used it, the re-engaging idea is different from that of an active user. Use his personalized options to keep him in the track. Re-engaging also means understanding your user and prioritizing his needs.
Item added, but no purchase made
Once you have understood the nuances of re-engaging user, it is very important to keep him active. In case a user adds an item to his cart but doesn’t proceed to checkout, it is important to remind him. Sending an app notification, customising the demands and sending the user an invite improve user engagement.
Users who opt for push notification have 118 times more retention factor than the ones who don’t
Push notification is very tricky. Users can either stay on the app or quit it once your push notifications reach them. So timing becomes very important.
Optimize, optimize and always optimize
Optimization is a continuous process and it is a part of your product development. Right optimizations leads to growth. You can consider these factors before doing it;
- Timing - push notification
- Experiment with audience - age and gender
- Play with content - Understand your top 10 content types
- Experiment with product experience
A big shoutout to all our sponsors - Zendesk, Axis Bank, Sequoia Capital India Advisors , Digital Ocean, Microsoft, AWS, Akamai, Target, Verisign, Kerala Startup Mission, Brand Launch Centre, Tork and Blink.