Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

How To Find Your Company’s North Star Metric and Build a Digital Growth Team

390 views

Published on

Het digitale landschap verandert enorm snel en er liggen overal kansen. Hoe behoudt je focus en vind je jouw getal, dat het verschil maakt, maak je je klaar voor enorme schaalbare groei en identificeer je kansrijke hacks met een special-ops team dat digitaal opereert waarmee je iedere concurrent te slim af bent.

Published in: Marketing
  • Be the first to comment

How To Find Your Company’s North Star Metric and Build a Digital Growth Team

  1. 1. @meetsomnox | hello@meetsomnox.com | meetsomnox.com How To Find Your Company’s North Star Metric and Build a Digital Growth Team Hands-on tips to grow to hyperspace Julian Jagtenberg hi@julianjagtenberg.com julianjagtenberg.com @JMJagtenberg
  2. 2. @meetsomnox | hello@meetsomnox.com | meetsomnox.com @JMJagtenberg julian@meetsomnox.com julianjagtenberg.com Hi.
  3. 3. @meetsomnox | hello@meetsomnox.com | meetsomnox.com
  4. 4. @meetsomnox | hello@meetsomnox.com | meetsomnox.com The North Star Metric The single metric that best captures the core value that your product/service delivers to customers. *Optimizing your efforts to grow this metric is key to driving sustainable growth across your full customer base.
  5. 5. @meetsomnox | hello@meetsomnox.com | meetsomnox.com The North Star Metric It helps teams move beyond driving fleeting, surface-level growth to instead focus on generating long-term retained customer growth. Align your team for social impact.
  6. 6. @meetsomnox | hello@meetsomnox.com | meetsomnox.com Finding your north star metric The One Metric That Matters Most
  7. 7. @meetsomnox | hello@meetsomnox.com | meetsomnox.com Examples Airbnb: Night’s Booked *Captures the value delivered to both guests and hosts Facebook: Daily Active Users (DAU) *with more users on the Facebook platform the team is able to optimize everyone’s feed to deliver more value to users.
  8. 8. @meetsomnox | hello@meetsomnox.com | meetsomnox.com The North Star Metric To uncover your North Star Metric, you must understand the value your most loyal customers get from using your product.
  9. 9. @meetsomnox | hello@meetsomnox.com | meetsomnox.com Then you should try to quantify this value in a single metric
  10. 10. @meetsomnox | hello@meetsomnox.com | meetsomnox.com When growth is broken to actual value delivered to customers it becomes clear that this is not just a marketing responsibility.
  11. 11. @meetsomnox | hello@meetsomnox.com | meetsomnox.com Exercise Give it a try! Write down some ideas for your OMTM The One Metric That Matters Most
  12. 12. @meetsomnox | hello@meetsomnox.com | meetsomnox.com 4 Reasons OMTM is misleading Good North star metrics are an output metric
  13. 13. @meetsomnox | hello@meetsomnox.com | meetsomnox.com
  14. 14. @meetsomnox | hello@meetsomnox.com | meetsomnox.com
  15. 15. @meetsomnox | hello@meetsomnox.com | meetsomnox.com
  16. 16. @meetsomnox | hello@meetsomnox.com | meetsomnox.com
  17. 17. @meetsomnox | hello@meetsomnox.com | meetsomnox.com
  18. 18. @meetsomnox | hello@meetsomnox.com | meetsomnox.com How to grow your north star metric A framework approach
  19. 19. @somnoxtherobot | info@somnox.nl | getsomnox.com
  20. 20. @meetsomnox | hello@meetsomnox.com | meetsomnox.com Ideate
  21. 21. @meetsomnox | hello@meetsomnox.com | meetsomnox.com Capture every Idea
  22. 22. @meetsomnox | hello@meetsomnox.com | meetsomnox.com
  23. 23. @meetsomnox | hello@meetsomnox.com | meetsomnox.com Modelleer de concurrent “You can always tell who the pioneers are because they have arrows in their back and are lying face down in the dirt”
  24. 24. @meetsomnox | hello@meetsomnox.com | meetsomnox.com Rank
  25. 25. @meetsomnox | hello@meetsomnox.com | meetsomnox.com
  26. 26. @meetsomnox | hello@meetsomnox.com | meetsomnox.com Design Test & Execute
  27. 27. @meetsomnox | hello@meetsomnox.com | meetsomnox.com Analyze
  28. 28. Where most impact? Revenue = Visitors * Conversion Rate * Avg Order Amount
  29. 29. @meetsomnox | hello@meetsomnox.com | meetsomnox.com The (digital) growth team Global | Expertise | 24/7
  30. 30. @meetsomnox | hello@meetsomnox.com | meetsomnox.com The (digital) team Who dominates which part of the funnel Like a football team or a superhero team Everyone their special power, only works if they work together.
  31. 31. @meetsomnox | hello@meetsomnox.com | meetsomnox.com Meeting Ritme Daily Huddle Once a week sprint planning
  32. 32. CHECK-IN / CHECK-OUT
  33. 33. ⚠ DANGER ⚠ Danger trying to grow before product market fit. FOCUS on showing value to customers Most growth hacks fail: - No product market fit yet - Inferior product > not must-have - Waste of time and money!!!
  34. 34. ⚠ DANGER ⚠ - Vanity metrics: Vanity metrics are things like registered users, downloads, and raw pageviews. They are easily manipulated, and do not necessarily correlate to the numbers that really matter: active users, engagement, the cost of getting new customers, and ultimately revenues and profits
  35. 35. Are we a must-have product? 1. Don't focus on growth hacking if there is no proven product-market fit yet. 2. Proven market fit if >40% users are SUPER disappointed if the product/service is taken away from them. >> when is this significant? 3. Show your VALUE to the customer << this should be your main focus a. That will make us MUST HAVE
  36. 36. @meetsomnox | hello@meetsomnox.com | meetsomnox.com By: Peter Hinssen 70% 20% 10%
  37. 37. @meetsomnox | hello@meetsomnox.com | meetsomnox.com By: Peter Hinssen 93% 7% 0%
  38. 38. @meetsomnox | hello@meetsomnox.com | meetsomnox.com Key Take Aways 1. Determine your North Star Metric 2. Be aware of input metrics 3. Align team 4. Align Growth Framework to optimize the OMTM 5. Think about ‘the day after tomorrow’
  39. 39. Download my playbook julianjagtenberg.com/playbook julian@somnox.nl @JMJagtenberg
  40. 40. @somnoxtherobot | info@somnox.nl | getsomnox.com
  41. 41. @somnoxtherobot | info@somnox.nl | getsomnox.com Julian Jagtenberg ● Founder Somnox ● CMO / Head of Growth ● (Honours) Industrial Design Engineer ● Robotics Engineer ● Sleep Enthusiast ● Personally exposed to the effects of sleep deprivation ● Public Speaker Track record: 1. Raised 200% with Kickstarter campaign in 30 days 2. Major global buzz (197 articles in 1 week; WSJ / Huffington Post / Forbes / WIRED many more). 3. Growth Hacking - secret sauce Connect with me on LinkedIn!
  42. 42. @meetsomnox | hello@meetsomnox.com | meetsomnox.com
  43. 43. @meetsomnox | hello@meetsomnox.com | meetsomnox.com
  44. 44. Show them the promised land - Destroy monsters (sleep medication) - FOCUS on showing the value of your product and services to your potential customer. Show them the promised land and your common enemy. Promised land: Well rested every single day Great night’s rest Happy and productive life Natural way of inducing sleep Ultimate Comfort
  45. 45. Show them the common enemy What are the monsters in the way on reaching the promised land? - Addictive medication with unwanted side-effects - Pharmacies with nasty business models -

×