As a growth marketer, one of the most important things you can do is find your north star metric. This is the metric that will guide all of your decisions and help you determine whether or not your marketing efforts are successful. But how do you find your north star metric? In this blog post, we’ll show you how.
Any good marketing campaign starts with a clear understanding of what you want to achieve. Without this understanding, it’s impossible to measure success. That’s where metrics come in. A metric is a quantifiable way to measure something. And your north star metric is the most important metric for your business; it’s the one that will have the biggest impact on your bottom line.
So, how do you find your north star metric? Keep reading to find out.
There are four steps to finding your north star metric:
- Define your business goals.
- Identify which activities drive those goals.
- Figure out which metrics best reflect those activities.
- Test and track those metrics over time to see what works best for your business.
Let’s take a closer look at each of these steps:
1. Define Your Business Goals
The first step to finding your north star metric is to define your business goals. What are you trying to achieve with your marketing campaign? Are you trying to increase sales, grow brand awareness, or something else entirely? Once you’ve defined your goal, you can move on to step two.
2. Identify Which Activities Drive Those Goals
The second step is to identify which activities drive those goals. For example, if you’re trying to increase sales, which activities will lead to more sales? Is it generating more leads, increasing conversion rates, or something else? Once you’ve identified the activities that drive your goal, you can move on to step three.
3. Figure Out Which Metrics Best Reflect Those Activities
The third step is to figure out which metrics best reflect those activities. For example, if one of your activities is generating more leads, then a good metric to track would be the lead generation rate or the number of new leads per month. Once you’ve identified the metrics that best reflect your activities, you can move on to step four.
4. Test and Track Those Metrics Over Time
The fourth and final step is to test and track those metrics over time so that you can see what works best for your business. Try different tactics and see how they impact your metrics. Then, adjust accordingly until you find what works best for your business. And that’s it! These are the four steps to finding your north star metric.
North Star Metric is the most important metric for businesses because it has the greatest impact on their bottom line; If a company wants to succeed, they need to define its business goals and objectives along with what tactics/activities will lead to these successes – testing these ideas by tracking metrics over time.
Doing this provides valuable feedback about what changes should be made in order for businesses to continue achieving their intended goal(s).
Lastly, if adjustments need to be made, then go back and re-evaluate what isn’t working, making sure each changeable variable gets isolated so other unaffected areas aren’t damaged in turn.
Targeting a business’s North Star Metric should be the company’s main focus if they want to optimize success!