The fact why many companies end up not achieving the expected growth rate is because they aren’t focussing a large number of leads which can really turn out things. Audience participation in your product/ service you run does not mean it is acquiring loyal customers. To land in success, your team have to target, acquire and engage the audience who are more probable to use your product/ service permanently.
Whatever the type of product/ service you are running, whether an app, product or services, an insight on what would really keep the user engaged have to be known. You have to be thorough with the user retention techniques and have to keep track of users who are really interested in using your product in the long-run that ultimately lead your business to an indefinite growth.
In simple words, the engagement rate can be defined as the percentage of users who stay active in a specific category of product for a particular amount of time. You will be able to determine the performance of your product or the services depending on the users who are actively participating to keep it really engaged.
As we mentioned above, the active user engagement is the key to growth. Its calculation can be done for a certain period of time, maybe for a week, month or a year and can be computed based on the ratio of users who are inclined towards a particular product during that time. It can be measured as:
ER = Total number of active users of a product for a particular amount of time
Total number of users for that product
An active engagement happens when the users actually find worth in your product/ services. So, it is essential for you to know the growth hacking strategies to estimate the engagement rate that really adds value to your product/service. They are:
This is one of the most accepted ways of measuring engagement based on daily, weekly and monthly users. Daily active user engagement is a metric that estimates ER of high activity as in facebook. SaaS products use weekly engagement tactics as it reduces consistency such as weekend dips. As much of the tools are not utilized, weekly metrics is recommended. Likewise, monthly active users are used to track tools used a few times a month. Choose the best feasible engagement tactic for your type of business.
The above online marketing strategy helps to track your performance on the go but, can’t keep a measure on the type of users that best fits your business. So, it would be sensible to know the channel through which a user was acquired. There are numerous ways by which you can accomplish this like referrals where another person will be invited by an existing user, organic ways of direct conversions through website, landing page etc, growth campaigns utilizing growth hacking marketing strategies to attract leads.
Product engagement rate checked based on the time period and the channel will let you have an insight on the performance of your product. However, it doesn’t signify on what basis users love your product. The product feature engagement allows you to help add new features to the product users will love.
To measure the engagement rate in this strategy, pick the most recent features you have added, then compute the percentage of daily/weekly/monthly active users who use that feature with that of the total engagement rate of users. Here we compare the engagement rate with that of the retention rate in the long run.
Engagement, acquisition, and retention are the three elements that are most necessitated one’s you need while running your business, as you can’t proceed further without satisfying your customers. Maplitho, a renowned growth hacking agency that focuses on the what and why factors that make people engage on your product and then apply unique growth hacking strategies to grow your business.