From the course: Growth Marketing Foundations

Using customer interviews

From the course: Growth Marketing Foundations

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Using customer interviews

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- Growth marketing is all about being efficient, so it's important to seriously evaluate whether people actually want your product. Nothing is more inefficient than wasting time, money, and effort on pushing growth initiatives that are set up to fail, because, well, what you're selling is not what people want. When you've worked so hard to build something or spent so long working in a company, it's really easy to get blinders on to reality. Time and time again, I'm hired to coach growth at companies and it's evident even the best team won't deliver results until the product or service is adjusted to fit what consumers want. So the first step to growth marketing is evaluating if people want your product. Now, you might find yourself in one of two situations. You could be A, launching a new product, or B, already have a product in the market. Now, if you're in the first camp, it's tough. You'll have to trust your market research, use your best judgment, and launch with the willingness to continue adapting until your product resonates with your target audience. If you're in the second camp, you can survey your existing customers. I like to gauge the temperature using a Net Promoter Score and this score measures the likelihood that a customer is willing to promote and share the product with their family and friends. And it's also helpful to keep monitoring this metric as you roll out growth initiatives. If you're achieving growth at the expense of your Net Promoter Score, well something has gone awry. Here's how NPS works. Simply ask the question, "How likely are you to recommend this product to a friend and colleague?" followed by a scale from 1 to 10. 1 is highly unlikely and 10 is very likely. The ratings are then combined to develop one numerical score. And this metric allows companies to quantify how changes to a product or service impact the customer experience over time. Now you can do some research on NPS by brand or industry and see what an ideal score is for your specific market. There are many tools out there to help you launch and measure effective NPS surveys. A quick Google search will set you on your way. Now your goal is to wait to really push for growth until you have an NPS of 50. If you're scoring lower, you'll need to work to get to the bottom of the problem. Collect customer feedback, do user studies, and figure out what needs to happen to move people from a low score to a high score.

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