Neil Patel is a big believer in Big Data, and he's made a business of analyzing and utilizing data to enable marketing strategies that help grow a company's customer base. At Tech Cocktail Celebrate, the cofounder and vice president of marketing for customer analytics platform KISSmetrics joined us to talk about the ways through which startups can utilize various media to build their customer base. Prior to any implementation of strategy, Patel tells the audience how to first determine bad data from good data.
“What I look at is ‘what's the lowest hanging fruit?' I look for the bottlenecks or the clogged arteries. What's causing things not to grow? Oh, is there a drop in traffic? Or are visitors just not converting? Is there a specific page where everyone's just dropping off at the checkout? Whatever it may be…I get really deep. And from there I figure out what to do first based on what I think will have the biggest impact and what's the easiest to do.”
For Patel, data is essential to growth hacking; if you want to take your company to a new level, you first need to determine where your business is lacking and where it's succeeding, and looking at the data enables you to do that. You can determine, for instance, which marketing channels to pursue based on how certain numbers look on certain elements. Essentially, if you're making decisions for your business without even taking a look at the data available to you, you're not utilizing the most out of your resources.
During his talk, Patel also discusses some of his secrets to growth hacking (such as don't listen to the opinions that people tell you), as well as provides some background to his success. You watch everything he has to say in the video. Here it is: