As the owner of a digital product, one of your primary objectives is to acquire and retain customers. This requires a cost-effective, data-driven, and customer-centric approach to product management. This is where a Growth Product Manager (GPM) comes in.
A GPM is a subcategory of product management that focuses on overseeing the development and improvement of digital products in a way that is slightly different from a traditional product manager. While a product manager typically oversees a single product, a GPM can monitor several products at the same time.
A GPM uses data to advise product iteration and is motivated by the company’s business and financial targets. To be a successful GPM, you must consider several key factors, including acquisition, activation, referral, and revenue generation.
Acquisition refers to how successful you are at getting your product in front of customers. You can use user visit data or download data, as well as the time a user spends on your product, to assess how effective your acquisition strategies are.
Activation refers to whether or not a user subscribes to your paid service or signs up for an account. This is a critical metric that can determine the success of your product.
Referral refers to whether or not your users refer your product to their friends or family members. A referral program can be an effective way to drive user acquisition and increase revenue.
Finally, you must take a look at the revenue generated and adjust your strategy if your financial gains are not ideal. A GPM should also link one product to the other under the same company so that different products can have an empowering effect on each other.
In summary, a GPM is responsible for developing and improving digital products while considering key metrics like acquisition, activation, referral, and revenue generation. By keeping a data-driven and customer-centric approach, a GPM can help a company acquire and retain customers in a cost-effective manner.