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all right so a very important concept for growth pms is the management of the customer lifecycle and the customer acquisition funnel i want to share with you guys a great framework called the pirate metrics framework and this one is very popular for illustrating the key steps of that customer life cycle it's called pirate metrics because it goes r-a-a-r-r-r and i'll give you just a very high-level summary of what this is um i'm happy to do a more in-depth video about this as well because i do work with the concepts from this framework every single day so to take you through the letters a is acquisition activation retention revenue and referral so activation is the moment that you learn about the product and you just came in to try it out maybe you just downloaded the app or you started a free trial activation is the moment where you saw the value that that product actually brings so there's a moment called the activation moment where that happens that it's very important to identify if you're the girls product manager so the growth team at facebook famously did this by identifying that if you have seven friends within the first few days you can actually see the value of the platform a lot better and you're much more likely to become an active user so one of their key goals after identifying this activation moment was driving people to get some friends so that's what activation is so next we have retention let's say you download the app you saw the value that it brings and then you start using it so you use it for a while and then you start to run into some software glitches or maybe it's not working that well and you're seeing some better competitors and over time you're like uh i'm not feeling this app anymore let me cancel it let me uninstall it and move on to something else so retention is about preventing that from happening taking that user that started and got going and keeping them this is really important because if you have kind of like a hole in your bucket you have a leaky bucket a lot of the efforts that you're going to be spending on acquisition and getting new users are sort of going to be wasted and so retention is really about keeping those users on your platform next we have referral so this one's pretty obvious it's about getting more people into the app in a product-led way and what that means is as i as a user use the app i want to invite more of my friends and more other people into the app to use it with me dropbox also famously did this that you would get more storage in the platform if you invited your friends and so if you were just trying to get all the free storage you possibly could all you need to do was to invite your friends and then they would be able to grow their business and their number of active users through your own motivation to get free storage so that was a great play for referral and finally we have revenue that is about how are you monetizing these users on your platform how are you getting them to pay for the services they have so for example um you might be charging a monthly recurring fee maybe you have certain things they can buy in your app they can buy those candies or those diamonds or maybe there's another model that you're using but in short this is about really monetizing the work of your product all right i hope that's helped as a quick walk through of what each of the layers and the segments of the pirate metrics are and if you want to understand better how this is actually used in a growth product manager or a standard product manager role please head over to my growth pm video which i will link here you