WHAT IS GROWTH HACKING?
hacking, one must become a growth hacker. But what does it take to become one? “a person whose true north is growth. Everything they do is scrutinized by its potential impact on scalable growth.”
A growth hacker takes place in creating and executing several strategies to achieve the business’ growth. To further explain, the difference between a growth hacker and a digital marketer is that Digital marketers eye for brand awareness and boost engagement for their brand’s products or services. On the other hand, Growth hackers think of businesses as do-or-die jobs. They concentrate on development, experimenting with new channels, and measuring results through analytics. Iterating, evaluating user interest in various features, and determining which features resonate with a specific marketing channel that results from a starting business’ growth and development.
Since systems and processes play a big role in growth hacking, it’s all about identifying and exploiting a system’s flaw. It’s all about continuous ideation, prioritization, testing, and analysis. It changes rapidly so it’s not just something you perfect in one move.
There are examples of growth hacking all around us if you’re looking for them. Companies are always looking for new methods to advance in the marketing area, and the sales funnel is frequently built right into their products or services.
Here are some growth-hacking tips that you should take note of:
1. Make sure your brand’s offering a good product/service.
Growth hacking alone doesn’t work if your business won’t be providing high-quality products. And when we say high-quality products, make sure it’s actually something that helps people solve their problems. Everybody loves a product that makes something easier for them, Right?
That’s the start.
Vinod Khosla, one of the most successful Silicon Valley Venture capitalists of time, once advised thinking of early customers as a flock of sheep. As he explained, “the flock always finds the best grass.”
This means just right before the product launches, start looking for signs of your potential target market. And that, gives you the most reason to release it.
2. Work until everything holds together.
This is the stage where your starting business tests your products in as many possible ways that it can. Work until everything falls into its place. This stage’s point is to find out that “core gratifying experience” that makes your product outstand other competitors.
This can be accomplished with a variety of techniques, ranging from first-hand user testing to usage analytics and heat maps, and such. Use surveys to find out what users plan to achieve by visiting your website and if anything got in the way. Determine what it is about your product’s core experience that makes it outstanding.
For product review, Sean created a Free Customer Development Help – Survey.io
This survey also gives you some early input for confirming use cases, establishing your value proposition, and positioning yourself against the most popular alternatives. Although this criticism is helpful in terms of direction, Sean advocates conducting much more research (through customer surveys and interviews) before finalizing your value proposition and positioning.
3. Remove Complexity
To emphasize this basic user-perceived value, your business goal for growth hacking is to minimize complexity from the initial user experience and messaging. This frequently entails concealing or even removing characteristics that are unrelated to this core gratifying experience. This is where Sean suggests you focus on Metrics, Business Model, Customer Support, Brand Experience, and Driving Growth. (https://www.startup-marketing.com/milestones-to-startup-success/)
Sean believes that metrics don’t matter until you achieve product/market fit – then they are critical to your success. And when we say product/market fit, this is when you have a product (or service) that completely fulfills the wants/needs of a certain audience.
You will know when your product doesn’t meet your customer’s expectations. To gain from growth hacking, you must have a product-market fit. You should focus less on persuading customers of your product’s legitimacy and more on how to grow the business.
It’s simple for growth hackers to win when they’re working with a brand that has a product that ticks all of the boxes for the customer. Others present too many meaningless indicators for metrics that ignore the important ones. Dave McClure and Sean both advise KISSmetrics as a solution.
Choosing a business model allows starting businesses to test and simulate multiple cost and revenue structures. Exploring possible business models can assist new entrepreneurs to validate their ideas, attract investors, and develop their management strategies.
Now that you have a business model established, invest in customer service you’re your business can rely on. Almost everybody who is interested enough in your product is to call customer support is a valuable source of information about your target market and its needs. Additionally, customer service will identify difficulties that will allow you to expand more ways quickly without investing any more/ additional money. And addressing these difficulties will make it much easier to grow your business once you begin spending.
If your customer support team is currently overburdened, we do not recommend trying to expand until you have addressed the issues that are the source of the majority of support calls. Once you’ve addressed these concerns, you’ll encounter fewer adoption hurdles and will be able to expand without overloading your consumer base. This will allow customer service to go above and beyond expectations, which is a key strategy to increase client loyalty and word-of-mouth referrals, among other things. As Sean explained in his post on social media, using this technique now pays more returns than it ever has in the past.
For growth hacking, brand experience is way more important than brand awareness. Entrepreneurs might not know, but they’re probably wasting too much money for brand awareness alone. For starting businesses, you can check out why brand experience matters more than brand awareness.
It is significantly more cost-efficient and successful for companies to concentrate on building an exceptional brand experience. While startups are increasingly aware of the value of brand experience, they often place too much emphasis on it too early, fine-tuning aspects of the brand that customers do not care about. Instead, wait until you understand why specific clients are drawn to your product, and then stress over every aspect of the customer experience that you have created.
Once you’ve completed all of the said milestones, you can turn your attention to accelerating growth. Chief executive officers (CEOs) must play an active part in promoting customer growth, regardless of whether or not they have a marketing background. A startup’s ability to achieve consumer traction, then scale that momentum, determines all of the risk and potential reward associated with the venture. This is a responsibility that the CEO should not delegate to the marketer. It is critical to maintain a high level of aggressiveness and to eliminate all slack from the market competition ( which makes it completely uninteresting to pursue the market as for others). Your early edge is the opportunity to improve on the customer feedback system and use strong customer loyalty to generate positive word-of-mouth publicity for your company.
While return on investment (ROI) is important in determining whether a user experience design channel is sustainable, the primary focus should be on exposing a large number of the right people to your amazing product experience. It’s far easier to become excited and creative about something than it is to think about things solely from the standpoint of ROI. Of course, a positive return on investment (ROI) is required for any lead generation effort to be in the running.
The most effective startup businesses are those who are persistent in their exploration of better channels until they uncover something that actually works. Begin by establishing free routes of distribution, such as directory listings and basic SEO. When you start establishing paid channels, you should devote more time and resources to those that have a high potential for growth in terms of scale.
Unfortunately, you can’t rely alone on great web marketing strategies to continue to work indefinitely. Many popular web marketing strategies have proven to be ineffective over time, as I’ve witnessed myself. This is due to the fact that web tracking makes it easier for marketers, managers, and even growth hackers to rapidly determine what is genuinely effective. To find out results, one must concentrate on making efforts on the most productive strategies.
All in all, each and every business has gone through the phase of having difficulties in managing their business. And if you want to grow one at a fast pace, only put your business in the hands of someone experienced when it comes to growth hacking. It won’t be easy. And it will take you a lot of patience before getting to that winning point. And upon reaching that, you won’t be stopping. The level of success you should be reaching would be much at a higher point than it was before.
Hopefully, this approach will help you expand your knowledge about the basics of growth hacking.