4 Phases of Growth Hacking
How does a startup grow into a billion dollar business? Growth hacking techniques may have something to do with it. Growth hacking has become a common term for individuals seeking to grow a business by using a mix of data analysis, reporting, and product development. Companies like Facebook, Twitter, and LinkedIn were all built with a team of marketers who did not use traditional advertising, celebrity endorsements, or branding in less than 10 years. Instead, they focused on metrics and scalable methodology.
So, how do growth hackers really work? What strategies do they use to help a company grow? Growth hacker techniques build upon the following key elements.
Is the product the right fit?
Often, marketers are asked to work with products that do not fit with the market. This is an uphill battle. It’s like putting the wrong puzzle pieces together expecting them to fuse together and work. Instead, growth hacking ideas see that you need to fit the product with the market. Rule #1 is to get to know your customers and learn how they discovered and use your product. Build a product that is easy to market. Companies like Zappos and AirBnb found a solution for a problem. If your product isn’t being carried through word of mouth, most likely is does not have a strong product market fit.
Determine how to hack growth
Once your product fits in with a specific market, you can start to determine how the product can appeal to customers or clients. Growth hackers don’t focus on press releases or advertisements, but look at A/B tests, viral, email, landing pages, and open graphs. They try several ideas and grab on to the ideas that are successful and do away with ideas that are not.
Build your customer-base
As you start to pull in users, you will begin to ask how you can pull in more. Word of mouth is a huge strategy for growing your business. The best way to initiate growth is by having your current customers tell their family and friends. A growth hackers role is to get build a product that will build loyalty with customers and encourage them to share with others.
For example, Dropbox started by offering extra storage space to its customers who referred friends. If your product is shareable, you will illicit growth and it can manage to go viral.
Get creative and be scientific
Growth hackers find creative ways to reach prospective customers and use scientific methods to determine how best to initiate their idea. You may reach a million prospective customers, but you want them to stick. If you find that your customers are not returning, ask them why. Determine what you need to do to re-engage. Growth hackers focus on building a client-base, as well as retaining a client-base.
When it comes to growth hacking techniques, it is essential to lay the groundwork by ensuring your product fits a specific market and is appealing to share with others. Growth hackers drive users and customers, by looking at data and developing strategy, rather than spending money on PR or advertising.
