What are the growth hacking strategies & techniques ?
There are many different definitions about the meaning of growth hacking. This term appeared in 2010 and was associated with Sean Ellis, for him, growth hacker is a person whose true north is growth. These terms had created a lot of buzz and some controversies, for some people “growth hacking” is something that has always existed in a startup and no matter the activities or expertise all the members of a team are primarily focus in achieving growth, specially the CEO.
Nevertheless, there are knowledge and good examples about types of hacks or best practices that have generated viral growth. Depending on the stage of a startup, there are cases where they build or hire specialized “growth teams” dedicated 100% in finding ways to achieve growth. In this case, “Growth hacking is generally a small data-driven and technical group tasked with figuring out how to scale the business”. If you want to know more check this great Neil Patel article.
To start with Growth hacking this 3 min video is perfect :
- The growth hacker formula consists first in achieving Product Market Fit, then finding a growth hack and discovering a high retention technic.
- Instead of doing marketing, a growth hacker search for building marketing into the product itself.
- Growth hacking relies on small clever triggers that create self-perpetuating marketing machines (going viral)
- Growth hacking is only about things you can test, track, scale with a minimum budget
- For growth hacking to be successful it has to start with the right product
More about Growth Hackers
If we do a metaphor, we can imagine that growth hackers are like scientific and that their laboratory is the company and the users! In this scenario the Noble price for a growth hacker would be to achieve exponential or hyper growth. Great growth hacker are creative people, passionate about finding new ideas or ways to hack growth to their profit!
What you need to know about Growth Hacking
Growth hacking can be seen as a different type or way to do marketing. Based on data analysis and many other factors, Growth hackers will create hypothesis to be tested. In order to test them they make different types of experiments to see if they were right. While experimenting they will look for new finding and they will search for any crucial factor that can generate growth. As well they search and learn from bad practices or things to avoid. It’s interesting to point out that most of the time the starting hypotheses are to wrong, even when the hypotheses have been based on specific key factors that seem to be important. The good things is that those finding would lead to the right hypotheses.
While searching for growth you will find success and failures, sometimes what you thought was going to work fails and what you imagine it won’t work turns out to be the most efficient solution. For these reasons, in order to achieve growth you need to get organize and optimize your time. To do so check out the “ICE” explanation below.
There are different sources where you can generate traffic and growth. This study shows the percentages of the origins of traffic depending on the company size. Click on the picture to get more marketing statistics and trends!
How to choose the relevance and impact of your growth actions ICE (Impact, confidence, ease)
To manage your time and organization you need to set priorities first! The ICE will help you know where to begin and measure the importance of each growth action. The ICE score calculator consist on measuring the importance in scale of ten, ten being the highest level of importance and priority.
There are 3 main factors to be evaluated and the average of them gives you the final result. Those are the 3 factors:
- Growth potential or impact
Ask yourself if the hack can generated important and fast results to your business and grade it.
- Importance or confidence
Does the hack has an impact in a large scale or in a particular niche for example?
- Easy to do?
Measure the level of complexity and work that the hack involves.
Once you have analyzed and grade the different priorities of hacks, you are ready to set the priorities and schedule them.
The growth hack funnel
The five stages of the “growth hack funnel” is the base segmentation of the steps to get growth and revenues.
This first stage aims to increase traffic by different means and get leverage on each channel. In the acquisition stage you search to create an audience, find your public and target. The goal is to get people attention by any possible way to make them potential clients.
Once you have gain the traffic, you have to find the way to engage them. Activation is about trying to create a relation and getting your customer to know more about your business. Examples of this are subscription to newsletter, get contact number, give a gift …
Retention is about keeping your clients and creating customers loyalty. To do so, your customer must be satisfy by your value proposition and your universe (your product, social networks, customer relationship, speed …). the try is to satisfy your client in so many ways that he won’t even think about going somewhere else.
Recommendations have a huge impact in growth. Having customers recommending your product or service by any ways such as sharing on Facebook or comment can make a big improvement in the customer volume. Find ways to get recommendation can by a paying action!
This is the game changer for your company. Reaching this level represent a good overall customer experience in the different stages. There are many ways to monetize your revenues, make sure to find the best and simplest solution for your customer !
Growth Marketing Discussion
This is a really interesting 45 minutes discussion about growth marketing between Jeff Iocano (Growth Square), Tim Chang (Managing director Mayfield), Andrew Chen (Speaker / Autor Uber), Sigel Bareket (General Manager Taptika), Eric Singley (VP mobile & Consumer Products). They share their knowledge and experiences in topics like finding growth, growth teams, design…
- To find growth search different areas that you can go into and that others people can’t. You have to check if those channels are moving in the right direction. Finally you have to build on the other side, from the analytics side, the information necessary to know if the investment and time is worth or not.
- Depending on the type of company you can look for growth in their data (reflection of the behavior), attention (sign of self-expression, identity) and the spin (their money).
- To find growth, the most interesting thing to looks for is the unique economic model of one user. If there are signs that you are turning an onetime user into a frequent one, there are ways to find growth.
- It is important to analyze the engagement funnel, look for signs where people are trying to express themselves, share their story and have somebody identifying with them. (Personal story telling loop)
- The most important thing is first finding the KPI’s, which is the single more important thing that you are looking for and then start scaling.
- To be able to have a growth team, first thing is to get your data and analytics sorted and your KPI’s. You look into your effective channels, reduce friction, then you go deep into the product again and look for news initiative of the product that will contribute to growth.
- It is important to check the KPI’s every quarter, because you only improve in what you focus on and they can change.
To learn more basics about Growth hacking this video is for you (35min)! Great explanation, great examples, simply an amazing video!