In order to make it work, you need to understand the basic framework of growth hacking.
- All Growth Begins with Your Audience.
- Focus on The Lifetime Value.
- Optimize and Test Everything.
- Pool and Prioritize Ideas.
- Leverage Customer Feedback.
- Execution is Key to Growth.
- Don’t Come Up Short with Your Marketing.
How do I start growth hacking?
Growth Hacking Strategies for Startups That Guarantee Success
- Pre-Launch Email List.
- Launch on Product Hunt.
- Leverage Referral Marketing.
- Make New Brand Partnerships.
- Attend Community Events.
- Leverage Adjacent Markets.
- Build a Social Media Community.
- Follow Your Competitors.
What is growth framework?
Make it about growth: The growth framework you define is a tool that empowers your team to have fair discussions around compensation that are driven by growth. Focus on individuals: Your growth framework should allow people to have their own, unique growth, rather than enforcing a single, one-size-fits-all track.
Does growth hacker require coding?
Essentially, a growth hacker is a marketer with creative ideas, analytical skills, and a bit of a coding knowledge. Similar to a digital marketer, a growth hacker must be a pro in social networking, blog writing, content, UI/UX, viral marketing, SEO, research, and analytics.
Is growth hacking dead?
Final thoughts: is growth hacking dead? To wrap it up, the growth hacking mindset is very much alive and well. It’s just that anyone leading a digital strategy in 2021 should have the skills Sean Ellis was looking for back when he coined the term in 2011.
What skills do growth hackers need?
What skills does a Growth Hacker have?
- Data Tracking & Analytics.
- Acquisition Marketing (Social, Search, Content, Email, etc.)
- Technical Skills.
- Customer Retention.
- Referral Programs & Viral Marketing.
- Conversion Rate Optimization & A/B-testing.
- Activation & User Onboarding.
- UI / UX.
What does a growth hacker do?
A growth hacker is someone who uses creative, low-cost strategies to help businesses acquire and retain customers. Growth hackers focus solely on strategies related to growing the business. They hypothesize, prioritize and test innovative growth strategies. They analyze and test to see what’s working.
What are growth loops?
A growth loop describes a product engagement pattern that engenders the discovery of the product by new users. A growth loop proclaims a causal relationship between some interconnected system of product features and the growth of the product, within the specific scope of user-product interaction.
What is growth reforge?
Reforge is a worldwide community of experienced product management, marketing, engineering, and other tech professionals solving critical business problems to unlock extraordinary growth for their companies and their careers. We prioritize applicants in digital businesses that are post-product market fit.
How much does a growth hacker make?
How much does a Growth Hacker make? The average Growth Hacker salary is $73,709 as of November 29, 2021, but the salary range typically falls between $67,100 and $81,512.
How can I become a growth hacker in India?
Qualifications required to become a Growth Hacker As such, there is no particular eligibility for a growth hacker. A person who wants to make a career as a growth hacker must be at least a graduate. A growth hacker is also required to keep himself/herself updated with all the digital marketing mediums.
What makes a good growth marketer?
A great growth marketer is able to put themselves in the users’ shoes and understand their context, pains, and needs. This allows them to anticipate triggers and create moments of connection and trust with users. However, it’s essential to understand what users and potential customers genuinely value and how they feel.
What is Growth Hacking: A Framework for Growth
This advanced blog contains genuine growth lessons Demand Curve has gained from running marketing for hundreds of businesses.
What is growth hacking
A important company metric’s growth may be continuously optimized through the use of growth hacking techniques. Weekday active users (WAU), lifetime value (LTV), profit, and revenue are all examples of metrics that may be used to measure the performance of a firm. Since Sean Ellis created the phrase “growth hacker” in 2010, the term has lost part of its original meaning. It is widely used to characterize the strategies and shortcuts employed by high-growth organizations in order to attain record-breaking levels of growth in record-breaking time periods.
And Airbnb utilized it to sign up its first thousand customers, allowing the company to confirm that it was developing something people wanted to use.
Instead, they implemented a systematic approach to growth that is fundamental to the way their entire company operates.
In this post, we’ll go over the foundations of the growth hacking process and how to implement them properly.
When it comes to growth hacking, it all starts with one simple question: “Are you producing something that people actually want?” Growth hacking makes use of feedback loops to ensure that product development genuinely addresses an issue that people are willing to pay for. Product-market fit is a term used to describe this process. First and foremost, you must precisely identify the value that your product provides to buyers. It is possible that this value will alter over time. Consider the following scenario: you’ve developed an app that makes it simple to book events in cities all over the world.
- Once a value has been identified, it may be measured by determining the metric that corresponds to meaningful progress toward that goal.
- That represents the stickiness of the application.
- Consider the amount of users who download the app but don’t plan a trip as an example of a counter measure that should be monitored closely.
- Let’s take a look at what all of this entails.
The growth funnel
Customers’ path from first introduction to your product, to becoming a paying customer and on to promoting their friends and family is referred to as the growth funnel. Your growth funnel will collapse if you don’t have a product that people want. You may initially attract a large number of customers via the funnel, but if the product does not live up to its promise, they will leave (and, ultimately, recommend others) and go elsewhere. Within this development funnel, there are five main phases: This funnel is subject to the growth hacking process of accurate metric discovery and iteration, which is applied to each phase.
Imagine that you do have a product that people genuinely like using and recommending. How do you get it into the hands of as many people as possible in a scalable and lucrative manner? You make investments in channel acquisition. In order to increase qualified visitors to your website, acquisition must be successful. This often consists of a mix of the following:
- The following are examples of marketing channels: search engine optimization (SEO), pay-per-click advertising (PPC), social media marketing, content marketing, influencer marketing, email marketing, and traditional marketing.
Some acquisition routes are more likely to be effective than others, depending on the circumstances. It’s likely that social media commercials and influencer marketing will be more successful growth marketing methods for e-commerce businesses than traditional public relations campaigns. The Growth Training program from Demand Curve provides an in-depth look at the top growth channels that are most likely to succeed for your firm. Quick testing should be performed on the most promising channels to discover which ones have the most promise.
You may use the lessons you’ve learned from one digital marketing channel to another, resulting in compounding success.
Once individuals have entered your funnel as a result of acquisition, you must engage them.
It’s more probable that some acquisition channels will be profitable than others. It’s likely that social media advertisements and influencer marketing will be more successful growth marketing methods for e-commerce businesses than traditional public relations. The Growth Training program from Demand Curve provides an in-depth look at the top growth channels that are most likely to succeed for your company. To decide which channels have the most promise, conduct brief tests on those that look the most promising.
In order to achieve compounding success, you may transfer the lessons learned from one digital marketing channel to another.
As a result, if one of your Google advertisements has a very high conversion rate, you should consider using the headline language as the topic of your next email marketing campaign. The next step after acquiring new customers is to engage them in your sales process.
The following are examples of activities that may be used to maximize revenue growth:
- Putting in place new price structures
- Experimenting with new business models
- Selling complementing items and services to customers on an up-and-down basis
For example, if you just have a monthly subscription, you might want to consider switching to an annual plan. This offers you with the cash up front that you may use to invest in more growth possibilities. Additionally, it assures that those consumers will remain with you for the whole year. Also evaluate what other relevant demands your consumer base has in addition to the ones listed above. What methods do you use to line-extend your product? The point at which founders become lost is when they forget that money is everything.
In most cases, you won’t be able to produce lucrative revenue from your products or services unless you have a legitimate business.
By keeping consumers for a longer amount of time, you may increase your income potential.
The term “retention” refers to all of the activities that encourage users to return. Users are encouraged to re-engage with your product through push alerts and drip emails, among other retention strategies. It is far less expensive to retain existing consumers than it is to gain new ones. So make an investment in providing a 5-star experience to those who already pay you. The provision of live chat help for paying customers might fall under this category. Alternatively, you may surprise them with additional credits on their birthday.
- The most effective type of retention is the one that occurs naturally: your product is so outstanding that consumers return to it out of habit or necessity.
- Alternatively, their friends may notice them using your product and inquire about it.
- To avoid being mislead, be cautious if you’re tracking positive early signs of retention, such as users who are consistently engaged with your product, but they’re not converting in a meaningful way.
- True client retention refers to repeat consumers who pay you for your services.
When someone becomes a loyal, active client, you’ll want them to spread the word about your product to the others they know who would benefit from it as well. This is a low-cost, repeatable, and scalable method of acquiring new customers for your business. After using a product for a period of time, consumers will, on average, refer more than two new users to it. This contributes to the creation of a viral loop, which might result in exponential development. Dropbox is a famous example of a firm that did this and achieved enormous success as a result.
- Because of this, their user base has transformed into a free and eager sales force.
- They incorporated virality into their product by increasing the value of the product to a user once they have invited peers to use it.
- Aside from that, individuals who referred their colleagues were far more likely to remain on the site since their colleagues were also using it.
- Because Dropbox referrals allowed for genuine social connection to take place.
- They will be able to share files.
- Not all businesses will be able to rely on word-of-mouth and virality to grow.
If your product is very specialized or pricey, it is doubtful that you would achieve viral growth through recommendations.
Growth hacking in a nutshell
Growth hacking is neither a goal or a sequence of tactics that must be followed to be successful. It is a never-ending process of discovering what works and what doesn’t at each stage of the development funnel. In addition, it involves acknowledging that each stage of the process is interconnected with the others. What’s the best part? Expansion hacking tactics may be used by any firm to swiftly discover and remove bottlenecks while also identifying chances for rapid growth. Adopt a learningmindset rather than a strictlydoingmindset when it comes to learning.
Take a look at Demand Curve’s Growth Training program.
Growth Hacking Process: Ultimate Guide (Team + Framework)
Growth marketing, sometimes known as growth hacking, is not a magical or sorcerous technique using ingenious hacks and shortcuts. Our company, which is one of the top growth marketing companies, frequently has extensive discussions with prospective clients about the growth hacking process. The same questions are being asked over and over again. What are the most effective development strategies? How rapidly will my firm develop as a result of the hacking? Is it possible to reduce the budget and find shortcuts to growth?
- Unfortunately, when it comes to achieving repeated sustainable growth, ingenious hacks and shortcuts can only take you so far before they become obsolete.
- This involves understanding product-market fit, full-funnel planning, fast experimentation, optimization, analytics, and a variety of other techniques.
- Growing a business demands collaboration across many various sectors of the firm, as opposed to traditional marketing, which is typically done in silos of expertise.
- In this book, we’ll show you how to put up a world-class growth marketing team and set up a productive collaborative environment that will allow you to achieve quick and sustained growth.
- Building Your Growth Team
- Growth Hacking Frameworks
- The 7-Step Process
- And more are covered.
Building Your Growth Team
Taking the first and most significant step is essential. Your team will be comprised of individuals with a variety of skill sets who will all work together to achieve the shared objectives. The composition of a team may differ from one location to another and from one project to another, but these fundamental components provide a solid basis.
1. Growth Lead / VP of Growth Marketing
It is the responsibility of the Head of Growth Marketing to establish an overarching strategy for the team and to ensure that all growth initiatives are in line with that plan.
- This individual understands how to formulate a good hypothesis and how to use data in the pursuit of discovering the most efficient and cost-effective path to growth. One of their key goals is to find the most significant factors in the areas of customer acquisition, retention, engagement, and monetization, and then put those variables into action. The Head of Growth Marketing must have an entrepreneurial attitude, be an excellent communicator, and be a gritty go-getter who is not afraid to roll up their sleeves, get their hands dirty, and set an example for the rest of the team to follow. Curiosity, data, and innovation are what motivate me to find solutions to any problems that arise. Has a strong understanding of a variety of marketing platforms (SEO, content marketing, paid social and search, referral and affiliate marketing, among others)
- The ability to fail is not only an option, but also encouraged for the Head of Growth Marketing, as each failed experiment or misstep will result in fresh learnings that will put you and your team on the proper track to success.
2. Full-Stack Developer
As a full-stack developer, your primary purpose is to offer your team with the assets and tools they need to execute the growth marketing plan established by the Head of Growth Marketing.
- Working on a variety of coding languages and design platforms without difficulty
- When compared to employing external resources, internal resources are both faster and more efficient in creating deliverables. Depending on the firm and/or project, the function of UX designer and developer may be divided into two categories.
3. Growth/Performance Marketer
This individual is in charge of the “big ideas” and collaborates with the Head of Growth Marketing to establish the team’s overall strategy and growth techniques for the company.
- An ideal growth hacker is both imaginative and strategic in his or her approach. Prioritizes experiments, evaluates their impact, and optimizes the trials to ensure that they are aligned with the broader strategy and objectives
4. Content Marketer
The content marketer serves as the team’s spokesperson and storyteller, with a primary focus on developing and producing various pieces of content that are essential to the overall strategy of the company.
- Been tasked with producing blog articles, emails, social media postings, copywriting, and audio and video aspects
- Verifies that messaging is consistent across all channels and that it is linked to the organization’s overarching aims
- The ability to think creatively and to be knowledgeable about best practices for breaking through the clutter on each platform is essential
5. Growth Operations and Data Analytics:
An very crucial function that should not be disregarded, the numbers person is the person who is in charge of monitoring performance and how well the organization is performing in relation to its objectives, goals, and strategy.
- This individual is aware of the objectives and is responsible for delivering regular updates to the rest of the team on the team’s performance and potential areas for improvement. Strong data analytics and project management abilities are required, since this is the individual who will be in charge of tracking performance and ensuring that the highest return on marketing investment is achieved.
Determine how many of those jobs are filled by your present team, determine if current team members can take on additional responsibility or transition to underserved areas, and if they can’t, go out and recruit new employees. When employing a growth marketer, there are a few crucial characteristics to look out for.
Growth Marketing Frameworks
The importance of shifting the attention away from the techniques and toward the broader guiding concepts and frameworks cannot be overstated now that you understand how your team should be constituted. A growth team must be tenacious in its pursuit of two objectives:
- Understanding which variables or levers have the most influence on acquisition, retention, and monetization
- Understand the behavioral psychology and psychographics of the user or buyer persona, as well as the variables that influence those characteristics
AsSean Ellis and Morgan Brown write in their bookHacking Growth: “By tearing down traditional business silos and putting together cross-functional, collaborative teams that bring together staff with expertise in analytics, engineering, product management, and marketing, growth hacking allows companies to efficiently marry powerful data analysis and technical know-how with marketing savvy, and to rapidly devise more promising ways to fuel growth.” As previously said, there is no secret or magic approach that can be used to propel a brand to hyper growth.
A robust foundation for growth marketing can only be developed by a company in order to attain this level of growth.
- Put your team into a routine that will allow them to quickly perform and assess trials. The greater the number of experiments you do, the greater the amount of data you may collect to guide choices and optimize for the best results. Small victories and improvements across the organization are discovered and compounded as quickly as possible through the growth process, which is meant to create a positive feedback loop.
In addition to having a fantastic product, the following frameworks serve as the foundation around which we at NoGood create our strategies. Experimentation in a Short Amount of Time:
- The practice of swiftly evaluating and verifying hypotheses by relying on data as your primary evidence
- Also known as hypothesis testing. The utilization of several diverse tests and approaches with little expenditures enables for the collection of information that will be utilized to guide long-term decisions.
Full-Funnel Growth Marketing (also known as funnel marketing):
- The customer journey is broken down into a step-by-step procedure that enables for effective tracking and data collecting at each stop. This framework can assist in determining if customers are becoming trapped in one portion of the funnel, allowing for adjustments to be made to keep things moving. Your funnel should often come to a close with a significant business goal, such as a purchase or product registration.
Having assembled your team and selected a framework, it is time to turn our attention towards strategies and experimentation.
- Decide on a “North Star” measure
- Brainstorming ideas
- Filtering and prioritizing
- Testing and analysis
Define “North Star” metric
- When it comes to measuring the health of your business, one of the most important metrics is the “North Star.” This metric, also known as OMTM (one metric that matters), captures the core value that your product provides to customers, and emphasizes that out of all the data that is gathered throughout the process, you know that this specific one is critical. Improving the efficiency of your attempts to increase this statistic is critical to achieving sustained growth throughout your entire client base. You must first grasp the value your most devoted consumers receive from using your product, as well as the impact that it has on the health of your business, before attempting to measure this value in a single metric
- Otherwise, you will have failed.
The elements that contribute to the movement of your North Star Metric must be understood and tracked once you have identified your North Star Metric and what it is measuring. Examples: The Daily Active Users metric is the most important metric for Facebook. It allows them to concentrate on both attracting new users and, more crucially, keeping and engaging those who are already on board.
The number of nights booked is Airbnb’s North Star Metric. This reflects the value that has been offered to both visitors and hosts. The time spent listening is the North Start Metric for Spotify. This metric assesses the amount of value that consumers derive from the service.
- To change acquisition, retention, and monetization numbers in the right direction, brainstorm every single lever and channel you can think of. This process should engage all team members and be produced utilizing a platform such as Basecamp, Trello, or even a basic Google sheet in order to allow for the most amount of involvement, sharing, and feedback possible. Best practices and prior use cases, as well as research into what rivals are doing in the industry, may all be brought into play during the brainstorming session.
Filter and Prioritize
It’s time to determine which ideas you’ll put the most effort into and which ones you’ll put to the test. The following is an important question to ask with each idea:
- When it comes to this proposal, what is the potential effect and chance of success (high, medium, or low)? What resources (time, design, development, and teams) will be required to put the concept into action
- These talks should always be undertaken with the broader plan and North Star metric in mind, and the potential for long-term influence should always be considered over one-time successes. An concept may be graded from 1 to 10 in terms of potential effect, cost, and resource requirements, and then filtered, sorted, and averaged to determine the most efficient ideas to put into action and begin testing.
Hypothesize and test
In the first place, your hypothesis should look something like this: If successful, will rise by, because
- Create an MVP (minimum viable product), a short- or long-term campaign, or a landing page based on your idea
- And In order to determine whether or whether this hack, experiment channel, or method is appropriate for you, you must conduct a statistically/logically meaningful pilot study. Continually run your trials with the least amount of effort possible until you get statistical significance or a high chance that something is working, and monitor the findings on a daily or weekly basis
- Educate yourself and support your assumptions with prior experiments, case studies, and success stories, as well as by speaking with members of other development teams, reading to channel specialists, and talking to people who have done it before.
Here are a few things to ask yourself to aid in the analysis of your experiment:
- When it comes to the North Star Metric, what was the ramifications of this experiment? What was the ramifications of this experiment on the availability of resources
- What percentage of your guesses were correct
- What caused you to see the outcomes that you did? Was there anything that caught you by surprise?
Results of these questions, as well as other results, should be documented so that they may be used as a resource for future campaigns. As an alternative, you may go back to the brainstorming paper and see how your ratings from before the experiment compare to your ratings after the experiment in terms of impact and resources used. This will assist you in determining whether or not your experiments and hypotheses were correct.
Scale, rinse and repeat.
Successful campaigns should be scaled up; poor efforts should be scaled down; rinse and repeat throughout the campaign.
Document successes and failures and build your own playbook.
- Everything from your tests should be documented in a form that is simple, searchable, and comprehensible. All data and learnings should be consolidated into a single document that demonstrates what worked and what didn’t work, along with a general overview and explanation of why
- Maintain meticulous records of each step, alteration, and optimization performed at each level in order to provide a thorough accounting of each experiment and an easy-to-understand reference page
- Keep meticulous records of your successes and failures so you’ll know what worked and can be repeated, and what didn’t and can be discarded.
That’s all there is to it. During this course, you’ve learnt about the team, various frameworks, and the steps that must be taken in order to begin your growth process. What must be kept in mind is that, while we believe in the structure and the general message, every case is different. Alternatively, you may require three designers, a performance marketer, and no content marketers. Alternatively, you may require a full-stack developer as well as a data analyst. It all relies on the type of growth problem you’re attempting to address.
It’s a fast and adaptable strategy that can help businesses move mountains in record time.
The fundamentals, we feel, are necessary, and that with this framework as a base, it should be simple to make modifications and optimize for what is most beneficial to your company.
Send us a note using the form below!
The 7-Step Growth Hacking Framework
With hundreds of growth techniques and approaches, like Fake It Hack, Exclusively Hack, and The Aha Moment Hack, the internet has been increasingly congested in recent years. You’ve never heard of them before? Don’t be concerned. Growth is more of a process than it is a result of one or two strategies. However, this does not imply that you should refrain from employing the few tactics you have up your sleeve, but rather that you should learn how to turn your approach into a scalable and repeatable one.
Whatever development strategy you select, you’ll need to know how to put it into action in an orderly manner and establish a rhythm that will allow your team to run experiments efficiently and effectively in order to have the most possible impact.
Here’s a seven-step procedure that you’ll find really helpful.
1.Define Your OKRs (Objectives and Key Results)
Andy Grove developed the OKR framework to aid in the definition of the company’s and team’s objectives in terms of connected and quantifiable results. Its goal is to establish a framework for critical thinking and discipline, allowing people to operate in harmony with one another as part of a synergy that is focused on producing quantifiable contributions in the correct direction.
Begin by asking yourself what you want to achieve, and then work backwards from there to create your goals and objectives. Here are some suggestions to keep in mind:
- Don’t be afraid to make them ambitious or even a little uncomfortable in order to get their attention. Unless anything is accomplished, what’s the point? You also want to make certain that each aim you establish is crystal clear enough that you can tell with easily if it has been accomplished or not. To begin, choose three to five goals that you want to achieve. If you have too many, you may be overwhelming your staff
- If you have too few, you may not be doing enough to grow. Make sure you can see the finish line in the distance. Fill up the blanks with as much detail as you can think of. Rather than just saying “increase userbase,” you could instead to mention something like “expand userbase by 30% in one year.”
It is critical to have a clear understanding of the amount and length of your project so that you do not wind up guessing your way to failure. Here’s an example of well-defined objectives taken from the Uber platform: Increasing the number of drivers in the system is the goal.
- The ability to predict the amount and duration of time required is critical in order to avoid wasting time and money by winging it. An example of well-defined objectives taken from Uber is shown below. Increase the number of drivers in the system as a whole. Objective:
Increase the geographic reach of the organization.
- Increase coverage in San Francisco to 100 percent
- Increase coverage in other active cities to 75 percent
- Reduce pickup time in any coverage region to 10 minutes during peak use hours
Increase Driver Satisfaction is one of the objectives.
- Create a driver happiness score and measure it
- Raise the driver happiness score to the 75th percentile
2.Brainstorm Your Ideas
However, you are well aware of this. Before beginning any major project for your organization, set aside some time to discuss all of the many paths that may lead you there. This is especially important when it comes to creating and attaining targets. In order to achieve your goal of “increasing paying customers by 10%,” you may begin by examining how your rivals are stimulating the conversion of free accounts into paid ones. You may also look into how companies outside of your industry are raising their sales and see if any of their strategies can be applied to your company’s situation.
Your ideas will increase in number as you gather more facts.
Alternatively, it might be used for future reference.
So, you’ve completed your brainstorming exercise. You’ve even done it with your team, and you’ve come up with some outstanding ideas that you believe have the potential to be successful. The next step is to choose which of the ideas you want to prioritize and prioritize them on your to-do list in order of importance. Here are some considerations to keep in mind while determining the priorities:
- What are the possibilities that this will be successful? Regardless of how creative your strategy is, it is worthless if it is unable to get the outcomes you desire. Classify them into three categories: low likelihood (20 percent), medium probability (50 percent), and high probability (80 percent). What is the probable ramifications of this decision? Take into consideration both the long-term consequences of your strategy and the one-time wonder impact. Which one would you want to have
- What resources will you require, and how much of them will you require are the questions. Take into account the amount of time, money, and human force that will be required. You don’t want to set yourself up for failure by being overly ambitious.
Do you have a hypothesis to share with us? You should put together a plan. A good hypothesis will have an aspect that defines its viability, influence, as well as an assumption, as well as other relevant information. Ideally, it should look something like this: If successful (viable), X will rise by Y (impact) as a result of (assumption). You should also make certain that your assumptions are supported by quantitative and qualitative evidence, as well as secondary information:
- Experimental data from past experiments, surrounding data, and funnel data are examples of quantitative data. Support emails, user testing, questionnaires, and recordings are examples of qualitative data. Blogs, competitor observation, networking, and case studies are examples of secondary information.
All that’s left is for you to put your strategy into action.
The experiment can be carried out for a period of 30 – 90 days. On a regular basis, take measurements and keep track of the findings. Every other week or every other day would be plenty.
What conclusions did you reach as a result of your experiment? By answering the following questions, you will be able to determine exactly what you gained from participating in the process:
- What was the ramifications
- How accurate were your forecasts in terms of coming true? What is the underlying cause of the outcomes you observed?
Make sure to document your results and preserve them somewhere secure in case you need to go back to them in the future.
So, did your experiment turn out to be a successful one? If you answered yes, you must document the step-by-step procedure you followed and utilize it to create a repeatable procedure. Example: Uber developed a playbook for expanding into new cities since they saw that this was something they did on a regular basis. You don’t have to start over from scratch every time you make a decision.
The Ultimate Guide To GROWTH HACKING
Please accept my sincere greetings and welcome to the definitive handbook on growth hacking. Throughout this tutorial, you will understand the principles of the growth hacking process. Also included are the growth hacker’s attitude and all of the structures necessary to generate scalable growth for your company or organization.
You’ll come across a variety of definitions of growth hacking, some of which are more difficult to understand than others. While each of these claims may be stated to be accurate in terms of growth hacking, none of them is a comprehensive definition of the term. Welcome to the world of growth hacking. Or, to put it another way, welcome to the real world of marketing, where everything that succeeds is marketing. –Ryan Holiday, as reported by Fast Company A growth hacker is someone whose true north is the pursuit of growth.
–Sean Ellis is a satirical writer.
–Andrew Chen et al.
A data-driven, creative, and inquisitive frame of thinking.
THE DEFINITION OFGROWTH HACKING
If you’re looking for a precise description of growth hacking that encompasses all of the major features of the practice, here’s what I have for you: Finding implementations, often wacky and creative hacks, to increase any given metric in the growth funnel through quick experimentation, lean and agile principles, and expanding the execution based on data-driven choices is the goal of this role. The following are examples of growth hacking implementations that may be found in the definition above: Other People’s Social Networks Channels that are unusual or out of the ordinary Methods that are out of the ordinary or unusual Creative hacks that have been introduced within the product All of these implementations are centered on a single metric in the A3R3 funnel.
Also see: What is Growth Marketing and How Is It Different From Traditional Marketing?
GROWTH HACKINGMETRICS AND FUNNEL
When selecting metrics for my growth hacking experiments and determining the stage of the funnel in which my users are now located, I utilize the A3R3 funnel, also known as the AAARRR funnel, as a guide. The following is a graphic representation of the complete funnel, as well as some examples of growth hacking metrics at each step of the funnel: -growth hacking metrics-Every growth hack you will come across will be focused on one of the metrics from the growth funnel shown in the preceding section.
Because small teams and startups may generate results by being laser-focused on improving a single measure, this is an excellent strategy to concentrate on execution in small groups.
This statistic is referred to as the OMTM (one metric that matters) or the North Star meter by Growth Hackers and others. Here you can find the comprehensive growth hacking lexicon as well as a list of phrases that growth hackers use.
Measures what matters:EXAMPLE OF NORTH STAR METRICS
Consider the following scenario: If your startup is an eCommerce firm and you’ve just launched a new shop, your OMTM should most likely be traffic. Once you have a little amount of steady traffic flowing in, you can transfer your attention to improving your Conversion Rate and implementing CRO hacks for your eCommerce site, which will help you increase sales. Once your conversion rate is satisfactory, you may begin to concentrate on increasing the average ticket size. As a result, the focal metric for your company and business will shift over time, which is exactly what should happen.
BUILD AGROWTH HACKER’S MINDSET
It is possible to select the appropriate measurements and comprehend the concept of growth hacking, but before you can begin implementing the growth hacking process, you must first think like a growth hacker. The fact is that coming up with a few hacks will not automatically elevate you to the status of true growth hacker. Once you have the correct frame of mind, you may uncover a plethora of growth hacks, look for tools that will help you accomplish results faster, locate less costly alternatives to expensive marketing approaches, and so on.
The quickest method to acquire this state of mind is to include it into your daily routine.
As a growth hacker, you must do the following:
USE OFFBEAT CHANNELS FOR GROWTH
The most popular networks are typically pricey and oversaturated with content. Digital marketers often follow a playbook that includes the most prominent social media platforms such as Facebook, LinkedIn, Twitter, and Instagram. Social media campaigns are seldom carried out outside this set of networks, whereas search campaigns are carried out throughout the big advertising platforms such as SM Ads and Google Ads. When working as a growth hacker, you must look beyond the default digital or traditional offline marketing channels in order to achieve greater outcomes in less time and with less money.
It was not a typical marketing effort, nor was it a Facebook advertising campaign.
It was neither a campaign for Adwords or an app advertisement.
More information on the distinction between a digital marketer and a growth hacker can be found here. After that, let’s get started with the growth hacking process.
LEARN THE PROCESS OFGROWTH EXPERIMENTATION
While growth hackers are always saying “Experiment, Experiment, Experiment,” a lot of them dive into experimentation without having a formalized methodology in place to guide their efforts. Before you can begin to create your growth process, you must first establish certain principles.
PREREQUISITESFOR GROWTH HACKING
Here are the essentials you’ll need to get started: PRODUCT WITH THE HIGHEST POSITIVE VALUE
- To begin, these are the foundational concepts you’ll need: PRODUCT WITH THE HIGHEST POSIBILITY OF VIABILITY
PERSONALITIES OF YOUR USERSAnswer the following questions about your users:
- What is the age and gender distribution of your target audience? What is the geographic location of your users’ intended destination? In what ways do your users need to be accommodated? What issues do your customers have to deal with? Who are your target customers and what is their way of life? What positions do they presently hold? (excellent for business-to-business transactions)
CHANNEL PERSONASA channel persona is a definition of a channel that may be utilized for growth hacking experiments and can be found on the internet. The following are some questions to ask yourself in order to identify your development channels:
- Describe the type of problem that the channel would solve for a comparable target or audience as mine. What are the other interests of my target audience
- Where do others with similar interests congregate
- What are the other interests of my target audience What tools or networks are review writers in my network writing about
- What channels brought my initial users into my network
- What channels brought my first users into my network
You should begin thinking growth hacking ideas for this company or firm as soon as you have the essentials in place. Your first North Star should serve as the starting point for your growth hacking ideas.
GROWTH HACKS AND IDEAS
Having established the basis of your process by recording your pre-requisites, begin thinking ideas and growth hacks to help you go forward. This is when the excitement begins. In order to come up with fantastic growth hacks, you will need to look at statistics, your competition, and your gut instinct.
WHERETO GET YOUR IDEAS FROM
Experiment Data from the PastIdeas from previous campaigns and data from previous experiments, including soft and hard data, are relevant in this context. Brainstorming Insights gained by bringing various teams together in a room or via the internet to create ideas Feelings in the gut Prioritization and improvement of ideas are usually more effective when using this method. Analysis of Competitors Look at what growth hacks are working for your rivals or other businesses that have the same target audience as yours in order to produce more successful growth hacking ideas for your own company.
On average, I start with eight ideas, and I’ve used this method to scale growth for more than 60 different businesses, and I’ve always identified the one major concept that scales from my first set of eight ideas.
ICE FRAMEWORK FOR PRIORITIZATION
A common misperception about growth hacking is that it is about discovering a slew of shortcuts and interesting tactics to help you develop your business. Though it may only constitute a tiny portion of your growth hacking strategy, the overall goal is to create repeatable and scalable procedures in order to attain success. A lot of blogs about growth hacking are written from a negative viewpoint, and the writers aren’t aware that they’re writing about “shortcuts” and “tricks,” rather than the actual growth hacking process, since they’re focused on the “shortcuts” and “tricks.” In fact, it’s a shame that the majority of people aren’t aware that growth hacking is a scalable technique that is comprised of a variety of frameworks.
One of the most frequent frameworks we utilize as growth hackers is the ICE framework, which assigns an ICE score to each of the concepts and hacks we came up with in the previous stage.
HOW TO PRIORITIZE IDEAS
Information from the past Make use of a mechanism such as the ICE architecture. The Top Three Experiments Impact is represented by the letter I, Confidence by the letter C, and E by the letter E. Sort your experiments according to their ICE ratings, and then highlight the best three experiments in each category. Alternative Methods of Calculating Scores Don’t be afraid to experiment with different scoring methods or to use an alternate scoring technique. What is a good ICE score? Keep in mind that the ICE Score is intended to be used for priority rather than eradication.
EXECUTE THE EXPERIMENT TESTS
Here is when the hustle comes into play: the next step. Here are some important considerations to keep in mind when executing growth hacking strategies:
The following phase is where the hustling comes into play. In order to execute growth hacking effectively, it is important to remember three critical points.
ANALYTICS FORGROWTH HACKING
The bustle begins in the following stage. Here are some important considerations to keep in mind while putting growth hacking into action:
If you’re working with or as a growth hacker, you’ll hear the following words rather frequently, and they’ll be valuable to you: A product’s fit with its market is the foundation of growth. When the offerings and the audience are on the same page. There should be one objective specified by a single measure toward which the entire startup should be working. This is known as the One Metric That Matters (OMTM) or North Star Metric. Growth Experiment: This is a potential growth hack that is presently in the testing phase.
- Scalable Growth Hack: A growth hack that results in a YES from the ESS and can be automated utilizing technology (bots, scripts, etc).
- User Personas: Extensive descriptions of what your target audience looks like in detail.
- An illustration of the buyer’s journey or the path a prospect follows as they get familiar with your product, from introduction through conversion and beyond, created using a funnel tool.
- Making use of other people’s networks (OPNs): Taking advantage of other people’s networks.
- OPP: Taking use of other people’s platforms.
- Influence Hacking is the practice of leveraging influence via the use of hacks.
- The process of comparing two versions to see which works better is known as A/B testing.
“Aha!” moment: That moment when something “clicks.” (We’re talking about the growth experiments here!) Churn Rate: The percentage of customers that leave over time, in the opposite direction of retention rate.
Deep Dive: A comprehensive examination of any measure.
Deep Hunting is the method that a growth hacker employs in order to find new tools.
A heatmap is a visual representation of how people interact with a website.
Indicators of Change (ICE) Score: Impact-Confidence-Ease Score.
Make the best decision you can.
Lead Magnet: Bribe potentials in order to obtain lead information, which is sometimes the initial stage in the activation process.
When it comes to growth hacking, leverage is used as a VERB.
The lifetime value (LTV) of a customer is the sum of all the extra hours that the client has worked for the company.
In most cases, users will achieve micro objectives on your product or website before achieving a macro goal on your product or website.
In order to save time and costs, growth hackers must follow standard operating procedures (SOPs).
Traction:Momentum. You will have all you need to become a true growth hacker if you follow the advice in this article. As opposed to only providing you with some elegant and classic examples, I’ve provided you with the complete method to assist you become a truly magical unicorn.
“I transform ideas into execution, experiments into growth machines, and horses into unicorns.”
My name is Rishabh Dev, and I’m the founder of the Mapplinks technology company. I founded Mapplinks, a growth marketing consultancy and university, based on the growth marketing methodology that I have implemented for more than 60 startups and enterprises over the course of the previous ten years. I am truly humbled by the fact that my growth marketing process has been recommended by Entrepreneur, TechInAsia, Hootsuite, Unmetric, Google Business Groups, and YourStory, and that it is being taught in training sessions for teams at organizations such as Oracle, NUS, TikTok, NUMA Java, Alcatel Philips, Accenture, and others.
IMPROVE YOURGROWTH MARKETINGSKILLS
All of our information on Growth Marketing is based on real-world growth campaigns for startups and small enterprises that we have completed.
Growth hacking: A step-by-step guide in digital strategy
Growth Hacking was previously a popular type of marketing, especially among start-ups that wanted to develop rapidly on a limited budget. Growth hacking tactics are now being used by both small and large enterprises to ensure the greatest possible efficiency and performance. For the most part, you don’t need to be an experienced marketer in order to successfully navigate your way through expansion. All you need is a sound company plan, as well as the drive to try out new things.
Growth Hacking is more a mindset than a marketing tool
Growth hacking blends the five phases of the customer lifecycle into a funnel known as the “AARRR Framework or Pirate Metrics,” which is aimed to assist businesses in determining where they should concentrate their efforts in order to maximize their marketing and sales efforts. the image was obtained from slideshare For example, if you’re a builder looking to generate $2 million in income per year – with each house valued on average at $400 thousand dollars – you’ll need to convert 5 leads every year in order to achieve your goal.
You must now develop a plan for how you intend to work on generating leads and at what step of the funnel you want to do so.
Know your AARRRs
Acquisition refers to the process through which individuals find you and subsequently become clients. Growth hackers employ a variety of methods to attract clients, including social networking platforms, websites, online advertising, and other methods. It is possible to transmit a message to millions of individuals all over the world by utilizing various types of mass communication. Although non-digital means of communication may also be used to pique interest, they are less commonly employed.
Activation– prompt them to take the next step
It is necessary to determine whether or not they had a positive experience on your website, how they found your website (social media, email, etc. ), and what they were searching for in order to encourage them to take the next step. The development of client personas as well as data analytics are essential in this situation. Concentrate on writing text that is both entertaining and convincing in order to persuade them to take the next step. This includes using appropriate language and tone to establish a genuine connection with your audience, as well as using visually appealing imagery that attracts their attention at first look.
The ability to track the customer journey is critical for collecting information that can help you learn more about your consumers and connect more effectively with them.
Retention –give them a reason to stick around
A customer’s “aha” moment is defined as the moment when he or she realizes the genuine advantage of a product or service. The more meaningful that moment is, and the more quickly you are able to get them to it, the higher the likelihood that they will remember it. Direct interaction with clients through platforms such as email or phone alerts are two more strategies to keep them on your list of customers. The fact that 90 percent of first-time website visitors often do not make a purchase is something that should be remembered.
So, how can you persuade them to return to complete the transaction?
Revenue –encourage them to pay
The following stage is to persuade your customer to take an action that will produce income for your company’s bottom line. A number of distinct ideas exist for how this may occur. Month-to-month payments, annual memberships, and even free trials that lead to a purchase are some of the possibilities available to website owners. Increasing revenue through upselling is yet another approach of increasing income. Brands like as Apple are well-known for carefully upselling their products and services in a way that is not perceived as ‘pushy,’ but rather as necessary by their target customers.
The gadget becomes more profitable for the corporation as a result of this.
We will assist you in developing a captivating website that is well-regarded in your field and distinguishes you from your competitors.
Referral –everyone’s a potential advocate
“Double loop” referrals are an effective kind of referral advertising since 1) the recommender is rewarded and 2) the suggested user also benefits from the referral advertisement. UberEats is an example of this, since the company offers incentives to both existing customers and new referrals. A well-known referral trick is Dropbox, which gives free 500MB of cloud storage space for any new customer who is referred by an existing user. Referring helps you to build your consumer base enormously by spreading the word about your business.
Famous growth hacking example: Airbnb
In the United States, Airbnb was a modest firm when it first launched, but by utilizing a technical hack on Craigslist, they were able to achieve exponential growth in a very short amount of time. The AARRR framework and the division of the customer experience into quantifiable metrics will enable you to discover which parts of your business require the greatest resources and optimisation for improvement, as well as to begin working on a plan for those areas of your organization. Keep in mind that not all of your growth hacking techniques will be successful, and that’s just great.
Simply put, if something isn’t working, pause and re-evaluate where you could be going wrong before moving on to the next concept.
That is how the attitude of a growth hacker operates. Enroll in our online courseFuturise Foundation to learn more about growth hacking and how it can be applied to your company. You will obtain professional insights from thought leaders in the field as well as hands-on experience.