Lessons learnt from Growth Hacking
Since 2010 , when Sean Ellis coined “Growth hacker” in a blog post to describe a person with a set of growth driving mindset. Growth hacking has always been an interesting topic to discuss especially among startups who may need to implore Growth hacking in growing their business.
A lot of companies like Facebook, twitter, Airbnb, Dropbox which are giant companies today used growth hacking tactics to boost their business during their startup stage without realizing that they were “Growth hacking” as we all know today.
This is a more reason why Growth hacking is more of a mindset than a tool kit.
Low cost alternative, customer retention, rapid experimentation and iteration are all major goals of a growth hacker.
On customer retention, to a growth hacker. You don’t want to pour water into a leaky bucket; it’s a waste of money. That’s why a true growth hacker would care about customer retention and spending money in the right channel
Growth hackers also focus on the cheap alternatives. Instead of using television, Radio and newspapers like traditional marketers. They tend to use other medium which are cheaply effective like the internet. Spending too much during startup stage may be harmful and can lead to early death in startups.
Growth Hacking also involves rapid experimentation which is geared towards finding the best practice. Fall downs are not considered as failures but a step towards getting desired result. Like Thomas Edison puts its during his electric bulb invention “I have not failed 10000 times, I have successfully found 10000 ways that won’t work.”
Growth hacking itself is more of a mindset, as it has no methodology but is composed of practices which are geared towards growth or what Ryan Holiday described as “Product Market Fit”
Growth hacking is ideal for startups who may lack enough skills and resource to build their business.
“How do I get money fund my startup?” “How do I get people to like my products?” “How do i get my product across to people?” all these questions are answerable when a startup rapidly experiments to find the most effective and efficient way.
Growth hacking also deals with emotional intelligence, putting yourself in your customers shoes. This way, you get to know what your customers want and what irritates them about your product . like Paul Graham said “Make stuffs people wants”
I have also compiled 10 thought provoking Growth hacking Quotes to motivate Startups
I have not failed 10,000 times. I have successfully found 10,000 ways that won’t work
– Thomas. A. Edison.
“You need the kind of objectivity that makes your forget everything you’ve heard, clear the table, and do a factual study like a scientist would”
– Steve Wozniak
Growth Hacking is more of a mind-set than a tool kit
– Aaron Ginn
“Virality isn’t luck. It’s not magic. And it’s not random. There’s a science behind why people talk and share. A recipe. A formula, even.”
– Jonah Berger
“A growth hacker is a person whose true north is growth.”
— Sean Ellis
“A growth hacker is a person whose true north is growth. Everything they do is scrutinized by its potential impact on scalable growth.”
“Marketing has always been about the same thing — Who your customers are and where they are.”
“If you double the number of experiments you do per year you’re going to double your inventiveness.”
— Jeff Bezos
“I don’t care much for — I care about conversions. That’s why I test.
- Michael Aagaard
“ Make stuff people want.”
— Paul Graham