Growth Hacking: Part I- What is it? Why is it Important?
What is Growth Hacking?
First…Growth Hacking, what is it? It’s not a technique, it’s not a secret strategy that some know and some don’t, it’s a person who uses rapid experimentation across multiple channels to see what’s sticking and what’s not. It’s the ability to collect, analyze, and react with an informed decision over and over again. At the end of the day, whoever can repeat that process the fastest will win.
Normally, startups don’t have huge budgets; growth hackers have the skill set to push the needle with limited resources. With a unique blend of creativity and analytics combined with the understanding of Social, UX, Email, & Product a growth hacker could be looked at as the “Navy Seal” of digital marketing. They look at websites, landing pages, databases, and marketing channels in order to come up with ideas to test where there’s the least friction. If something sticks- they work with product/engineering in implement it at scale and/or automation.
Why is it important for my startup?
Here’s 5 reasons why your startup needs to have a Growth Hacker:
1.) A growth hacker will help identify your target market and where to reach them
2.) A growth hacker will help tailor your product to what people actually want
3.) A growth hacker will help improve your UX based off collecting data from onsite visitors.
4.) A growth hacker will help leverage your partners, brands, or ambassadors/influencers audience/followers.
5.) A growth hacker will reverse engineer strategy/tactics from other industry/markets or competitors & redesign them for your company
A key aspect to remember is that growth hackers feed off data- the rate of collecting enough data to be statistically significant is key in decision making.
Stay tuned- in the coming weeks we’ll be diving into how growth & product are related, strategies/tactics for 2017, and more.