Growth Teams should bring together staff have deep understand about the strategy and business goals to implement change in design, functionality or marketing of the product. The size of the team also depend upon the scope of the product. They can be small as four or five members, for corporate it can be hundred or more.
- Growth lead- Growth lead should having the following skill set. They are fluency in data analysis, Product management, understanding how to design and run experiments.
- Product manager- He/she will be CEO of the product. He should be experience with customer surveying and interviewing. To give vital contribution to the idea generation and experimentation process.
- Software Engineers- To generate new technology , in order to attract the customer.
- Marketing- The cross pollination of expertise between engineering and marketing be fruitful in generating new ideas.
- Data Analyst- To analysis on customer data to gain that lead ideas for experiments.
- Product Designers- Designer will be responsible for developing product drawings, specification and sequences that user experience with software.
The growth hacking process provides the set of activities that growth team to undertake. They have four key steps are Data Analysis, Idea generation, experiment prioritization, running the experiments.
Why your product should be must have ?
Product should built in the eyes of customer so that it should be a must have product. one of the rule in growth hacking is that you must not move in high tempo growth experimentation push. You should create a product in order to identify the core value of the products.Growth team needs to establishing what the core value is and it is not about the feature of the product or service. It is the matter of connecting with the right core market.
What’s the Aha Moment?
This is the moment that the utility of the product really clicks for the users, when the user really get the core value. what the product is for, why they need it and what is the benefit by using the product. If you have answer for the above questions, then you can create the Aha moment quite ease. Identifying what a products aha moment can be sometime quite tricky. While discovering how to make an a product to achieve aha moment is very difficult. It can be find by Two part they are
- The Must have survey.
- Whom to survey.
The Must have survey:
The must have survey can begins with the simple question, that is
How Disappointed you would be if the product is no longer existed tomorrow?
It is quite ease to find the product growth by this question, If your product is fall on 40% or more response are very disappointed, then the product has achieved sufficient status of must have product. So that you can speed up the product in high tempo Marketing . Achieving 40% is quite tough.
If 25 to 40% of the response very disappointed then your product or to the language used to describe the product and how to use it.
If it is less than 25% of the response very disappointed, then you have audience attracted is the wrong fit for your product.
Whom to survey:
The larger the user base, when you conduct the survey the more reliable and informative. To get a few hundred response for the question to be reliable. If it is a small user base , you will be depend upon the customer interviews instead as having just a handful of survey responses can lead to false. By using this survey , in order to determine continue test improvements.
Measuring retention is most important thing in which the number of people who continue to use your product over a time. For measuring the retention , the team should be frequently track the number of users on weekly basis. we can acquire lot of user at early stage and at the same time few user may be lost. The retention rate can be calculated as the percentage of users who continue to use our product by paying, it can be tracked by monthly or weekly basis.Different type of industry will have different retention rate. So, dont compare your product with others, try set a benchmark on your products.
Getting to must have:
If your product passes these following test , your product will attain aha moment and can move in high tempo experimentation. The test are as follows,
- Getting out in the marketplace to talk to customers and prospective customers.( Business Development team)
- Efficient experimental testing of product changes and messaging.(Done by Engineers)
- A deep jump into analysis of your user data.( Analysis Team)
The growth of low cost and ease to use data analytics and online marketing technology has made easy to experiment with both product and messaging. Some testing can be done in online which can be discussed in upcoming session.