Fundamentals of Growth Hacking
Growth Hacking enables any business to develop themselves according to market flow right from early stage. It is more like creative tactics which provides effectiveness to the company. Growth hacking approach is ethically viable, applicable which can help the business to stand in the market. Two best examples of Growth Hacks are Drop Box and Airbnb. Drop box utilised intelligent advertisement to run its business.
Growth hacking enables small businesses like Start-ups find their foot in the market. An expert growth hacker will identify the pockets where the Start-up business can fit itself in the market. Since it is most booming sector one might wonder what qualification, skill-set and attributes are needed to become a growth hacker. Here are list of skills which are desired in a growth hacker.
Personality Traits
A growth hacker is marketer as well as an engineer. The individual keeps focus on growth, and keep record of the metrics. Don't use plagiarised sources.Get your custom essay just from $11/page
- A growth hacker will always believe in small steps at a time.
- Growth hacker has to be a team player. He or she has to pay attention to the team.
- Creativity and innovative approach is a must have trait among the growth hackers.
- Supreme level of dedication must be applied to the job as fundamental issues can be time consuming.
- Has to have time management abilities and skills to manage.
Areas where Growth Hack is Possible
AARRR Matrix funnel Diagram explains the stages of Growth Hacker implementation in a business.
- Acquisition: It involves creating awareness to target demography. The approach is channelized towards the store, website or enquiries.
- Activation: The casual visitors or queries are turned into leads.
- Retention: The customer is retained so that he or she come back to the business in long term.
- Referral: The loyal customers refers the business within their known circle.
- Revenue: Users are converted to paid customer. Revenue stage can even appear before or after stage of referral.
The approach to Growth hacking has three main sectors of Skill-set, Mind set and tool set.
Skill Set
Content Skills: The skill enables to utilise potentiality of content to attract customers to the business. Ezra Firestone utilised excellent content skill to promote his Cosmetic business for women above the age of 40.
Social media skill: Social media is engaging more people in compared to any other existing platform. The enormous audiences can be tapped with the right social media skill. An expert Growth Hacker can harness the social media to place the business in the right manner. It covers all the platforms like Facebook, WhatsApp, Instagram, Twitter etc.
Tactical skill: It helps to design an excellent strategy for any potential growth hack campaign. There are four aspects:
Segmentation: It involves the choice of target audience from all people.
Targeting: It filters the customer on basis of demography
Positioning: It helps to plan the product or service placement.
Optimise: Involves improvement of the strategy and keep it relevant to current market.
Mind Set
The most important aspect of Growth Hack Implementation. Two approaches involve Growth Mind-set and Fixed Mind-set. The former will look to move ahead even after failure is faced. But the later will stick to the place and refuse to move if any failure occurs in the situation. Growth Hackers mostly rely on Growing mind-set as they work in dynamic market.
Growth Hackers must possess:
- Mind-set should be like software developers
- Avoid running behind perfection
- Identify various signal and route
- Create MVP model.
Focus or Priority
Growth Hackers are laser focused on Growth. They create smaller goals which are easy to achieve. They try to achieve the smaller goals which will eventually lead to long term success. Prioritising growth often helps to change a negative atmosphere in a business to a positive one.
Kill the Silos
The approach involves re-engineer the product or approach of the business in the market. The Re-engineering helps to recreate the value which the product can generate. The Growth hacker has to be able to analyse marketing strategy and the product.
Marketing as a science
Growth hackers reaches the level of a scientist as they have the ability to test. Experimenting is their forte. Growth hackers are often ready to fail, learn but in a faster manner and within a controlled situation.
Tool Set
Task automation
It makes the work faster as various tasks are automated. It saves time and accurate tasks are received through automation. Monitoring trends, competitor changes are done using software’s which tracks the situations.
Outsourcing
It helps to hire third parties and outsource laborious task. It saves time and the quality is received as per the needed standard. Fiverr or Upwork is favourite platform.
Analytic tool
Data study can be easily undertaken by Analytical tool. Google Analytics is a good example which can provide you a day to day report of your website and its performance.
Content and Exposure tool
The tool helps to find the buzzing content in the market. Finding popular topics are easy to find instead of assuming.
Social Media tool
Social media tools provide various facilities which can optimise your use of social media. It can optimise, buffer, find links etc to optimise your growth hack strategy.
Feedback tool
Feedback tool enables to gather feedback automatically. It will create a custom form which the customers will fill-up and share the feedback.