Growth Hacking unlike what many people think can be applied to multiple verticals like Sales, Product, Engineering, etc. It’s not restricted to only Marketing.
Growth Hacking is nothing about a continuous cycle of improvement. People think that Growth hacking is all about acquisition, whereas it’s more about retention. It’s about how you understand, engage, activate, and make them your ambassadors so that they keep coming back to you as well as spread the word via word of mouth.
Growth teams are essential to a company moving forward and not getting stagnant at any point in time.
Since growth hacking is a continuous process, it helps you fight any kind of change in the market or your environment. You need to have a laser-sharp eye to find an opportunity and exploit that to help you grow.
The best growth hack story would be how AirBnB got its first few users or how Gmail used FOMO to gain more users fast!
It’s a myth that a growth hacker’s job is to fill the top of the funnel. This is not true. A growth hacker has to work at all levels of the funnel and their job doesn’t stop there. They have to also make sure that the after-sales experience helps get more customers/users!
Growth Hacking Process
The growth hacking process is a continuous process with 4 steps:
- Analyzing the data that you already have and looking out for key insights
- Generating an idea with the data that you have
- Experiment with your idea and prioritize results that matter
- Test the experiment at scale and repeat it!