This post was written by Shakir Hassan. He has done so many projects at a very young age of 14. One of his recent projects done is for BonusCorner.com
What is Growth Hacking
Growth Hacking is the science of achieving incredible growth with nontraditional strategies. It is also the science that helps you identify how to move users from one state of the funnel to the next one, consistency. Growth Hacking finds a strategy within the parameters of a scalable and repeatable method for growth, driven by product and inspired by data.
- Growth Hacking combines:
- Marketing and Sales
- & Customer / User Experience (UX)
To grow a product, service or platform.
Look, what Dan Martell, founder of Clarity says about Growth Hacking:
And these are some of the other definitions about Growth Hacking:
It is an idea that an entrepreneur can take a clever or nontraditional approach to increase in the growth of his or her product by hacking something together, specifically for growth purposes. It is next generation marketing for startups.
Take a look at below quote about Growth Hacking:
“Growth Hacking is just getting users – Unknown”.
It’s just a technique to implement for the sake of getting real users. The meaning of Growth Hacking is freedom to try a lot of different things really fast. The goal of a growth hacker is to hack their product that reaches to millions of peoples. Growth Hacking is the only way you possibly can to help a company grow. It helps in acquisition, activation, retention, revenue and referral.
Brief introduction to Growth Hacking
Hotmail is the oldest example we know of Growth Hacking. It started growing when one of his main investors, Tim Draper, suggested putting a:
“P.S.: I love you. Get your free E-Mail at Hotmail.”
At the bottom of each E-Mail.
5 weeks later they hit the 2 million user mark. And the rest is history. These are other companies that have used growth hacks to grow their users:
In 2010 @SeanEllis wrote first about Growth Hacking. He was saying the marketing roles were not paramount for startups because they are in early growth phases.
“…rather than hiring VP Marketing with all of the previously mentioned prerequisites, I recommended hiring or appointing a growth hacker.”
That was when the term was created.
Characteristics of a Growth Hacker
A Growth Hacker is someone that grows users to a product using unconventional marketing techniques with a focus on data to help guide decisions.
As Andrew Chen said, “a Growth Hacker is a hybrid between a marketer and a coder.”
It is someone whose true north is growth.
These are some of the characteristics of a Growth Hacker:
- Growth Hacker is creative
- A Growth Hacker has some various strong Entrepreneurial drive
- A Growth Hacker has passion for data
- A Growth Hacker has the ability to take risks and he/she is a risk taker
- A Growth Hacker is consistently learning
- A Growth Hacker is curious with a burning desire for Growth.
What is Product or Market Fit? First, let’s look at some stats.
Nine out of Ten Products fail and sixty-six percent of startups change their exact plan.
What is the solution?
You should find a path to a plan that works before running out of recourses.
How can you do that?
By Product/Market Fit, so what exactly is Product/Market Fit?
Product Market Fit is a degree to which a product satisfies its market demand. Some peoples interpret Product/Market Fit as creating a minimum viewable product that addresses on solves a problem or a neat that exist.
So how do you validate Product/Market Fit?
Sean Ellis – Founder of Qualaroo, he says:
If at least 40% of the surveyed customers indicate, they will be very disappointed if they no longer have access to the particular product of service, this is how you validate your Product/Market Fit.
This is an optimal process to create a successful startup.
It starts with Product/Market Fit, then transition to growth and then growth.
You should make sure Product/Market Fit as soon as possible. You should make your product a must have. And you should achieve Product/Market Fit first with a minimum viable product.