5 Phases of Growth Hacking
Growth hacking is an outstanding concept that has come into being; it is like nothing we have ever seen. This is the use of sporadic experiments, going far above all the laws of marketing and advertising to establish mind-blowing levels of growth. This is the pursuance of the solemn oath of “we either grow fast or we break down”. With growth hacking in mind, all focus remains on growth and that alone.
Growth hackers are those that go beyond the bounds like the gurus that assisted in making software giants like Twitter, Facebook, Dropbox, Reddit, LinkedIn, AirBnb as popular income generating brands. They were on board from the startup and saw to it that these brands became sporadically famous obtaining a high level of growth in the shortest period of time.
The unimaginable fastest rate of growth attained was not powered by the usually claimed expertise of advertising, nor did it rely on the endorsement of famous singers, actors or athletes as the case might be for traditional marketing and advertising. This fast turnaround growth was rather implemented by new types of skill-set at work, something that seems more like the combination of product development skills and engineering. These were the wonderful techniques applied by the outstanding group of marketers who created such fast turnaround growth for the brand they represented.
Indeed, since these marketers did not use marketing techniques or any other skill within the neighbourhood of advertising, they cannot just be referred to as marketers. These are Growth Hackers a new breed of experts with different types of implemented tactics and skills. They are absolutely concerned with hacking the usual pattern of growth too, therefore, establish an outstanding dynamic increase for any brand within the shortest time range. The important question you have to answer is how to replicate the same effect on new brands as this growth hacker did? So, these are what the original Growth hackers have to say about the process of growth hacking:
1. Your Product “Must Have” Good Market Value
The real core of growth hacking that makes it different from ordinary marketing is the fact that it integrates with the process of product development to ensure that the final outcome of the product to be promoted have the required features and capabilities that will meet the requirements of target users. This makes the growth hacker part of the product design and development team, while marketers only wait out there to begin to promote already finished product, whether it has great market value or not.
“Growth hacking recognizes that when you focus on understanding your users and how they discover and adopt your products, you can build features that help you acquire and retain more users, rather than just spending marketing dollars.” This was said by one of Twitter Initial Growth Hackers called Josh Elman.
What does the Growth Hacker do?
This person with this job description does not just look for ways to promote the product. But, starts from the production room to develop a product that will be very easy to promote, such that has great market values. This product from the beginning of its creation has components that will suit all its targeted audience/users – this is the first phase of growth hacking.
2. Get Your Real Growth Hack
After creating your product that is targeted at a particular type of user, you take it through a series of testing while developing. You will need to move to the next level, which is to get users and to get them by all means. This is what hacking is all about, going for something even when the doors are shut. You hack by searching for openings through which you can break in. This is the next step, hack the growth process to get lots of users for your product, it could be through landing pages, A/B tests, viral feature, open graph, email or through any other idea.
Here are some examples – Craigslist was nicked by AirBnb to fetch lots of people use it. Spotify in the United States made it to its users by its integration with Facebook. Facebook alert and other low-cost online marketing got Zynga its big chunk of users. So, hack-in the growth of your product.
3. Go Viral to Get More
Yes, you have succeeded in bringing in the first set of users within your target market. The next logical step is to multiply that growth in many degrees. At this point, you will have to rely on the viral effect mechanism to get the product and users sell itself. A classic example is the case of Hotmail, that added by default at the end of every email message sent the text –“PS I Love You. Get Free Email.” This made all those receiving emails from their friends, family or business associate subscribe to Hotmail through the original user that sent the message. The point here is to locate ways to make initial users promote the product, making it viral.
4. Maintain Users and Enhance
At this phase of growth hacking, you have to go through the performance metrics of the product and discover whether users are maintained or not. Because it will be a futile effort to bring in lots of users only to have them leave. Enhance your product; create new components that will increase its value while satisfying optimally the needs of your users in a progressive manner. By doing these, you are able to maintain existing users while increasing the user base due to consistent value added to the product.
5. Repeat Process from Beginning
The Growth hackers work does not end at any point. There is a continuous focus on the users and the consistent and progressive satisfaction of their needs to continue to hack-in and retain the user base of the product. Growth hacking repeats the process again from the beginning so as to continue growth because the natural growth process is a repetitive one. Create a better upgrade that better serves the user than the previous version; go through all the stages again and again – never end.
3Bet Media is a Digital & Growth Hacking Marketing Agency, London based.
Contact us for a tailored Growth Hacking solution at firstname.lastname@example.org.
Image source: NachHamid.