Hacks to Spot and Fix the Flaws of Your Products or Services to Rank your Company to Top Level

 

Hacking Growth by Sean Ellis and Morgan Brown shows you how to continuously expand your start-up continuously.

Sean Ellis is the founder and CEO of GrowthHackers. Sean Ellis, a renowned advocate of digital marketing, is credited with coining the term “growth hacker” in 2010. With more than 15 years of hands-on experience working with early-stage firms, Morgan Brown is an experienced startup marketing veteran. By combining their pool of knowledge and experiences, these two legendary authors gave birth to this renowned book, “Hacking Growth”.

Hacking Growth promotes a culture of continuous experimentation to help businesses achieve breakthrough achievements. This book doesn’t provide a magic solution or marketing trick that will suddenly improve your results. This provides some priceless lessons for the growth of your business!

Creation of Growth Teams

A growth team is a group in charge of growing a company’s revenue and bringing in new clients. Growth teams are required to have specialties and members from a range of fields. One or more cross-functional teams must be formed in order for growth hacking to be successful.

Growth teams work on several areas of the product in large companies like Facebook, but they frequently focus on particular aspects in smaller businesses. Every growth team needs a leader who actively contributes to the development and experimentation processes.

Growth teams have the ability to make a huge difference. They do, however, depend on strong leadership. It might be difficult to bring together interdisciplinary teams and keep them on track. The leader’s responsibility is to pinpoint the target area, define specific objectives, and set a timeline. Consequently, prioritizing is crucial to guiding a growth team successfully.

Choosing Whether the Product Is a Must-Have

Having a must-have product initially and then promoting it to consumers is the golden rule for high-tempo growth experimentation.

The belief that having a fantastic product is enough to become a unicorn is incorrect in the startup world. This is just a stupid myth! Members of the team must devote a significant amount of time and effort to a product, whether through growth hacking or some kind of deliberate branding and marketing.

When customers utilize a product, they should have an “aha moment” when they understand why they need it, what it’s for, and what they’ll get from using it.

Knowing why your product is essential and why it matters to your users is a key component of growth hacking. Create a survey asking users how disappointed they would be if the product vanished overnight to evaluate whether it has evolved to the “must-have” level.

• It is a must-have if at least 40% of respondents stated very disappointed.
• If it is just 25–40%, consider making changes to the product or the language used to explain it
• If it’s less than 25%, either the product requires more improvement or the target audience is not a better fit.

Determine Your Growth Levers

Growth hacking involves more than just doing countless trials and evaluating the outcomes. Even truly excellent products will fail in the lack of a well-focused attempt to drive growth vigorously.

Understanding the core metrics that are most important for the growth of your product is the first step in creating a growth plan. The crucial factors that will boost sales.

It will be a waste of time and money to attempt to improve other metrics. Select one essential metric to use for all growth-related activities to focus your attention on. This will eventually become your “North Star,” the metric that best reflects the core value you create for your clients. Focus can be greatly aided by simplifying your growth levers to a simple formula.

You should concentrate on the crucial data by identifying your core metrics. Web traffic, user acquisition, and returning customers are the three metrics that are most frequently used by online businesses. The amount of daily active users would be Facebook’s “North Star”. This metric needs to reflect the core value that your product offers.

High-Tempo Testing

A growth team can operate as a well-trained, properly regulated, fast-tempo testing engine with the help of the growth hacking cycle.

By using the four-stage growth hacking cycle, the authors claimed, you can dramatically increase your team’s productivity. The Baylor University football team used this cycle in 2008. The team learned more quickly than other teams due to this growth cycle. For the very first time in decades, they ultimately experienced great success.

The hacking process has the following 04 steps:

1. Analyze
2. Ideate
3. Prioritize
4. Test

To discover deep into each of these steps, you can go here for more…

Bring The Growth Hacking Playbook Into Action

A comprehensive list of strategies for acquiring, activating, retaining, and monetizing users or customers is outlined in “The Growth Hacking Playbook.” Despite the fact that there are far just so many concepts to go through within this review, here is a brief rundown of the key points from each part.

Acquisition

Growth hacking is the practice of discovering which marketing channels bring the most clients. The following six criteria can be used to rank channels: cost, scale, control, input time, output time, and audience size. Applying growth hacking can help you identify the most affordable methods of attracting new clients.

Today, it might be more challenging to choose the correct terms to describe your product and how it works. By carefully modifying the language, growth hacking can be used to make it appealing to consumers. It may also be utilized to determine which marketing channel would work best for your product.

Activation

The growth team’s objective is to find and solve things with the activation process.

Start by outlining each step that leads customers to their “aha!” moment with your product. If users haven’t experienced what makes the product unique, they won’t recommend it to others or use it actively themselves.

Then make a funnel report that includes the conversion rates for every step. Finally, conduct a survey or interview users who performed each step and those who left the process earlier. By doing so, you will have a better idea of the types of experiments you could do to improve activation.

Retention

The fundamental tactic for keeping customers is to provide a high-quality product or service that consistently meets the needs customers have.

You will learn more about your clients and their preferences the longer they remain committed to your product. Growth hacking involves assessing, coming up with ideas, setting priorities, and testing them to keep people engaged.

Monetization

Products are developed in order to be commercialized. So finding ways to increase income is the ultimate objective of everything, including retention and growth.

By identifying new options for income creation through experimentation and “purchase funnel” mapping, you can improve the revenue. Monetization may be significantly enhanced by making these experiences as simple, enjoyable, and transparent as possible.

An Effective Growth Cycle

Long-term success is challenged in many ways, but complacency is the greatest of all.

As an example, after Skype was acquired by Microsoft, Skype stopped innovating, which allowed competitors like Zoom to gain momentum.

When businesses lose track of their core products and services, growth can collapse. Growth teams must continue to experiment, innovate, and attempt new things if they want to continue to expand.

Key Takeaways from Hacking Growth…

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