Growth hacking is a great method for startups that it is pretty foolproof and much less risky than traditional marketing and product development. Another thing that differs in growth hacking from traditional marketing, is that it includes the complete user journey, from acquiring to referring. It ensures that those people discover your product, fall in love with it and stay as loyal users over a long time, which has a bigger impact on your bottom line rather than traffic.
This article is inspired from a Growth Hacking Workshop hosted by Touch Lab on July 16thfacilitated by Nader Aboulhosn, Growth Lead at Seedstars for Africa and MENA. The workshop focused on clearing the air on the Growth Hack buzz and teaching the growth process. It helped participants understand how to find low hanging fruit to sustainably take advantage of them while also scaling up.
Growth Starts with the Right Product
The first step in your progress towards growth hacking is to make sure you have reached product/market fit. Basically, do you have a product that people love? At this stage, you should obsessively focus on delivering the right product to the right market. Adopt the lean startup mindset and methodology and figure out who your customers are, understand their needs and build a fantastic product that will transform them into your first ambassadors.
Why a Growth Process is Critical
- Focus and results oriented:There is always a shortage of resources in a startup. Focus and concentrate on priority issues.
- Continuous improvement: The focus on growth forces you to run a startup that is continually searching to improve.
- Data driven decisions: The collection of data ensures you start making decisions based on hard facts.
Step 1: Brainstorm
Come up with ideas.
Step 2: Prioritize
Think about the impact it will have on your metrics, if you are confident it will succeed, and if it is easy to implement.
Step 3 & 4: Plan & Implement
Start with the low-hanging fruits, design experiments for them, and plan what you would like to test out, and what the expected outcome would be. Start testing it out.
Step 5 & 6: Analyze and Systemize
Study your metrics. What was the outcome of your experiment? If it failed, don’t worry about that, instead, look at what the learnings are from it. If the experiment was somewhat successful, find a solution to optimize it further, and if the experiment was truly successful, either automate it or create a playbook for it.
Last but not least, keep reiterating. Constant experimentation leads to higher chances of success.