Join Brad Batesole for an in-depth discussion in this video Finding your opportunity, part of Marketing Foundations: Growth Hacking.
- With your product market fit ironed out, it's time to move forward and identify opportunities to gain traction. You built the product, but now people need to know that the best solution to their problem is available. If your product really excels, then your next step is to draw the interest of early adopters. Because growth hacking by nature is extremely lean, I'm assuming you don't have the necessary funds or resources to launch a massive campaign using traditional media. Instead, you'll need to find opportunities that'll draw attention to your business.
Your first opportunity for growth will come from this audience of highly interested and loyal users. At this stage, you've developed your personas, and you should have a familiarity with where you'll find them. Early tech adopters, for example, are likely spending time on reddit.com, reading the online blog Mashable, or participating in an online forum. If your audience is expectant mothers, you may find that they're spending time reading parenting blogs, shopping for furniture on Craigslist, or building a wish list on Amazon.com. The Goal is to creatively determine where you can wedge in your story.
Find a creative way to draw their attention in a particularly noisy environment. As we discussed earlier, this Opportunity might not be immediately apparent. You'll have to test a lot of ideas, and the faster you can roll out concepts, the sooner you can look at the metrics. A/B test as frequently as possible. You've got to be nimble, and accept an almost desperate attitude. You might need to bend the rules, look at things from a different perspective, and explore unchartered territory. There isn't an off-the-shelf list of the top opportunities for you.
Everyone has ideas, but if you've seen it or read about it already, it's probably overused and an unavailable opportunity. To paint the picture of what I'm talking about, let's look again at Airbnb. During their initial growth stage, they needed to draw a lot of attention to their rentals. They determined that their target audience was using Craigslist as their main choice for finding vacation rentals, so they built an interface that allowed users on the site to automatically post their Airbnb listing to Craigslist, a move that was a complete departure from traditional marketing.
Craigslist didn't have an open API or any interface that would allow this to work in a standard sense, but Airbnb reverse-engineered how listings were submitted to Craigslist, and they built an automated platform in a space where tools didn't exist. They didn't do it with the support or the knowledge of Craigslist. It's the type of integration that only a growth hacker would dream up. They didn't take no for an answer. We can learn a lot from this example, and I think if we reverse-engineer it, we can come up with a great framework for finding your opportunity. The Strategy will be to formulate a goal, generate ideas, prioritize the ideas, test, and then optimize.
In the case of Airbnb, the Goal was to get traffic from Craigslist. Next, they likely came up with a ton of ideas on how they could achieve that goal. It's quite possible the idea was fairly innocent in approach, cross-post listings to Craigslist. At the ideation stage, understanding how to execute isn't important. All the ideas should then be prioritized, and that can be done as easily as assigning a value of impact and a value of effort. Start with high-impact, low-effort ideas. With the idea in hand, it moved to testing and optimization.
This involves building a solution, trying it out, reviewing the metrics, and then optimizing based on the findings. Rinse and repeat that cycle until you've arrived at the goal. Remember, the key to the entire process is to closely monitor the data. If the results are statistically significant but not impressive, move on. Growth hacking requires that you innovate your own opportunity. I encourage you to push the boundaries, and try something completely novel.
The course concludes with growth-hacking case studies, highlighting the growth-hacking techniques that helped propel such companies as Airbnb, Uber, and Tinder to explosive growth.
- What is growth hacking?
- Understanding the funnel
- Setting up tracking and analytics
- Leveraging customers and existing users
- Testing ideas
- Generating an audience
- Creating an incentive strategy
- Real-world examples of successful growth hacking