Join Brad Batesole for an in-depth discussion in this video The process of growth hacking, part of Marketing Foundations: Growth Hacking.
- Growth hacking starts with the business model. You'll need to have a model that is easy to scale, and this makes sense. If you're going for aggressive growth, you can't let your business model slow you down. If you're running an online business, that might be making sure your technology will scale to meet the influx of traffic. But more importantly, that might mean making sure that your scaling technology costs aren't going to put you in the red. And if they do put you in the red, how does your model handle that? What's the next step to put your business in the green? If you're moving physical product, it's important to understand your fulfillment model.
Put a plan in place for scaling, and know what you're doing as you reach each new level of customer growth. With a business model in place, you'll shift your focus to the customer. Now we'll take a closer look at the customer in a later movie, but knowing who they are is pivotal in deciding how to improve your product and where you'll execute your growth hack. From the customer, it'll be moving on to looking at your product. The focus will be to identify how to get the product to do much of the work for you. A great product is pivotal to success, and your customer is the one who ultimately decides that for you, so building around your customer with focused intensity is key.
And finally, the part that feels like growth hacking: leveraging opportunities, exploring unique marketing avenues, and putting your product in the hands of key influencers. You might feel drawn to the marketing efforts immediately, but growth hacking is a comprehensive approach. It isn't just the final stage, and that's for traditional marketing. Growth hacking requires rewinding, revisiting the customer and the product, and building an experience worth sharing.
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