Growth hacking is all about delivering accelerated, sustainable, and profitable growth to your business. To succeed at growth hacking, you need to adopt a mindset tied to four key goals.
- Growth hacking is all about delivering accelerated, sustainable, and profitable growth to your business. To succeed at growth hacking, you need to adopt a mindset tied to four key goals. So let's start with our first one. Within most companies, you'll see a clear divide between product and marketing. Marketing's closest touchpoint to product is often The landing page. And this presents a huge problem. When marketing and product are operating in separate silos, growth is stunted. Information falls through the cracks, and both sides start blaming each other for slow growth.
Marketing may claim the product isn't converting consumers into customers, and product may claim marketing isn't bringing in enough of the right consumers. This isn't helpful. So the first goal of growth hacking is to bridge this divide. When you get marketing and product working hand-in-hand, you begin to see opportunities for increases in growth. The second goal of growth hacking is to leverage rapid experimentation. You need to be testing ideas across the entire customer journey, especially within the product team, where you have really valuable levers, such as onboarding, upselling, and retention.
The third goal of growth hacking is to adhere to the metrics. You must be data-driven and be capturing and analyzing this data always. It's important that you align your company to your most important metric, one that captures the value that your product delivers to customers. This is often called your north star metric. Sean Ellis explains this best with an example about Airbnb. To paraphrase, he says Airbnb's north star metric is nights booked. If you were instead trying to optimize everything around app installs for Airbnb, you might have a ton of downloads, but if those people are not booking a room, well, you're not making any money, and they're not getting any value, so they're not sharing their experience with friends.
So it's nights booked that actually creates value. And the fourth goal of growth hacking is to foster a culture of grit. To succeed at growth, you must recognize that this path isn't easy. You'll face opposition, hard work, failure, and encounter seemingly impossible challenges. Recognize and communicate the need to have grit, to stick to it, to encourage and challenge yourself and others on your team to figure out a way and not take no for an answer. So that's it.
Companies that unlock true growth place these goals at the center of their strategy.
This course was created by Madecraft. We are pleased to host this content in our library.
- Defining growth hacking
- Building growth teams
- Identifying your customers
- Creating OKRs
- Drafting your lean canvas
- Mapping the customer journey
- Managing the product life cycle
- Generating ideas
- Bouncing back from failure
- Identifying growth opportunities
- Retaining users
- Capturing data