Every entrepreneur & business owner wishes to do everything needed to grow their business/start-up. Today the innovation, data and technology are considered as the most important resource/tool for companies growth than ever before. For driving growth using these new tools and other growth hacking strategies, companies require a Growth Hacker; a cross-functional multi-tasking person with entrepreneurial DNA and expert skill set.
Who is a Growth Hacker?
A growth hacker is a professional who uses innovative, creative, low-cost strategies to help businesses get rapid growth, acquire and retain customers. Sometimes growth hackers are also called growth marketers, but growth hackers are not simply marketers.
Growth hackers tend to be obsessive, curious and analytical. They focus solely on strategies related to growing the business. The ideal growth hacker knows how to set growth priorities, identify channels for customer acquisition, measure success, and scale growth.
Ultimately the goal of a growth hacker is to achieve rapid business growth while spending as little as possible. Sean Ellis, founder and CEO of Growth Hackers, coined the term “growth hacking” in 2010. Companies large and small – such as Microsoft, Airbnb, PayPal, and Dropbox– have implemented growth hacking to increase their customer base.
How can a growth hacker benefit your company/start-up?
Established companies, can achieve breakout growth if they adopt a cross-functional, data-driven approach to rapid experimentation. Sometimes conventional teams and entrenched process make the growth transformation bit challenging.
Start-ups: In the early stage of a start-up, what you should pay attention to is creating that all-important first impression to inspire customers and clients to trust your brand. When they feel that trust, they’ll buy your product or service and they’ll refer others to your business through word of mouth and the social network. A Growth hacking pro can help you create that impression immediately.
Start-ups have a significant advantage of using new tools for rapid growth experimentation. Especially when they are able to build the right systems, team structure and execution habits soon after reaching product/market fit, I’ve helped implement this approach from the ground up at several start-ups that are now highly successful.
B2B: A whopping 68% of B2B organizations have not identified their funnel yet. If you’re targeting other businesses, growth hacking will streamline the entire process for you and you’ll ultimately close bigger deals through a funnel that centres around great customer experience.
B2C: For B2C companies & start-ups, growth hacking will help define the business’s ideal customer, which then makes reaching and converting them into purchasing customers and clients much easier.
In my 10+ years of professional career, I have worked on growth strategies that have helped jumpstart growth at established businesses as well as start-ups. I prefer using data & analytics-driven tools, marketing channels, customer feedback, prioritization, automation and much more.
For Growth Transformation, a Growth Hacker can take the following responsibilities for your company/start-up:
- Set measurable goals, hypothesize, prioritize and test innovative growth strategies.
- Choosing in accordance with the other departments which Metrics/KPIs (Key Performance Indicators) to focus on.
- Bringing traditional and creative ideas on how to grow those KPIs.
- A/B testing those ideas. Analyze and test to see what’s working.
- Analyzing the data and customers/users’ feedback.
- Exchanging ideas/data/feedback with other departments (Product, marketing, top management) in order to present results and make the product/service more customer/user-centric.
- Driving footfall in your store or traffic to your website, social media, app. Etc.
- Understanding conversion rate optimization (CRO) principles & hacks and apply in the businesses.
- Working on a lean start-up process.
- Working with the AARRR Sales Metrics Diagram (Acquisition – Activation – Retention – Referral – Revenue)
- Optimizing channels in order to always improve the performance of one’s business.
- Prioritizing growth channels. Scaling and Automating the growth processes.
- Introduce e-commerce vertical and in addition new channel development and more.
Finding innovative ways to get things done, in order to achieve a definite result would be the job of a Growth Hacker/Growth Manager/Head of Growth. He/she will help in creating growth engines that are predictable, sustainable, repeatable and scalable. He/she must continuously try to establish that “how will each decision impact business growth?”
The core of the growth methodology is that all activities should be analytics-driven to achieve growth – everything the business does; from introducing products to customer service & marketing should be focused on activating new user/customers.
90 days Goal
Setting measurable goals is one of the key ways to make this customer-centric practice work. As a Growth Hacker, the first thing I advise is to formalize, goals which must happen in the first 90 days and then in 6 months.
Contact me for more details about how I can help with growth transformation of your company/start-up. I prefer Emails (email@example.com) and LinkedIn messages
Read more/References: Growth Hacking: Everything you need to know about.
- Growth Hacking: everything you need to know about
- What Is Growth Hacking? A Simple Definition
- What Is Growth Hacking? A Simple Definition
- How to Use Growth Hacking To Attract and Retain Customers.
- Open position Most Studios | Senior Growth Marketer