What Is Growth Hacking?
The most accurate definition of the term growth hacker, which was coined by Sean Ellis, is given by Aaron Ginn:
“One, whose passion and focus is pushing a metric through use of a testable and scalable methodology.”
Putting it in easy words, it means getting to know about that particular trick that allows for rapid growth.
Who is a growth hacker?
A Hacker is someone who wants to get his task done in lesser amount of time and without following a prescribed set of steps, this is what makes him special.
We’ll guide you through the steps in the following paragraphs.
Define your goals
You need to be very clear about your goals before you begin. For example, you should know whether you want an increment in the number of users or you would like to retain the ones you already have.
Try not having too broad goals, rather have some SMART ones. (Specific. Measurable. Attainable. Realistic. Timed.)
Don’t forget to track your goals
Defining your goals was just the step one. Now, you need to keep a track of your goals. Analytics help you better achieve your goals. Data and analytic would help you understand what goals have been achieved so far. Also, you would have an idea whether there are any goals that can’t be attained. Remember, historical data can become your asset.
Now is the time to execute what you have been planning so far. This stage is backed up by the first two steps. Consider an example of sending out emails to hundreds of email addresses you have in your database. Now is the time when you send them all out.
What’s Wrong with Growth Hacking?
What people forget before getting into the process of growth hacking is that there is no magical potion for accelerated growth and no magic wand either. Keeping your expectations way too high is what’s wrong with growth hacking. Constant adaptation to your magical potion is necessary to keep this process going.
Key Points for Growth Hacking:
Know Your Resources
You and your team need to be well aware of the resources available for this task to be carried out. If you are short on resources, let your team know.
Learn from Success as well as from Failure
You must be flexible enough to learn from your failures as well as your success. Even if your experiment fails, you have learned a lot and that is what matters at the end of the day.
Initial Results Might Discourage You
Most of your strategies might simply not work. But that is not the end of the world, right? Most of us believe that initial results would define the future of our business but that is not the case. As an Entrepreneur, you need to develop attack strategies over and over again. Refine your existing strategies and get set for the next attack.