HUH, yeah, what is it good for? Absolutely everything!
Growth Hacking is the flavour of the month. From Silicon Valley to Silicon Roundabout, every CEO wants a growth hacker to come in and take their business to the next level. But what exactly is a growth hacker?
Here’s the secret…. there are no hard and fast answers to that question. The best example we’ve seen is this fantastic QuickSprout guide, written by Neil Patel and Bronson Taylor.
In short, we could say that a growth hacker forms hypothesis based on analytical data, tests and implements successful strategies for rapid growth. Easy! Sort of.
The real magic comes from drawing those hypothesis from the data. Growth Hacking involves processes and technical know-how, of course. You must have the ability to be methodical and analytical at all times.
Above all, however, is the creativity required to think up those killer ideas.
Have I seen any growth hacks in action?
Probably! Dropbox, Airbnb and Twitter; all used growth hacking techniques to help them scale. Notice that each of these examples is distinct and individual. Dropbox’s social sharing technique and Twitter’s activation tactics… Worlds apart they may seem, but not for the Growth Hacker!
What each of these household names did, was to evaluate their market, formulate an idea and test it.
Airbnb realised that their potential customers were already congregating in one space – Cragislist. They thought outside the box to find a way to leverage this already-existing market.
Twitter dived into their analytics and saw that users that followed other accounts early on, stuck around for longer. As such, they added suggested follows to their activation process.
Dropbox created a referral scheme that grew their business from 100,000 registered users to 4,000,000 in just in just four months. They recognised the value in giving away a little slice of their product in exchange for users sharing the offering with their friends. It was cheaper for them to give free space on Dropbox than to advertise to new clients, so they built the solution into the product.
These are just a few examples of Growth Hacking. For more inspiration, we like to visit GrowthHackers.com. There are case studies, Q&As and more. Reading as much and as often as you can is our top tip. There is always more to learn!
So, does my business need a growth hacker?
Great question. Not all businesses are ready to be growth-hacked. Maybe your product market fit isn’t quite right. If you haven’t laid the foundations for growth, you’re not there yet! If you don’t have somebody at your business that can think like a growth hacker, consider finding a consultant or mentor. You may be lucky enough to find a growth hacker in your city that is willing to help for a fee, or even join your board as an advisor. An experienced growth hacker will be able to assess your business and guide you through the right changes*. Then, when you’re ready, the experimentation (and results) can begin!
*Drop as a line for a free assessment!
My business is ready!
Great! Now you need to consider whether you need a full-time growth hacker, or a consultant / strategist. Growth Hackers aren’t cheap, in the UK the average wage for a growth hacker is around £50k p.a or up to £600 per day for contract work. That’s not small change for any business! If you can afford one, great. Having someone driving your growth at all times is a incredible thing and it will work wonders for your business. If not, consider hiring one as a consultant. In our experience, most entrepreneurs are happy to get their hands dirty! With somebody supplying the ideas, they could be unstoppable….
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