How a group of growth hackers made it possible to build the brand equity of Facebook, Twitter, AirBnb, and LinkedIn in less than a decade without implementing traditional advertising strategies is truly remarkable.
Using growth hacking techniques has emerged just recently and has been gaining so much popularity because of its unconventional, yet very effective methods.
So how does growth hacking work? Let us take a closer look at the five-stage evolution of growth hacking techniques that have been coined by these big brands:
Achieve Product Market Fit
The first thing that growth hackers try to achieve is product market fit. Simply put, it is having a product that is perfectly designed to fit a particular and critical need for a well-defined target market.
You’ll know whether a product has achieved a good market fit when there is strong word of mouth. And until this happens, you will need to tweak your idea, conduct surveys, run tests, iterate, and improve.
Discover Your Growth Hack
If you are a tech startup, you don’t want brand awareness. What you want is users, customers, and clients.
And the way to attract them is by finding loopholes and underappreciated opportunities.
You do this by figuring out what has never been done before and creating a product that has features that will address the unmet needs of the market.
Growth Hacking Techniques: Become Viral
Word of mouth is what growth hackers want to achieve.
Once you have attracted your initial users, the next goal is to get those users to influence their family, friends, colleagues, and other members of their circle to use your product, too.
And because a growth hacker’s goal is to develop a product that people want and/or need, it will be very easy to drive them to influence others like them to use your product and continue the cycle of referring to friends and family.
You want your users to start using your product and to continue using it.
Sean Ellis, the person who coined the term “growth hacker” stresses that we need to “obsess over every element of the customer experience.”
If you have issues retaining users, address this by interviewing your existing users so you get a better understanding as to why they stopped using your product; then, use this information to build a better product that will get them to come back.
Go Back to Stage 1
Growth hackers deliver massive successes to startups because of their constant involvement in product development.
With growth hacking techniques, the focus is not on branding or brand awareness but on driving users and clients. This technique is about looking for scalable growth from viral factors and social sharing, instead of spending money on advertising and marketing.
So, optimize your market potential by constantly improving your product, based on data.
While traditional marketing is still effective, this means requires a big budget, and failing would mean a big loss for a startup.
On the other hand, using growth hacking techniques is a cheap, yet effective, iterative, and practical way to attract your market. Certainly something that not only marketing managers need to consider, but also product managers as well.
Learn more about growth hacking’s relevance in product management and register in a product management training course.
About the Author
Michelle Rubio has been writing for SMEs across the United States, Canada, Australia and the UK for the last five years. She is a highly-experienced blogger and SEO copywriter. She writes business blogs for various industries, such as marketing, law, health and wellness, beauty, and education. She is also well versed in product management training, particularly the courses offered by ProductSchool.com.
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