Let’s get started – Introduction to growth hackinggrowthbuffs
Importance of growth
Today, you will find growth hackers working for/ in almost every start-up. It is perhaps intuitive that driving growth is important for a business and critical for the survival of a start-up.
But what does growth look like for a start-up? Check out Facebook. Facebook was born, found its feet in infancy and zipped past childhood and puberty, turning into a mature business in a relatively short span of time.
More recently, Uber’s exponential growth has proved that growth hacking is the go-to strategy for startups to become successful. And of course, there is the Airbnb growth story. These are just some of the many examples where growth hacking has played an essential role in the success of the start-up.
What do we mean by growth hacking and what does a growth hacker do?
The term was originally coined by Sean Ellis in 2010 – the guy who helped grow Dropbox at an accelerated rate. In his words, a growth hacker is a person whose true north is growth.
A growth hacker uses data analytics to inexpensively run creative and innovative experiments with the objective of achieving exponential yet sustainable growth.
It is essential for a growth hacker to fully understand the product and be able to guide product developers/ managers to tweak and optimize the product in line with business goals and growth strategy. A growth hacker must be agile and responsive to changing business conditions and resultant opportunities and challenges.
A growth hacker should also be able to manage expectations of the stakeholders – it is not necessary that the initial set of experiments conducted by the growth hacker would result in increased growth. What is important is the learning that is gained from such experiments and how it is used to guide future actions. Therefore, it is important for a growth hacker to document his/her experiments and results in a regular manner.
Unlike a digital marketer whose primary focus is on the acquisition of new customers and top-line growth, a growth hacker’s focus is on the entire sales funnel.
An ideal growth hacker would have at the least basic technical, copywriting, and designing skills, combined with being highly data driven, having a high degree of execution power and an eagerness to learn.
We will explore these ideas in more detail in our subsequent posts.
Do let us know your thoughts on this post and what you would like us to cover in our next posts, in the comments section below.