A Growth Hacker is tasked with one finite purpose: Growth.
Growth Hacking is a marketing mindset that executes cost-effective, creative ideas using technology that can be measured and scaled. Growth Hackers understand technology well enough to either code, or know how to direct those who code, and carry an arsenal of growth tools, databases, API’s, and related software to grow. Growth Hackers push the boundaries of what is otherwise generally advised.
As opposed to traditional marketing tactics, which can be costly and hard to quantify – growth hackers, with their jack-of-all-trades utility belt, creatively combine:
- Expert marketing strategies
- Product insights
- Turning data actionable
- Digital ads experience
- Creative copywriting
- Coding skills
- And a roster of tools that include customer feedback, marketing automation and predictive analytics
A Growth Hacker understands that the real key to growth is ensuring their product has Product/Market Fit.
In a very simple sense, Product/Market Fit is the moment when your customers will lose their shit without your product. While it is fairly tough to quantify when you have achieved this status, the process to reach Product/Market Fit begins with the absolute desire to make whatever ungodly changes are necessary to make your product amazing. You can read more about Product/Market Fit here.
Once you have a product that is invaluable to your customers, this is when the fun truly begins, and the growth hacker begins his quintessential journey towards building and sustaining growth.
The Customer Lifecycle has five aspects of growth, which can be impolitely denoted as, “AARRR!”.
- Acquisition: The act of acquiring fresh new visitors to your site
- Activation: The first impressions your product makes to your visitors
- Retention: The willingness to return to your product offering, over and over again
- Referral: The visitor’s excitement to share your product to the world
- Revenue: The be-all and end-all for most or all businesses
Growth Hackers focus their backlog of ideas into each of these buckets, optimizing them one by one until set goals are met. Each idea is executed and can be measured, so that proper ROI can be produced and assessed.
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