As the word goes, necessity is the mother of invention. With literally no marketing budget, startups are forced to get the suitable and probably most basic means of seeking customers: Give attention to who they’re and where they are. You can’t spend millions of dollars to construct your brand and mindshare before influencing the consumers to get your product. So, what do you do? You tweak your product until it meets their needs and you hit the viral button to create growth sky rocket exponentially. It is just a matter of survival for startups. You have no luxury of time nor money since it is just a matter of life and death for the business. The complete company is focused on the same goal: Get the item right for the customers to justify the existence of the startup.
We are in possession of a term because of this: Growth Hacking. This term was coined by Sean Ellis in 2010 where he blog of a growth hacker as “a person whose true north is growth. Everything they do is scrutinized by its potential affect scalable growth “.This term was introduced by Andrew Chen to a greater audience through his article: “Growth Hacker is the brand new VP Marketing “.
Growth hacking is just a mindset and it must be the mindset that most employees should embrace, regardless of startup or large enterprises. Whether you are in the marketing department, engineering, product or sales, everyone understands that the customers are the biggest market of our business. Without customers, the company would not exist. Period.
Ryan Holiday’s “Growth Hacker’s Marketing” says that growth hacking starts with “Product Market Fit “.Growth hackers genuinely believe that products – even whole businesses and business models – can and must certanly be changed until they’re primed to generate explosive reactions from the very first those who see them. Ryan shared that the growth hacker’s mindset is one where we treat our product and services as something malleable and could change and improve until we find its best iteration.
Actually, this really is aligned to the style thinking process where you will find three key iterative steps to the style of a solution: Inspiration, Ideation, and Implementation hire a trusted hacker. The procedure itself is not just a linear one. It goes by way of a roller coaster of divergence and convergence before the clear answer gets sharper and sharper with the iteration of input processes, peeling the onion till you are able to clearly see the wants of your customers.
Bill Gross did a study greater than 200 startups to comprehend which of the factors are the main in the success of startups: Team/execution, Idea, Business Model, Funding, Timing. To his surprise, the top most important factor is timing. It doesn’t matter if you have recommended with a good team to create it happen. If the timing is too soon, your visitors are not there. Too late? Your customers might not choose your product. So, how can startups like Airbnb obtain the timing right? The easy idea of building a platform where those who wished to rent out their space to strangers online can lose to this type of great success? Actually, that has been not their original idea. They successfully hacked the growth by constantly tweaking their product to meet the sweet spot of Product Market Fit. In 2007, the company started as an easy way for the founders to show the living room of these loft apartment into a small bed-and-breakfast. The founders named it Airbedandbreakfast.com and released air mattresses on their floors, offering free homemade breakfasts to guests. They expanded the theory later to focus on travelers going to conferences who wished to rent a coach or place to stay when the hotels were all fully booked. After much tweaking, it became a platform where you can rent any kind of lodging imaginable.
So, how did Airbnb obtain the timing right? Timing of product launch is key. But how can guess what happens is the right time? Not having a product and figure out the timing to move. It is an iterative process where we tweak the item till it fits what your target customers want.
Be clear who are your visitors and see what they want now. The merchandise market fit mindset needs to be ingrained into every member. Growth hacker is not just a job description, it is just a mindset. How do you hack the growth? Growth is tightly linked to customers. When customers can be found in droves, your growth sky rockets exponentially. So, who are they and where are they and what do they desire is the key to drive this. Growth hackers are those who know the language of engineers and the chance of using the right tools to track data that will inform them what their customers are screaming at them.
It is about putting the customers at the center. Who are they and where are they? Talk to them, interpret their responses via a data-driven approach. Redesign the item to suit their needs, monitor again and repeat. It can be done through physical interaction through interviewing or observing the customers. It may be online where we use data analytics to ascertain what the customers are telling us. It is approximately experimentation, learning and tweaking till we hit the tipping point.