I hope this growth hacking guide helped you to acquire it. I want you to start thinking like I do and like other growth hackers do. Where are you in the growth hacking process right now?
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Save my name, email, and website in this browser for the next time I comment. I agree to receive an email that'll allow me to claim my prize and a series of emails that will teach me how to get more traffic. There was an error trying to send your message. Please try again later. Like it or not, growth hacking is happening. But, what does growth hacking even mean? The phrase is only five years old. He helped lots of startups achieve accelerated growth for example, Dropbox as a consultant.
Marketers felt that they had to consider budgets, expenses, conversions, etc. An engineer can be a growth hacker just as much as a marketer can. What matters is their focus. Overview You can potentially do growth hacking offline. What they often do have is a very scalable product.
They can always buy or rent more servers to provide more space for new users. But, every time another user signs up to Facebook, your experience gets better.
Alright, time to look at some examples of startups that have done growth hacking the right way. Doing this today would be much harder, as word about a new product spreads extremely quickly. If your product is bad, the world will know it faster than you can imagine.
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They admitted to doing it, but they refused to compensate the guy for his loss. As soon as you have an idea, start getting feedback. The moment you have that sketch, you can show it to other people. And what was our customer acquisition cost for these 10, paying customers? It was zero. Another example of a company who definitely nailed the feedback part is Instagram. Ask them to pay for it. It might seem counterintuitive to ask for money before you have a product.
You pay for all these things whether you end up going or not.
Do you want another example of a successful product-market fit validation? Look at Airbnb? Nevertheless, they knew the interest was there. All they had to do was improve the product. It was everyone who traveled. Where is the intersection? What connects these people? What do they share?
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And, how do you get this right? How to t arget the small minority of people who get the most out of your product You should create a customer profile. Consider all aspects of your product. Then ask yourself: Who would get the maximum benefit from our product? Be specific. Describe a real person as best as possible.
Their much smarter move was to make the service invite-only after the launch. What did they do that cause Microsoft to buy them out in the first place?
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They grew fast. After that, growth became even faster. Just five weeks later, they counted 2 million users. But all of these success stories bring up an important point: How can you spot a raging success waiting to happen? At this point, we turn to pirate metrics. Activation: How to give users a happy first experience. Retention: How you keep them coming back for more. Revenue: How you monetize them. Referral: How you get them to tell other people.
The first stage at the top of the funnel is acquisition. And those things eventually dictate whether or not they become a paying customer. Getting people to your site is easy with ads. Getting qualified people is a little tougher. It tells you if people truly love your product concept or not. Think about mobile apps for a second. You use it for a few hours, and it was fun, but then stuff comes up. So you put it away. And you never log in again!
Seriously, everyone does this. And once again, if you do it right, this should be easy money. Ultimately, people giving you cold-hard cash is the best form of product validation. But if you get the first four steps right, the revenue one should take care of itself. Step 3: Acquisition Sean Ellis may have created the concept of growth hacking. But Eric Ries helped popularize it to the masses. One of the most important topics in that book was about the three engines of growth. The trick is to figure out which kind works best for your own product type: Viral — Think of Dropbox.
You grow primarily through other people referring you to their friends, family, or colleagues. You create an irresistible experience that keeps people around as long as possible and thus, paying you more and more.
Paid — Think of Groupon. Dropbox has killed it with the viral referral strategy. When this refer-a-friend strategy started paying dividends, they took it to the extreme. This was another key difference with Dropbox.
All startups are cash-strapped. However, it took them a while to figure out that this tactic would work so well. Do you want another example? Your domain will always show up as wordpress. That put YouTube content in front of everyone.
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The badges are still around today. We also wanted people to embed their data from Crazy Egg — not a good idea. What company wants to show their traffic, clicks, revenue numbers, and conversions? No one does! Everyone does! But PayPal and Facebook are old news.
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