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How Growth Hackers Replaced Traditional Marketers and What you Must Learn to Benefit

With the continuing rise of social media — and the changing ways in which we consume TV — a shift has occurred relating to the effectiveness of historical marketing techniques.

The metrics which show how effective these campaign are has always been flawed

It’s impossible to tell through standard metrics and methods alone

Step forward growth hacking

It dispels the myth that for a product to be successful it must be seen by as many people as possible

Instead it needs to be seen by the right people

Growth hacking isn’t a recent development

What you probably weren’t aware of was every time you sent an email from Hotmail you were acting as an advertisement for the product

This was one of the web’s earliest growth hacks

Growth hackers utilise quantifiable data to undertake campaigns which are often both cheap and highly effective

Dropbox?

Its growth hacking was achieved through the ingenious idea of providing additional storage to those who referred friends

Product Market Fit

Product mark fit is a prerequisite for growth hacking — without it exponential growth is impossible

This is stupid

It’s incredibly simple: You have to make things people want

What’s the point in taking a product to market nobody wants?

“the life of any startup can be divided into two parts — before product/market fit and after product/market fit. When you are before product market fit, focus obsessively on getting to product/market fit. Do whatever is required to get to product market fit. Including changing out people, rewriting your product, moving into a different market, telling customers no when you don’t want to, telling customers yes when you don’t want to, raising that fourth round of highly dilutive venture capital — whatever is required” — Marc Andreesen

And virality is essential — it is rocket fuel

The goal of growth hacking is the answer to how you turn 1 in 2, 2 into 4 and 4 into 1,000,000.

All sound overly simplistic?

It undoubtedly is

It has to be entwined within the fabric of your products DNA from conception otherwise it seems insincere and forced

The result?

Skype gets bought by Microsoft for $8.56 billion

Retain existing users then optimise

A customer you already have is intrinsically more valuable than those you are chasing.

According to Bain and company a 5% increase in customer retention can mean a 30% increase in profitability

Twitter provides an interesting example of this

Without users ‘tweeting’ they would eventually have reached a point where there wasn’t enough content being created for the users they have to consume

If the person followed at least 9 people upon sign up they were far more likely to stay around and Tweet themselves

To encourage this twitter developed a growth hack

This optimised incoming traffic for success and has led to their growth to 350m users worldwide

Growth hacking is about breaking free from historical precedent

It is about being conscious of future growth at the moment of product inception

How hard could it be?

Written by

CEO / Founder / Coach @FirstbaseHQ Empowering people to work in their lives not live at work ✌️✌

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