If you ask 10 people the question “what is growth hacking” you will probably get 10 different answers. There’s still so much misconception (and fear) around this term.
It sounds so mysterious and confusing but in fact, it’s very simple. In a nutshell: growth hacking is a data-driven methodology and collection of smart marketing techniques focused on reaching scalable growth of businesses.
The formula for growth hacking success is based on continuous testing and optimizing anything you do. Then you need to document all the learnings you’ve collected during this process to apply to the next projects (so you don’t make the same mistakes again!). Thanks to this approach you can unlock the potential to grow.
Who is a Growth Hacker?
Growth hackers trace their roots back to programming engineers. But they are much more than that. They are creative marketers, product managers, and data analysts as well. They are focused on a singular goal: finding the most effective and efficient way to grow a business. This often involves rapid experimentation across marketing channels, constant attention to product (re)development and an unending focus on building and engaging a company’s user base.
A growth hacker knows how and what to measure. They use analytics, landing pages and A/B testing to understand their target customers’ habits and behavior. They test everything, iterate and optimize until they find the most effective solutions with the most potential for growth. They don’t make assumptions. Instead, they are obsessed with data.
Through our own experience helping clients grow, we developed (and are continually improving) a general methodology for achieving exponential growth.
Achieving the Growth Mindset
Growth hacking starts with the right mindset. It involves focusing all your efforts on achieving your One Metric That Matters (OMTM). This is typically an ambitious and specific growth goal, for example “to achieve 10 million in revenue by 2020.” It is very important that your OMTM is measurable, achievable and straightforward so you can always keep it in mind letting it guide your team’s every move.
The Right Team
Growth hackers’ skill sets are in a T-shape where the horizontal bar represents the breadth of knowledge and the vertical bar represents deep knowledge. No single person can be an expert in every area, which is why having a solid team is so important. The typical member of a growth team will have knowledge about a broad range of topics while specializing in one or two key areas.
There are 3 primary areas of expertise that are necessary for every growth hacking team to have: 1) creative marketing, 2) software programming & automation, and 3) data analysis & testing.
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