Rise of the Growth Hacker
By Seshachari, May 19, 2017
“Growth hacker is a person whose true north is growth” – Sean Ellis.
A hybrid of marketer and coder, a growth hacker looks at the traditional question of ‘How do I get customers for my product?’ and answers with A/B tests, landing pages, viral factor, email deliverability, and Open Graph!
Growth hackers have redesigned the business as we see it, and have offered quantum leaps forward in strategy and business success. If you’re still dubious, look at the success stories of Airbnb valued at more than $25B, Uber – $68B, Twitter – $22B, Palantir – $18B, Pinterest – $11B, Drop box – $6B, Lyft – $5B, Square – $5B, Slack – $4B, Lending club – $4B, etc., – A new generation of multibillion dollar brands built without spending any time on “traditional marketing.” No press releases, no PR firms, and no billboards in Times Square. It wasn’t luck that took them from tiny startups to millions of users and massive valuations – They had a new strategy – Growth Hacking. And clearly, it works.
Who is a growth hacker? – A critical thinker, who thinks about user retention even before the product is fit for the market. They are specialists, the sharpshooters – they have a clear idea, can target a single objective and push that precious growth needle.
Growth is a mindset. Therefore, growth hackers see the world in a different way, find innovative ways to accelerate adoption, usage, user retention and revenue growth.
Growth hackers know one thing: growth first, budget second. They will keep turning every stone until they fish out the golden nugget of company success, tapping new promotion avenues, and every other action that can propel company growth – Absolutely results oriented!
They are driven by passion for innovation, deeply committed to the mission, have the CAN MIND-SET, apply analytical thinking, product engineering, creativity, take risks by trying out what seems to be right to substantially increase growth and revenue core metric(s) -$$.
They conduct a plethora of rapid experimentation across channels and product development to spot the most cost-effective and efficient ways to grow a business. They get motivated by data insights, use tools, content, hypotheses and social media, run experiments and testing, to deliver growth. If a startup is pre-product/market fit, growth hackers can make sure virality is embedded at the core of a product.
It’s all data, creativity, and curiosity that allows a growth hacker to accomplish the feet of growing a user base into the millions!
The metrics they Focus: – User persona to TOFU, Conversion rate, New leads per month, Revenue churn, Client churn, Compound Revenue Growth Rate, CAC – Customer Acquisition Cost, LTV – Life Time Value of a user/customer, Payback Period, number of Engaged Users, Cost Per Click, landing page conversion rate, New User Acquisition, Activation, AU Ratios (DAU, WAU, MAUs), Customer Success (Guide stats), Channel Performance, Profitability- RPU, CAC, CLTV, MRR, ACV.
Tools Used:- Content marketing automation – Zapier, finding email addresses – Email Hunter, competitor’s emails, newsletters and analytics – Mailytics, Speed up the deployment process – Shippable, social media automation – Dlvr.it, Interactions – LinkedIn Pulse, PR pitches – Hey press, Set up a banner – Start a Fire, Insights about ads and trends – Keyword Spy, Keyword competition analysis and suggestions – Spy Fu