The growth hacking is a methodology driven by the data and the collection of clever marketing techniques, focused on reaching a scalable business growth. Here are the seven pillars of growth hacking:
1. Achieve the growth mindset
Growth hacking starts with the right mindset. It implies concentrating all efforts to achieve One Metric That Matters (OMTM), which is an ambitious and specific growth goal, such as, for example, “reach 10 million in revenue by 2020”. It is very important that the OMTM is measurable, achievable and simple, so that you can always keep it in mind by letting it guide your team’s every move.
The growth mindset is also about challenging yourself and realizing that you are able to do much more than you think. Growth hackers think big, they take risks.
2. Create a growth hacking team
Growth hacker skills are T-shaped, where the horizontal bar represents the breadth of knowledge and the vertical bar represents deep knowledge. No one person can be an expert in every sector, which is why it is so important to have a solid team. The typical growth team member will have knowledge on a wide range of topics, while specializing in one or two key areas.
You need to build a growth hacking team with skills in creative marketing, software programming and automation, and data analytics.
3. Measurement of goals
Knowing what and how to measure can be challenging, but it’s crucial.
If you manage to achieve a certain goal, but you haven’t measured everything you have done, you don’t know what led to success. Conversely, if you fail at something, without the measure you will not be able to avoid the same mistake next time.
Collecting and analyzing data is the optimal way to know what exactly correlates to success. Fortunately, technology has made it possible to track almost everything you do.
4. Listen to the market
Listening to the market is the fourth pillar of growth hacking.
The reason startups fail is that they try to sell a product that nobody wants. To prevent this from happening, you need to listen carefully to the market by first doing a market research and then adapting the product to the needs.
The goal is to get to know customers better than they know themselves. This is possible by using surveys, focus groups, interviews and other traditional market research tactics to find this information.
Amazon reviews, for example, often contain a wealth of information about what your customers think and feel. Try looking at reviews of some of the best-selling books related to your topic or business and see what people are saying.
5. The product-market fit (PMF)
Product-Market Fit is the fifth pillar of growth hacking and is about building the growth of the product or service so that it sells itself.
Using the results of the market research, one can determine if there is a product-market fit (PMF). The goal is to remove the barriers and uncertainties that customers may have about a particular product or service, and to offer a product they cannot do without.
When working for your OMTM, all possible options must be on the table, including the ability to make adjustments to the product. Based on the ongoing process of market research, measurement and testing, the product should adapt to customer preferences.
PMF is vital for achieving growth. If you don’t have a suitable product for the market, your marketing efforts will go to waste as you try to push a product that no one wants.
6. Use the right traction channels
Knowing how to use the right traction channels is the sixth pillar of growth hacking. There are 19 different marketing channels that should be leveraged to grow businesses. Surely they don’t all have to be used at the same time, but you should find out which combination is right for the business right now.
To find the right traction channels to follow, remember that it is not about the size of the company’s range of action, but its effectiveness.
The choice of the right traction channels should be chosen on the basis of three categories: the channel should be promising, have potential and be long-term.
7. The key to optimizing growth hacking
The key to optimization is the last pillar of the pillars of growth hacking. After following the first 6 pillars of growth hacking, there is no optimization of all of this.
Using research and measurement techniques, one should continually look for ways to optimize. To do this requires a systematic approach in which to develop hypotheses and then test them. Assumptions need to be simple, clear, objective-relevant and data-driven.