Most new (potential) customers that I talk to, have just heard about Growth Hacking and what it can do. They are inspired by the creative, cost-efficient ways companies like Hotmail and Dropbox grew their user base to millions. And to no surprise customers are therefore also looking for cheap and innovative ideas to realize hockey stick growth for their own product. In other words — they are looking for Growth Hacks and silver bullets.
Well, that is what I do. I come up with these ideas. I think out-of-the-box and will use my knowledge of new technologies to come up with ways to reach your target audience. So… am I not giving away too much by letting clients pick my brain and sharing my best ideas in the first hour of meeting them?
As I was taught by Lassi Kurkijärvi: Ideas are like assholes — everybody has one. It is easy to come up with great ideas if you have the know-how and expertise. But 99% of the time, ideas do not end up delivering the intended result. There are many reasons why this happens. The idea turned out to be a bad idea, execution went wrong or maybe you just got bad luck.
Ideas for new growth hacks are a great starting point if you are looking to sustainably grow your product. But this is just the beginning for a great Growth Hacker. Growth Hacking isn’t magic and should never be a search for silver bullets. Execution is key. It is creation of a repeatable and controlled process for testing and executing these ideas, that takes up the lion’s share of the Growth Hackers time.
This is an example of the stripped down process I personally like to follow, which is partly based on Sean Ellis’ High Tempo Testing Framework:
- Health check on analytics. Is all necessary data collected to make data driven decisions? Are funnels set up right? If this is not the case, this will be the first thing to fix.
- Identify the biggest opportunities. This is where we look at funnels and ask questions like “Do we need to focus on customer acquisition or does reducing churn yield more profit?”
- Ideation. Come up with lots of different ideas to grow the product. The growth hacks.
- Prioritisation. What idea have the biggest potential, highest impact or are easiest to execute.
- Experiment design. Test the ideas in a data driven manner, setting success KPI’s and fail criteria.
- High tempo testing. Possible ways are customer interviews, setting up marketing campaigns, building web pages and doing A/B test.
- Gathering actionable learnings from the experiment to understand why things did or didn’t work and deciding whether to proceed with the idea or not.
- Starting the process all over again until we find something that actually works and then doubling down on it.
Setting up and sustaining this process takes a lot of time and effort. This is where the true value of a Growth Hacker lies and which cannot be realized over one hour over coffee.
So… if you want to get together and get my best ideas to grow your product, let me know. I am more than happy to share them with you for free. And afterwards, if you are still interested in actually growing your product in a sustainable way, we can always discuss when the real growth hacking can start.