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Make Stuff People Want - Growth Hacks

 5th Feb 2017    22:25    Ayush 

  

‘How to get customers for my product?’ is the most general question for which millions want a gratifying answer? This leads to bifurcate the upholstery into a new era of what we call ‘GROWTH HACKING’. To be successful and hike your business and revenues to apex, one needs to vigil the manner, he markets his products. In the absence of big budgets, start-ups found their way through hacking the way they could mould their destiny and make money. The process as to how to enhance the demand of your product and mend its market value is all that proceeds to growth hacking.

‘Make stuff people want!’ is the prime aim that a start-up should endear to. The repercussions are absolutely fruitful if we add the skill of growth hacking to the same. A growth hacker is a hacker whose objective is to grow the number of users for a specific product. While lots of people consider user growth to be a marketing function, this assumes that there’s only one way to get users (namely, marketing). But this isn’t true. In fact, more and more over the last few years we’ve seen new products grow from zero to millions of users with little to no marketing at all.

Marketers are important, but early in a start-up you need someone with a narrower focus on growth. The nature of internet products has produced a new way to think about growth. Product features can now be directly responsible for growth. Distribution channels are being redrawn, and those that understand the movement of people online will have control over where they end up. Growth hackers, using their knowledge of product and distribution, find ingenious, technology-based, avenues for growth that sometimes push the bounds of what is expected or advised.

Think of the growth hacker as a chef who’s trying to get his product out there quickly. He wants the product to work, he wants it to be the best thing the consumer has ever tasted. He finds out what the consumers want, he bakes the cake, he markets it in every possible way and incorporates results from A/B testing. After drones of people express interest in the cakes, and even more people post reviews of how delicious it is, the brand has a duty to keep them coming back for more. Marketers come in and use research and feedback to make improvements where needed, and quickly tweaks the recipe. Consumers are happy with the changes and growth continues.

An example of this is taken from the business social network LinkedIn. They used growth hacking to create an appeal within the professional field. Instead of being another Facebook, they decided to only network with business professionals, making them more of a corporate network. Focusing in this way, helped the founder of LinkedIn Mr. Reid Hoffman bolster to success in a very short amount of time. By focusing on the professional minority, word spread quickly to other professionals and social circles; thus making LinkedIn an overnight success.

The growth hacker’s funnel has 3 phases.

Get Visitors - finding ways for people to land on your product
Activate Members - helping people take predefined actions in your product
Retain Users - helping people become habitual users of your product

It’s hard to know what good conversion rates are for your product, but the following things help.

i) Always be improving relative to yourself.
ii) Find companies online who have published their conversion rates. 
iii) Find allies that will let you see their numbers (and vice-versa).
iv) Conversion rates affect each other within the funnel, so view the funnel as a whole.
v) You should place your energy into places where you have weak conversion ratios.

Are you a growth hacker? No? Come and participate in Renaissance '17 and get inspired to be one.