A simple definition is that growth hacking is an all-embracing term for data iterative strategies focused solely on growth. Businesses use it when they need massive growth in a short time and on tight budgets. This is why it’s been so popular with early stage start-ups with low marketing budgets. In other words, these strategies are aimed at getting as much growth as possible while spending as little as possible.
With this in mind, let’s look at how it works. Growth hackers often focus on creative, low-cost strategies to help businesses to get customers and make sales. These strategies usually include alternatives to traditional marketing, like social media, viral marketing, or targeted advertising. …
Product/market fit is an important part of any sales funnel. Think of it as the moment when your customers essentially become your marketers or salesmen. Essentially, product/market fit is when your existing customers determine your product’s true value, so much so that they share their satisfactory experiences with your product with others. From there, your brand identifies what went right, so that those actions can be repeated for new customers.
Determining product/market fit can seem like a complex and difficult task. So much goes into determining if that fit is or is not there, and the testing for it can take a significant amount of time. …
Is your growth team not as engaged as you’d like them to be? If so, changing the way you approach goal-setting might help.
One of the most effective strategies for goal-setting is the OKR (short for objectives and key results) framework. Read on to learn more about the basics of OKRs and how you can use them to help your growth team deliver.
The OKR framework was developed by former Intel president Andy Grove and early Google investor and venture capitalist John Doerr. …
Companies say that the concept of “growth hacking” is a novel one — especially in the era of online marketing.
Though the techniques and channels that you can use to hack a business’s growth have indeed multiplied, the discipline has not. It’s still about using a variety of means to achieve an increase in the metrics.
And if there’s one thing growth-driven companies have learned, it’s that growth hacking will give back to you exactly the effort you put in. No more, no less.
Just ask Buzzfeed, the viral website that began as a side-hustle by one of the co-founders of the Huffington Post. It went from curating Internet memes to actually setting the agendas and standards of viral marketing. …
Before discussing the Chief Growth Officer and how it’s the new Chief Marketing Officer, having a firm grasp on the latter executive position is integral.
Understanding the full scope of the CMO position is the only way to prove how the CGO contributes to its antiquation in the workplace.
So, without further adieu, let’s discuss precisely what the CMO incorporates. From there, we’ll delve into the nuances of the CGO and why your startup founding team should prioritize this role instead.
A CMO is primarily responsible for creating, communicating, and producing offerings to benefit customers, clients, and shareholders. …
Today’s CEOs have to wear several hats, hence it doesn’t come as a surprise that they often fail to lead the growth.
Wipro’s CEO was recently in the news for asking employees to lead growth. While it isn’t a sign of failure, it shows that CEOs may not always be able to lead the growth, especially if they do not have the support of other departments.
This is why the best option for a startup or any other growth company is to hire a Chief Growth Officer (CGO, Head of Growth or Growth Lead) to handle the growth.
CEOs work an average of about 62.5 hours a week. …
Think of a modern company that everyone knows.
Most likely companies like Facebook, Twitter, Youtube, Dropbox, and Airbnb came to mind.
What do all these ultra-successful companies and “growth machines” as Neil Patel refers to them have in common? They have used growth hacking strategies to create loyal and raving fans while raking in billions of dollars.
Your startup can also achieve similar results.
Perhaps, you have even tried to implement growth hacking time and again but to no avail. Several startups, particularly early-stage startups, often face a similar dilemma. But not to worry.
In this article, I will show you how to make growth hacking work by reducing it to its barebones: test iteration. …
Growth and structuring your growth team doesn’t have to be hard.
I know, we’ve all heard the stories: a startup didn’t hire the growth team or they didn’t get the results they wanted. VP of Growth didn’t excel at that role, and so on.
But here’s the thing: if you want to accelerate your growth, you need a growth team. And there are proven examples of how to fit a growth team into your organization.
In this article, I’m going to show you exactly what your Head of Growth should be doing, how major companies like AirBnB and Facebook fit their growth teams into their organizations, and how you can make your growth team work in sync with the rest of your organization. …
If you want to supercharge your startup’s growth, you better bring a growth team on board.
Specialized growth teams have helped big names like Facebook, Uber, and AirBnB attract more customers. However, they’re still somewhat mysterious.
In this article, we’re going to show you how to structure and hire a growth team for your startup.
Let’s take a look!
Every company has different departments. From product teams to sales reps, everyone is working hard to create an amazing product and put it in front of as many people as possible.
But here’s the catch: separating departments creates data silos.
Members from individual departments only work with one another. Different departments do not interact. Sales isn’t getting information from product, product doesn’t know what’s happening with customer service. …
If you build it, they’ll come.
This business rule may have been relevant twenty or thirty years ago, but it’s never been further from truth than it is today.
The rise of technology and digital channels has opened new avenues to entrepreneurial success. And yet, it’s never been harder to establish a newly-founded SaaS company in the market.
The competition is sharp, the stakes are high.
And in order to succeed, you’re going to need to think outside the box.
In this guide, we’re going to take a look at the best practices for SaaS growth hacking in 2020; from acquiring customers on the fly, to making sure your company achieves profitability within the first few months. …