Growth Hacking Definition
Let’s look at Wikipedia’s definition of Growth Hacking:
Growth hacking is a process of rapid experimentation across marketing channels and product development to identify the most effective, efficient ways to grow a business.
Now, let’s analyze what it means:
The fastest you learn the fastest you will grow.
How do you learn?
By doing tests
Then, the fastest to test (I aim for 3 experiments per week) and learn the fastest you will grow.
Across Marketing Channels
Which channel will bring more customers?
Which one will bring a higher ROI?
Which channel retains more customers?
and Across Product Development
How can I provide value to our customers?
What do I need to change in my product to provide more value?
What are the features they value the most?
What are other features they would like to have?
to identify the most effective and efficient ways to grow a business
Most EFFECTIVE: successful in producing a desired or intended result
Most EFFICIENT: achieving maximum productivity with minimum wasted effort or expense.
What are we missing!???
It’s awesome to be playing the mad scientist and testing again and again but YOU NEED TO STOP AND ANALYZE that data to find out what works and what doesn’t!
In my first job as a Growth Hacker I had to create a weekly system on how to organize your work so you make time to analyze your data!
Make sure you do that, because if not you will be running a crazy house of tests with no head!