What makes a growth hacker different from a marketer you ask?
Well, first you mix creative marketers in with some data scientists (stir well), then you cross-breed them with computer programmers. Throw some product management into the mix, simmer on both sides, and what you get is a growth hacker. The term Growth Hacking was originally coined by a Silicon Valley marketer named Sean Ellis (yeah, the guy from Dropbox) in 2010. He used it to describe the many unconventional techniques savvy startups in the Valley were using to rapidly transition into multimillion dollar organizations.
It wasn’t quite traditional marketing, so he figured it needed a new name. Growth hacking consisted mostly of clever technical marketing tricks. Stuff traditional marketing professionals would never have thought of (or had the skills to implement). These hacks were highly successful until everyone else caught on — and so new ones became closely guarded secrets. Today, growth hacking has evolved into more of a systematic process for achieving growth than merely a specific set of techniques.
— Ben O'Loughlin (@thebenoloughlin) January 17, 2017
What’s the Growth Hacker’s Secret to Achieving Exponential Growth?
Well, it’s all about data. Many growth hackers will even say that data is their only real boss.
Through relentless experimentation, analysis and system optimization, growth hackers test a company’s value proposition, products and marketing channels until the data reveals the most effective methods for growing and engaging a company’s user base.
Here at RockBoost, we take a circular approach of continual ideation, prioritization, testing and analyzing results, with the ultimate aim of achieving a specific “One Metric That Matters” (OMTM).
That OMTM is an ambitious growth goal that might be measured in new clients, percent revenue growth or any other indicator a company finds important. It facilitates extreme focus on the mission while simultaneously allowing for unlimited creativity. It also ensures all departmental KPIs are in line with the overall growth objective. Using this model we’ve managed to achieve massive results for 70+ A-level organizations.
Unleash Growth in Any Type of Company with the RockBoost 7-Pillar Framework
Over time, we’ve documented the most important factors every company needs to consider if they want exponential growth. We call them RockBoost’s 7 Pillars of Growth Hacking. We’ll briefly share them with you to give a taste of our approach.
1. The Growth Mindset
This is where the power comes from. People with a growth mindset are confident in their ability to learn anything they want to. They have the courage to ask for favors. They are A-players and over-deliverers. When we vet potential new employees, this mindset (more than any specific set of skills) is what we’re looking for.
2. The Team
A great team that knows how to leverage each other’s strengths, skills, personality types and working styles can get anything done. At RockBoost, our combined skillset fully covers marketing, programming and data science, meaning we have both the breadth and depth needed to tackle whatever barriers to growth our clients might have.
In growth hacking, everything we do starts with ensuring a solid measurement strategy is in place. There’s no room for guesswork. Measurement allows us to distinguish between what really works and what’s merely a great sounding idea. We only move forward when the data shows us an idea is worth pursuing.
4. Listening To Your Market
The biggest reason why startups fail is because they try to sell a product for which there is no demand. Growth hackers use creative techniques to learn exactly what potential customers are already looking for — and then tailor their products and offerings accordingly.
— Chris Out (@chrisout) November 28, 2016
5. Product Market Fit
The Holy Grail of business growth. When you’ve attained it, you’ll know. It basically means that your product offerings and the expectations of your target customers are perfectly aligned.
6. Traction Channels
While traditional marketers like to launch products with a bang, appearing on all the billboards and the evening news; growth hackers like to take a much more focused approach. They understand that it is not about the size of a company’s reach, but about targeting the right audience segments when and where they are most receptive.
At this stage, we take an inductive approach by looking at the data as it comes in and forming new hypotheses to test, tweak and improve implementation.
And the process never ends.
RockBoost will be offering a full-day growth hacking workshop at the Central Hotel in Dublin on the 9th of February. We’ll go much deeper, fleshing out each of the 7 Pillars and giving you actionable insights into how you can boost your company’s growth.
Irish Tech News readers get a special discount with the promo code: irishtechgrowth !!
— BOIstartups (@BOIstartups) January 24, 2017
There will also be a free growth hacking evening the next day at the Bank of Ireland Trinity Workbench where you’ll learn growth hacking principles to increase traffic, customers and revenue.
Hope to see you in Dublin!
— RockBoost (@RockBoost) January 25, 2017
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Chris is the co-founder and lead growth hacker at RockBoost. He combines practical consulting experience with the select theoretical treasures of 500+ books to effectively scale businesses fast.