So What's This Space?
This space is just an organized collection of quotes based on the session Your Growth Is Shrinking at Uprise 2016.
Have something to add? Let me know, so I can add you as a collaborator on this Space.
What does it really mean to be a growth hacker?
The main trait of a growth hacker: a relentless passion to learn new stuff
Most people are already unwittingly optimizing a lot of processes (like putting the dishes in the dishwasher). To be a growth hacker is to constantly optimize and get better at everything combined with an extreme willingness to learn and experiment. (And measure, obviously).
You can compare it to the process of finding out the best time to go to bed, or using an activity tracker.
The Role of the Founder / CEO
The founder of the company needs to drive everyone's ambition to grow and do better.
Basically, everyone should act like a growth hacker. And the founder keeps the fire burning.
The biggest killer of growth is the ego of the CEO/Founder
Big risks here are:
- Falling in love with your own product.
- Claiming something is common sense.
- Being afraid to measure things
Finding your strategies
Set a goal. If something needs work, work on it more aggressively. If it doesn't work: learn from it".
This should be your main modus operandi.
Try to model the behavior of those that already did it.
What did Zuckerberg do?™
Look at what completely different businesses do and try to emulate them.
You're a SaaS-startup? Look at what the Hotel business is doing to generate growth. How can you emulate their strategies?
Look at what the competition is not doing.
I.e. sell your holiday houses on LinkedIn.
Limit your resources and start doing stuff.
Don't put too much money in your company, it makes you slow.
Only start a/b testing when you are at 80%. Before that you should just fix stuff.
A/B test for those last 20%. The first 80% should be product / market fit (or problem / solution fit), a great experience for customers etc.
Keep testing, even when you're already BIG.
At Booking.com only about 4% of A/B tests are significant, but those are making them a lot of money).
It's better to report growth in € than in %
That way, management / skeptics / anyone will understand the effectiveness of what you're trying to do. Having a significant ROI is a great motivation.
Create a one metric purpose for the whole company.
And use sub-KPI's / metrics that contribute to that metric. Everyone should know what the company's one metric purpose is.
Look into the Pirate Metrics
The Pirate metrics:
- Acquisition: You acquire the user. For a SaaS product, this usually means a sign up.
- Activation: The user uses your product, indicating a good first visit.
- Retention: The user continues to use your product, indicating they like your product.
- Referral: The user likes your product so much he refers other new users.
- Revenue: The user pays you.
Tips you can use straight away
Leverage your thank you page.
For example by asking people to share.
Start building your email list. With SumoMe or something similar.
SumoMe creates these annoying but usefull popup modals.
Start putting the emails of your existing