Growth Hacking
The goal of growth hacking is to use a systematic testing process to solve business problems and achieve objectives via learning experiences.
The goal of growth hacking is to use a systematic testing process to solve business problems and achieve objectives via learning experiences.
A systematic testing process focuses on bringing tests related to problem-solving or achieving goals from start to end in an agreed-upon cycle, and the analysis made on them focuses on learning experiences.
Main terminology:
Systematic = operations are formed into a repeatable routine.
Testing = the focus lies in testing, so we accept that we do not know the end result when we start.
Process = a routine includes going through all the stages of a
process.
Problem-solving or achieving a goal = testing focuses on striving
towards a predetermined objective.
Learning experience = test results are seen as valuable learning experiences. Also, failed tests are opportunities for learning.
Growth hacking is a tool independent of silos and can be used to increase efficiency in any function of a company, in any scale or lifecycle stage the company might be in.
The basic growth hacking process
0. Choose a key performance indicator (KPI), a target value for the growth hacking process to strive for and to measure. KPI objectives might include revenue, website traffic, sales calls, or customer satisfaction.
1. Analysis: Analyze the starting situation or the learning experience from the previous testing cycle.
2. Hypothesis: Make 1-3 hypotheses to improve the KPI based on data analytics or interviews, for example.
3. Prioritization: Prioritize the hypotheses based on success likelihood, resource-intensity (money and/or time), and scalability.
4. Testing: Immediately implement the chosen hypothesis as a test Try to choose a hypothesis that you can test within the agreed-upon testing cycle.
Focus on every stage of the process and repeat all of them in every testing cycle (a week or two weeks). Focus on the testing routine – achieving results always takes some time.
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