How to growth hack

There are 3 keynotes that help companies to have tremendous and rapid growth.

1. Having a strong and competitive product

Andrew Chen, Uber’s growth hacker, says:

“Startups don’t need growth hackers – at first. They need products that are really working in the market. This means users love it, that there’s lots of retention and engagement, even at small numbers.”

Until you have developed a good product that your customers will love, there is no need to think about growth hacking. It may simply be too early to grow because you do not yet have enough resources to cope with that type of growth.

So at first, focus on developing your product to meet the needs of your potential customers.

Ask potential customers if they would use your product. Find out what they like and what they dislike about it. Analyze what competitors do, find your competitive advantages, and focus on them.

When you see that your product is gaining popularity, move forward with growth hacking.

2. Developing maturity of a company

Without being mature, there is no reason to try growth hacking techniques because the company will simply not be able to cope with them.

For example, if you have a very small sales team, your staff will probably not be able to handle a great product’s demand as the company rapidly grows.

Before you consider growth hacking, make sure you have achieved product-market fit.

Will Caldwell, co-founder and CEO of Dizzle and SnapNHD, suggests taking three steps to achieve this:

1) Find out what your potential customers need and to find ways to meet those needs.

2) Then, focus on your product’s significant value proposition. Don’t go overboard with various features – just provide the things that make you better than your competitors.

3) It is great if you can build credibility by offering a story which may support your brand going forward. Communicate the benefits of your product to your customers.

When all of this has been done make sure that your staff is ready for growth: your salespersons are waiting for emails and calls and your developers and support are ready to fix any problem.

3. Having several growth hackers, not a single one

Growth hacking is a long-term process which involves a lot of different business spheres. It has less chance of working when only one person is engaged in it because one person can hardly manage marketing, sales, business development, etc., all at the same time.

You know, a lot of companies fail with growth hacking although almost every marketer has access to any type of growth hack.