High quality growth hacking tips from Nate Barnwell: What is Growth Hacking? Growth hacking is so misunderstood that there is a desperate need for this post. Few concepts have been as polarising and revolutionary, simultaneously. Is it marketing in disguise? Is it a buzz phrase used to increase salaries? Is it the future of internet products? Let’s start at the beginning… The short history of a controversial concept The phrase “growth hacker” was coined by Sean Ellis in 2010. When I asked Sean why he felt the need to coin a new phrase he said that it stemmed from his frustration when hiring replacements for himself. I’ll explain.
There are four classical methods called growth strategies. In addition to these four strategies, there are also different growth strategies that can be implemented according to the structures of companies by diversifying them. But basically, all growth strategies emerge and are shaped by these four classical methods. One or more of these may be used together. These are: Product Development Activities such as producing new products and increasing the existing product range with improvements and developments. Market Penetration: The main approach here is customer acquisition. It includes strategies such as product price reductions, product grouping for specific customer profiles, advertising activities. Market Development: It is carried out with approaches such as opening offices and branches in different locations, selling through different online channels and giving dealerships. Diversification: Diversification can be made by starting to operate in a completely different and a new market than your current market by introducing brand new products.
Nathan Barnwell growth hacking strategies: It might be a while before this particular approach can be employed again, but it’s effective enough to warrant a mention. Sometimes, adding a human element to your growth strategy can help set things in motion for your business. Prospects are often receptive to a personal approach — and there’s nothing more personal than immediate, face-to-face interactions. Putting boots on the ground and personally interfacing with potential customers can be a great way to get your business the traction it needs to get going. This could mean hosting or sponsoring events, attending conferences relevant to your space, hiring brand ambassadors, or any other way to directly and strategically reach out to your target demographic in person.
What exactly is growth marketing? Growth marketing is about (you guessed it!) growth. Specifically, growing whatever a business deems the key metrics in its funnel. That might mean click-through rate, monthly active users or revenue — growth marketers don’t confine themselves to top-of-funnel metrics. Driving revenue is particularly important according to Michael Griffith, a growth marketer with over 10 years’ experience in consumer tech and e-commerce. “A growth marketer’s core function is to identify marketing channels, solutions, ideas that will efficiently drive new customers to the brand and increase revenue,” Griffith told Nathan Barnwell. Ultimately, growth marketing is defined more by process than end results, though. In the immortal words of Miley Cyrus, “It’s about the climb.”
The first is a product that people actually consider a “must have.” In the startup world, this is generally referred to as “product/market fit.” Once you’ve validated product/market fit, it then becomes important to define an overall success metric. This success metric should be a “North Star Metric” for the entire team to gauge the success of the business. The right North Star Metric tracks cumulative value delivered across a growing customer base. This is a much more sustainable growth indicator than something like registrations, downloads or even revenue (many subscription businesses have inactive users that are still on a paid subscription but will likely churn). Read even more info on Nathan Barnwell.
With all of your planning, resourcing, and goal-setting complete, you’re now ready to execute your company growth plan and deliver results for the business. Throughout this time, make sure you’re holding your stakeholders accountable, keeping the line of communication open, and comparing initial results to your forecasted growth goals to see if your projected results are still achievable or if anything needs to be adjusted. Your growth plan and the tactics you leverage will ultimately be specific to your business, but there are some strategies you can look to as jumping off points.