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[allgrowthhackingtactics43-blog]

Growth Hacking Tips for Your Company

The source of growth hacking is credited to Sean Ellis, an entrepreneur, who in 2010 coined the term"growth hacker" as someone who concentrated especially on accelerating business growth by identifying ways in which a company can accelerate the product development and marketing cycles to get new products out to customers in the shortest possible time.

Growth Hacking Steps

Successful growth hacking is an agile, iterative process that consists of the following steps: 1. Develop your product(s) to immediately address the needs of your target audience. Growth hackers refer to this as"product-market match"--using a superior product in a high-demand marketplace is the foundation for growth. From the case above, Airbnb's gigantic growth stems from a wonderful business idea that addresses the preference for private accommodation among holiday and business travelers--a huge and rapidly expanding global market. Similarly, GoPro tapped into the massive demand from people wanting a small, rugged, waterproof camera which could record action videos. 2. Set specific goals. Your primary goal may be, for instance, to reach $1 million in earnings in the first year. However, to do so the most important goal should be broken down into a series of shorter, smaller goals so you can monitor your progress on a more granular basis and be prepared to make changes on the fly as required. A specialty clothing vendor may want to become the next Lululemon, but reasonable short term targets should be the day-to-day objective (as an example, selling 100 hand knit designer sweaters in the first month). An online content site might have a long term goal of attaining a million page views per month but weekly and/or monthly goals will (hopefully) demonstrate a steady rise to the desired levels.

3. Implement methods of tracking results. Growth hacking is a data-driven methodology that relies on accurate product descriptions. Aside from the traditional results from product sales, you may use social media"buzz" to gauge the amount of interest in a new product. For instance, by submitting information about your product releases on Facebook you can track and quantify shares, likes, and opinions from"friends". Twitter analytics can tell you how many times the Tweet about your product was re-Tweeted or the embedded link to your product information was clicked. Customer feedback via reviews or mails regarding product reliability or usability (even if negative) can provide valuable information. In the event of the internet content example above, you will find many different advanced analytical tools available to monitor the popularity of content through page view statistics. 4.Test drive your product in the market and measure the results. One of the terrific things about the digital revolution is the ease of analyzing the demand for new products or services. Introducing a product or an idea for a product on social websites in a"what do you think?" Fashion can get you immediate customer opinion including suggestions for improvements that could be incorporated into the finished product before it goes to market. Selling a couple of sample items on eBay or Craigslist can also allow a business to quickly gauge customer interest in a new product without the time and effort necessary for a conventional approach such as establishing focus groups, etc.. Similarly, crowdfunding websites such as Kickstarter also have become platforms for introducing products to potential customers. Accompanied by photographs, video, and ad copy, a product can be found on Kickstarter and discounted or even given away free of charge to promote customer reviews, ratings, and general feedback. 5. Repeating steps one through five contributes to constant refinement of the item, a deeper understanding of the needs of their customer base, and increased growth possibilities. Whether your product is a new line of specialty clothing, a content site, or a coffee shop, high converting sales funnel can improve your sales and boost your bottom line.​