Progress Hacker’s Attitude
March 22, 2021 Business
As the word goes, necessity may be the mother of invention. With literally no marketing budget, startups are forced to find the suitable and probably most basic method of seeking customers: Concentrate on who they’re and where they are. You can’t spend countless dollars to build your manufacturer and mindshare before influencing the consumers to purchase your product. So, what do you do? You tweak your product until it meets their needs and you hit the viral button to make growth sky rocket exponentially. It is really a matter of survival for startups. You’ve no luxury of time nor money since it is really a matter of life and death for the business. The whole company is focused on a single goal: Get the item right for the customers to justify the existence of the startup.
We will have a term for this: Growth Hacking. This term was coined by Sean Ellis in 2010 where he blog of a growth hacker as “an individual whose true north is growth. Everything they do is scrutinized by its potential impact on scalable growth “.This term was introduced by Andrew Chen to a wider audience through his post: “Growth Hacker is the newest VP Marketing “.
Growth hacking is really a mindset and it ought to be the mindset that all employees should embrace, aside from startup or large enterprises. If you are in the marketing department, engineering, product or sales, everyone knows that the clients are the center of our business. Without customers, the business wouldn’t exist. Period.
Ryan Holiday’s “Growth Hacker’s Marketing” says that growth hacking starts with “Product Market Fit “.Growth hackers genuinely believe that products – even whole businesses and business models – can and should be changed until they’re primed to generate explosive reactions from the very first people who see them hire a legitimate hacker. Ryan shared that the growth hacker’s mindset is one where we treat our product and services as something malleable and could change and improve until we find its best iteration.
In fact, that is aligned to the design thinking process where you can find three key iterative steps to the design of an answer: Inspiration, Ideation, and Implementation. The method itself is not just a linear one. It goes via a roller coaster of divergence and convergence before the answer gets sharper and sharper with the iteration of input processes, peeling the onion till you can clearly see the wants of one’s customers.
Bill Gross did a study greater than 200 startups to comprehend which of the factors are the most crucial in the success of startups: Team/execution, Idea, Business Model, Funding, Timing. To his surprise, the number one most critical factor is timing. It doesn’t matter when you yourself have recommended with a great team to make it happen. If the timing is too soon, your customers aren’t there. Too late? Your visitors may not choose your product. So, just how do startups like Airbnb have the timing right? The easy idea of building a platform where people who desired to rent out their space to strangers online can take off to this type of great success? Actually, that has been not their original idea. They successfully hacked the growth by constantly tweaking their product to meet up the sweet spot of Product Market Fit. In 2007, the business started as a means for the founders to show the family area of their loft apartment into a small bed-and-breakfast. The founders named it Airbedandbreakfast.com and put out air mattresses on the floors, offering free homemade breakfasts to guests. They expanded the concept later to target travelers likely to conferences who desired to rent a coach or place to remain once the hotels were all fully booked. After much tweaking, it became a platform where you can rent any kind of lodging imaginable.
So, how did Airbnb have the timing right? Timing of product launch is key. But just how do you know what is the right time? Not by having a product and determine the timing to move. It is definitely an iterative process where we tweak the item till it fits what your target customers want.
Be clear who are your customers and see what they require now. The merchandise market fit mindset must be ingrained into every member. Growth hacker is not just a job description, it is really a mindset. How do you hack the growth? Growth is tightly linked to customers. When customers can be found in droves, your growth sky rockets exponentially. So, who are they and where are they and what do they want is the key to operate a vehicle this. Growth hackers are people who know the language of engineers and the chance of using the right tools to track data that can let them know what their clients are screaming at them.
It is focused on putting the customers at the center. Who’re they and where are they? Talk for them, interpret their responses via a data-driven approach. Redesign the item to suit their needs, monitor again and repeat. It can be achieved through physical interaction through interviewing or observing the customers. It may be online where we use data analytics to determine what the clients are telling us. It is about experimentation, learning and tweaking till we hit the tipping point.