<ul><li>Product-led (functional) models that report to a product manager</li><li>A stand-alone team that reports to the leader of the growth team.</li></ul>

Organizational Arrangements for Growth Teams

“Learning more by learning faster is also the goal—and the great benefit—of the high-tempo growth hacking process. The companies that grow the fastest are the ones that learn the fastest.”

Creating a must-have product is the baseline requirement for rapid and sustainable growth. To know whether a product has made it to a must-have category, create a survey asking the following question: How disappointed would you be if the product no longer existed tomorrow? If at least 40% of the respondents answered very disappointed, then it is a must-have.You can also measure and see if a product has reached a must-have status with the retention rate. When the retention rate is stable over time, then the company can push for more growth.

The Must-Have Product

“Achieving stable retention should not be viewed as a benchmark that once passed can be assumed has been accomplished and that the team is done with; teams must expect to continue to work on sustaining retention.”

Once you’ve put together your growth team, determined your key growth levers, and done sufficient testing to establish that your product is a must-have, you’re ready to start hacking the first stage of the growth funnel: acquiring customers.The first message a potential customer sees about your product must tell them what they hope to gain. The smallest changes in language can have the most outsize impact in bringing new customers. So start small.

Hacking Acquisition

The first step in hacking activation is to identify all the steps that a customer makes to realize your product is a must-have. Any of the steps might need improvement.The next step is to calculate the conversion rates for each of the steps on the way to the aha moment. The goal of the growth team is to identify problems in the activation process and eliminate friction.Desire – Friction = Conversion RateWays of reducing friction include simplifying the sign-up process or allowing users to start enjoying a product before signing them up.

Hacking Activation

Products are created so that they can be monetized. So the goal of everything including retention and growth is to find ways to earn more money.The ideal situation is to increase the lifetime value of a customer (LTV). Different business models have different ways of increasing LTV.For example: Retailers are concerned with making sure that their customers buy more of what they sell. While a SaaS company might be more concerned with getting customers to renew their subscriptions.

Hacking Monetization

The purpose of a business is to create and keep a customer. The main strategy of retaining customers is to provide a product or a service that is of high quality and that continuously addresses a need of theirs.Retention has 3 phases:<ul><li>The initial retention period: a new user becomes convinced that using a product or a service is beneficial to them</li><li>The medium retention period: the interest in a product novelty fades. The mission of the growth team is to make using the product a habit</li><li>The long-term retention. The role of growth teams is to ensure that the product keeps offering more value.</li></ul>

Hacking Retention

“It should go without saying that the longer you retain customers, the more opportunity you have to earn more revenue from them, whether that’s from selling them more items or services, from ongoing subscription renewals, or from bringing in more advertising revenue due to advertisers wanting to target your large and loyal customer base.”

The hacking process has the following steps:<ul><li>Analyze: look out for what features customers use, what screens they use to visit the app, how often they open the app, and what other apps they use.</li><li>Ideate: members need to submit as many ideas as possible</li><li>Prioritize: Prioritizing means scoring ideas (and deciding on which ideas to pursue and which not to)</li><li>Test: testing is done with the goal of identifying which ideas have practical value.</li></ul>

The Hacking Process

There are two ways to discover which marketing channels bring the most customers: discovery and optimization.You can rank channels based on the following six factors:<ul><li>Cost. How much do you expect to expand on a particular channel compared to others?</li><li>Targeting. How easy is it to reach your intended audience?</li><li>Control. How likely is it for you to change an experiment that’s running?</li><li>Input time. How much time will it take to launch the experiment?</li><li>Output time. How long will it take to get results from the experiment?</li><li>Scale. How large an audience can you reach with the experiment?</li></ul>

Channels that Bring Customers

The Growth team is responsible for growing a company’s revenue and acquiring new customers. Members of a growth team have cross-functional expertise. They come from marketing, product design, and data analysis. These groups of people compliment each other.Growth teams should have a leader who actively participates in idea generation and experimentation. One of the key responsibilities for the growth lead is to choose core focus areas and objectives. They also must ensure that the metrics that the team has chosen to measure and work to improve are appropriate to the growth goals established.

Building Growth Teams

That methodology is called Growth Hacking, and it'spractitioners include not just today's hottest start-ups, but also companies like IBM, Walmart, and Microsoft as well as the millions of entrepreneurs, marketers, managers and executives who make up the community of GrowthHackers.com, Think of the Growth Hacking methodology as doing for market-share growth what Lean Start-Up did for product development, and Scrum did for productivity. It involves cross-functional teams and rapid-tempo testing and iteration that focuses customers: attaining them, retaining them, engaging them, and motivating them to come back and buy more. An accessible and practical toolkit that teams and companies in all industries can use to increase their customer base and market share, this book walks readers through the process of creating and executing their own custom-made growth hacking strategy. .

Discover the world of business and economics.

economics

Economics

personaldevelopment

Personal Development

marketingandsales

Marketing & Sales

business

Business

books

Books

The definitive playbook by the pioneers of Growth Hacking, one of the hottest business methodologies in Silicon Valley and beyond. It seems hard to believe today, but there was a time when Airbnb was the best-kept secret of travel hackers and couch surfers, Pinterest was a niche web site frequented only by bakers and crafters, LinkedIn was an exclusive network for C-suite executives and top-level recruiters, Facebook was MySpace’s sorry step-brother, and Uber was a scrappy upstart that didn’t stand a chance against the Goliath that was  New York City Yellow Cabs.  So how did these companies grow from these humble beginnings into the powerhouses they are today? Contrary to popular belief, they didn’t explode to massive worldwide popularity simply by building  a great product then crossing their fingers and hoping it would catch on. There was a studied, carefully implemented methodology behind these companies’ extraordinary rise. That methodology is called Growth Hacking, and it’s practitioners include not just today’s hottest start-ups, but also companies like IBM, Walmart, and Microsoft as well as the millions of entrepreneurs, marketers, managers and executives who make up the community of Growth Hackers. Think of the Growth Hacking methodology as doing for market-share growth what Lean Start-Up did for product development, and Scrum did for productivity. It involves cross-functional teams and rapid-tempo testing and iteration that focuses customers: attaining them, retaining them, engaging them, and motivating them to come back and buy more.   An accessible and practical toolkit that teams and companies in all industries can use to increase their customer base and market share, this book walks readers through the process of creating and executing their own custom-made growth hacking strategy. It is a must read for any marketer, entrepreneur, innovator or manger looking to replace wasteful big bets and "spaghetti-on-the-wall" approaches with more consistent, replicable, cost-effective, and data-driven results.

Channels that Bring Customers

Similar ideas to Channels that Bring Customers

5. Start a YouTube channel

Chart Your Options

Be Flexible with Time