We get it, you’re confused.
You’ve heard about funnels, hacking, virality…. but what is growth hacking really about? A hack often sounds like a quick fix or a temporary way of solving a problem quickly, which leads to marketers, executives and many entrepreneurs to assume that growth hacking isn’t a sustainable, sensible solution, but this impression can’t be further from the truth.
Growth hacking may be a buzzword, but its definitely is a real thing.
It is a methodology that combines data and science, using analytics, creativity, curiosity, and qualitative research – one that has helped create billions of dollars of wealth for some of the most successful companies in the world. These companies such as IBM, Walmart, and Microsoft become successful and popular just by creating a great product. There was a focused strategy with carefully implemented methodology that led to their incredible growth levels.
Lets get the definition from Sean Ellis, the man who coined the term ‘growth hacking’.
“Growth hacking isn’t really about an individual silver bullet hack. It’s more about a process of uncovering effective ways to grow your unique business. It involves focused, rapid experimentation around the best growth opportunities for your business at any given time.”
In other words, not only is growth hacking a tactical strategy, it is also a mindset.
What this means is that you are not afraid to experiment at a rapid pace, so that you can test, build, measure and learn at a much faster pace, especially when you have laser sharp focus on driving scalable growth. At every stage, data and not guesswork is used to prove success and hypothesis. The results of these experiments informs the next steps, and allows for thoughtful iterations, ultimately allowing you to build a better product, while obtaining better customer experience and grow user retention.
And so, what’s that funnel you might keep hearing about?
Dave McClure, the founder of 500 Startups and well-known startup personality, invented the funnel most growth hackers refer to. He coined the “AARRR” funnel, which we at Rock Mission also use today to help companies think through the five most important metrics of a business: acquisition, activation, retention, referral, and revenue.
At Rock Mission, we analyse and optimise all stages of the Growth Hacking Funnel:
Acquisition – Test out different user acquisition channels and scale the best performing ones.
Activation – Design to maximise conversion of visitors into active users.
Retention – Tactics to pull users back to your product and ensure frequent usage.
Referral – Create mechanisms that incentivise users to spread the word about this product to people they know
Revenue – Strategies to upsell/downsell users to maximise revenue.
While it’s easy to find several case studies online on how other companies have moved through every stage of the funnel. In case you might be tempted, just replicating their success blindly isn’t going to work. Since every business is unique, you need to develop your own strategy, processes and experiments. There isn’t a one-size-fits-all strategy.
We offer bespoke solutions based on the stage your company is currently in. Our services range from supporting your venture with market validation and go-to-market strategy to a thorough analysis of your performance data and the development of a scalable growth strategy.
“The power is in the process of rapid learning through experimentation, not in the individual hacks, which ultimately have limited shelf life and aren’t one-size-fits-all solutions.”
How about a coffee to show you how we can accelerate customer and revenue growth for your company?