Growth Hacking 10 Key Concepts You Need to Remember – Hackisition I remember my first exposure to the definition of growth hacking. At that time I was struggling to get my first startup to take off. I discovered the difficult challenge of reducing the friction and how retention, commitment, referral and success were intertwined. Acquiring the minimum traction needed to efficiently iterate around the product, was one of the things that pushed me to take this sport very seriously. Without a sufficient number of early adopters, I understood very well that it would be extremely difficult to collect enough data to understand where the value would be in the product. So I had to study in detail all these disruptive means to target, interact and redirect a rather interesting number of leads to my platform. Quality users with a more affordable acquisition cost (most of us do not have the money to compete in paid advertising). Of all the articles I’ve read, the interviews I have attended and the studies I have conducted in parallel, I have noticed quite quickly that there was nothing more important than growing your startup. All these little hacks that have gradually taken place behind the curtain at Airbnb to Dropbox, have been important factors in the development of these giants. All these inspiring stories formed the foundation of the many experiences I have been able to achieve in recent years. Today I want to share with you the 10 points that seem to be most relevant in describing how a growth hacker thinks, acts and behaves on a daily basis. One of the most fascinating methods to assess someone’s imagination is to give him a paper clip. Once the paper clip is in hand, ask him to find as quickly as possible 10 uses which the paper clip could solve a problem (other than to fasten sheets of paper together: take a look at this article for an overview). What is interesting in this game is that hackers are formidable opponents. They have an ingenious ability to imagine and invent new applications by exploiting the opportunities / vulnerabilities of a system. Remember that this mindset is shared by all growth hackers. What is important to understand is that growth hackers perceive the world through a growth lens. They train daily to test how to use a function in a disruptive manner and hacking through experiments to generate traction. “ I like to think that growth hacking is a real state of mind and you must embrace it in everything you do. And when this concept is understood, that is when the growth hacker expresses himself. For example, I could see some people use the mindset to boost their profiles on dating sites or seizing the opportunity to grow a physical event digitally. Besides this, one of my favorite growth hacks is that of the Warrior Dash Race: participants had to tweet a message at the end of the race for their time to appear on a giant screen. In addition to having turned this into a fun action, this method has extended the concept to a wider target, in particular by growing from their existing user base through referral. Growth hackers have extensive knowledge of the tools, networks and psychological techniques to attract attention and then click. Then, through their imagination, they build experiences that they successively test in order to get growth. The best growth hackers have a very broad view of each of the channels in which they can acquire traffic. However, their goal is to understand very quickly, those which will be most fruitful to concentrate on it in depth, until the saturation of the latter. There is a fundamental difference between traction and growth. In the first weeks / months of your startup, you are not looking to achieve growth but traction. Your performance is concentrated on optimizing features by providing a continuous flow and consistent users. It is this traction that allows you to quickly iterate and understand where the value is. It is this traction that allows you to collect the raw data essential to understand if your value proposition is sufficient/understood and whether your product is essential to a well-defined target. The goal then is to determine the variables that make up your growth equation: the different levers that must be optimized include factors such as activation, retention, referral or the lifetime value. One thing to understand is that once you have reached what is called a product/market fit, your strategy changes. The goal is to find a way to play in a scalable acquisition channel (ie, you aren’t looking for traction hacks but you must grow as fast as possible to create a monopoly). What you want is to find a way to achieve a lower cost per acquisition for your LTV (lifetime value) to improve and scale your profits (how to turn one euro into two). This may involve a thorough mastery of your target and through effective management of Adwords, Facebook Ads or from a sales force. This may involve a gradual organic growth via search engines… Understand that your goal is to scale, and for that you will need to play in a scalable channel. Jun 15, 2015. that seem to be most relevant in describing how a growth hacker thinks. Once the paper clip is in hand, ask him to find as quickly as possible 10. Growth hackers have extensive knowledge of the tools, networks. Remember that the paid acquisition channels represent a business model competition.
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