What is the Growth Hacking?
The growth hacking is a process that has first appeared in the silicon valley. It consists in the rapid testing of highly prioritized ideas that target to improve a specific parameter of the company’s growth equation.
This process differs from a traditional online marketing strategy as it takes a wider approach optimizing the entire business toward an exponential growth (Acquisition, Activation, Retention and Monetization).
We can help businesses to set up their own growth hacking team and process in order to identify & test the best growth ideas for the business.
The objective is to find and to execute the ideas that have the stronger impact on the business in order to generate an explosive growth.
Set up a growth hacking team:
The first step in a growth hacking process is to select the member of the team that are going to be in charge of this task. A typical growth hacking team include the following member:
-A team leader
-A data analyst
-A marketing specialist
-A project manager
– A developer
Determining the company north star and growth equation:
The North Star is the key parameter which the growth will translate in the success of the company. This parameter can vary depending of the type of business and this parameter is typically the most important parameter of the growth equation.
The growth equation sum up the key parameters that are responsible of the creation of value in the business. Typical parameters are number of monthly visitors, product cost, various conversion rates,…
Set up the appropriate data tracking and dashboard:
Once the North Star and growth equation have been identified, it is important to be able to track those parameters on a daily basis. A good tracking includes data from the website analytics tool, the CRM, the email campaign tool, the payment system, the product itself (if available),…
Creating a simple dashboard is really important in this process if we don’t want to be overwhelmed by the data tracked.
Scheduling the weekly growth hacking meeting:
The overall objective of a weekly growth hacking meeting is to:
- Share the updated data analytics
- Report on the North Star and other key metrics
- Communicate about the growth strategy
- Review testing activity & learning
- Select weekly tests from list of prioritized ideas
The growth hacking process:
The growth hacking process is the simple process that includes the following steps:
1- Analyse
Whereas it is at the beginning or at the end of the growth hacking process cycle, a good analysis is key success factor. The growth hacking process is data driven and it is important to underestimate that step of the process. At the beginning of the cycle, the analysis consist to understand how the business work (provide useful data) in order to generate growth ideas.
Ath the end of the cycle, the analysis is focused on the tests that have been run in order to quantify the effect and determine futur potential iteration.
2- Ideate
Ideas generation is the process of listing all the ideas that can help with the growth of a specific metric.
This metric is determined during the growth meeting and is the focus of the team.
3- Prioritize
All ideas have to be prioritized and each team members select 3 ideas to pitch during the weekly team meeting.
4- Test
The growth hacking team is in charge of selecting the ideas that would be tested every week.
Each idea have to have a proper testing plan created in order to generate sufficient results.
Download our Growth Hacking checklist:
We sum up all the steps needed to follow in the growth hacking process in a comprehensive Google sheet checklist.
The document includes all the growth hacking steps & requirements and a complete listing of specific ideas to test whereas if you want to optimize your acquisition, activation, retention or monetization.