Need a “What is Growth Hacking?” primer? Not sure what growth hacking is?

Read this great article by George Anders for Forbes

“…growth hacking is where marketing tactics meets product development. Its goal is to get the product to market itself. Growth hackers are principled hackers who study how people use a product and continually test and optimize every digital touchpoint in order to get prospective customers to take action.

Forbes Growth Hacking graphic

The article features Andy Johns, a well-known growth hacker. Two interesting tactics from Johns’ time at Twitter:

One of the highest performing growth hacks was right on Twitter’s home page. According to Johns, the home page was too complicated, but soon after they simplified the page to focus on signups or logins, the conversion rates increased dramatically.

A second hack involved persuading new users to follow at least 10 people on Twitter. Once they did, the odds of that user returning increased dramatically. So Johns and the growth team introduced the top people to follow feature after users signed up and the user retention rate went up significantly.

I’ll leave you with a nice sum-up:

As Bryan Ferguson, a growth hacking expert told me, “The key to growth hacking is thinking outside the box, coming up with elegant “hacks” to circumvent the cost and time of traditional methods of growth.  Facebook set the bar.  Now almost every startup seeking to be the next Facebook, Pinterest, or LinkedIn are following a similar formula:  seed your platform in a niche or limited area (Harvard in the case of Facebook), understand your key metrics for acquisition and retention (10 followers in the case of Twitter), optimize your product to maximize acquisition, retention and sharing (refer three friends and get a deal for free in the case of Living Social), develop a repeatable growth playbook, and then find clever hacks to rapidly scale everything from acquisition to revenue.

Source: artsandsci ghost