Ross Sclafani from ListenFirst Media discussed growth hacking, its role in product management and how to use to data drive growth hacking in your organization as Product Manager.
He also talked about what Growth Hacking is and how to interpret Data for Growth Hacking.
11. The Definition of Growth
According to the dictionary, Growth is:
1. The process of increasing in
physical size.
2. The process of developing or
maturing physically, mentally, or
spiritually.
3. The increase in number and
spread of small or microscopic
organisms.
4. The process of increasing in
amount, value, or importance.
5. Increase in economic value or
activity.
Which translates to: (for your business)
1. Seeing your company get larger in
terms of partners and resources.
2. Developing your brand equity
towards becoming a trusted
household name
3. Greater adoption of your product
or service across a wider user
base
4. Higher valuation for a potential
exit strategy
5. More earned revenue!
12. Growth Strategy
A number of factors should influence your
decision on a particular growth strategy. This
first step is key to setting clear goals.
➔ Product or Service
Is your offering powered by
technology, people, or both?
➔ Time in Market
Have you launched? Are you revenue
positive yet? Seeking resurgence?
➔ Speed
Are you developing a brand as well? Is
your product or service ready for
scale?
13. Growth must be
measurable. How many
metrics do you need to
determine
Growth success?
Tip
The foundation of
growth is
measurement.
Like notches in a
childhood doorway, you
can only determine
progress through
historical record.
14. Just one! Choose wisely.
Each growth effort should be focused on increasing a
single key metric, commonly:
● Customer Acquisition Rate / Installs
● Active Account Volume / MAU
● Account Expansion (Upsell)
● Revenue Lift
Tip
Focus is key.
You can’t grow in all
directions at once.
Focusing on a single
metric reduces noise
and guarantees you’re
measuring success
accurately.
15. Growth occurs in spurts.
There is no single winning
strategy. Explore one
growth goal at a time,
determine what’s working
and what isn’t, and leave
room to pivot or add
variety to your growth
marketing approach.
Tip
Don’t get stuck or pivot
too quickly. Explore
each growth goal
completely before
moving on.
An inability to improve a
specific measure in 3
tries is a warning sign.
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