Growth hacking requires you to understand the complete architecture and working of the product, measuring the demands of the market and carefully guiding the team to craft the product to fill in the gap perfectly tight. More than the team it’s the growth hacker who has to burn midnight oils.
We click on every opportunity to get in conversation with varied and versatile entrepreneurs, and we assembled a list of the best 8 Growth hack tips from the ones we quizzed.
Do not compromise on your team – Hiring the right people is important, but it is even more important to not hire the wrong people. This can not only take your company down the wrong path, but dealing with a bad hire will end up taking more time than you would imagine. Also, as my father tells me – costs come on two legs.
Build some unique and interesting solution addressing real word problem and then make your customers realize their problem. In our case giveaways market is all dependent on Emails prior to Giveaway.ly and for few advertisers they don’t even know that products can be promoted through Giveaways.
If you are first, build a basic product and release. If you are second, build a strong feature. A lot of late entrants end up replicating the same experience without any value add. And Build for the user, not for Google. Google will follow.
In the consumer web product space the most important growth hack is the user experience. We created a simple product with a familiar UI and the users loved it.
Measure everything. Even if there’s no way to measure a metric exactly, do approximations. You don’t optimize the things you don’t measure. At MSI, we have tons of dashboards and very nice reporting framework to show real time progress across multiple axes. It helps us in taking relevant decisions fast.
Fall in love with A/B testing, is the only way to really know your users.
Fund raising is a full time job – It is not an additional task, it is one of the primary tasks for the founders. We learnt that the hard way.
Be realistic and practical in your approach, and plan before you execute.
If you have learned a tip or two along your journey do drop it in the comments below, let’s see how good of a hacker you are.
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