The more you experiment with growth strategies the more you will grow
All growth-related experimentations are hypothesis-driven. Eg – If you do X, it will result in Y. In most cases, until you haven’t done any testing, you cannot prove, or disprove the hypothesis
In any case, if you test a growth strategy and it does not yield results, you will have learned a valuable lesson and if the test did work, you need to automate it and implement
Sustainable growth is what matters in the end. Sustainable growth is only possible if the product is actually providing some level of value to the end user. In short, Value is what drives sustainable growth
For the very reason above, Growth Hacking is most effective only when the product has achieved a product market fit
Acquisition → Activation →Referral loop →Revenue loop →Engagement loop
Every business should have a North-Star Metric (NSM). For some it may be Daily active users(DAU), for some it may be Monthly active users(MAU), NSM will be different and unique for different business. It should reflect and capture the entire business
Startup Growth Pyramid
Product Market Fit
North Star Metric Defined, Instrumented for Growth (EG – Proper Tracking in place)
Growth Team, Process, Organized learning
Align growth team for common goal, test around high impact opportunity
Company wide Growth mindset and culture
Examples of Growth hacking -Airbnb listing their rentals automatically on craigslist to drive direct traffic to their website, Dropbox Referral strategy where for every person you referred you get 250 MB of free space which was a lot back then