What is Growth Hacking? Why is it a strategy to grow your business quickly?

Growth Hacking is the name of the process to grow your business. Founded by Sean Ellis in 2010, Growth Hacking is what it means to grow your company as quickly as possible. by using experimental methods, observing, and learning from hypothesis

In comparison, Growth Hacking is like a science experiment. In the first step, we always have to go through trial and error. Emphasis on making assumptions and really experimenting. to find the best fit for your business which is to get the best It takes time.

Growth Hacking is a crystallization of the combination of four sciences: Creative Marketing (small but large marketing), Behavioral Psychology (consumer behavior psychology), Data & Analytics (measurement and analysis of data. ) and finally

Technology & Automation, the use of labor-saving technology), in which in the next section, we will tell the working principles of all 4 sciences in detail.

But before going into more details What you need to know first and which is an indispensable cog for Growth Hacking strategy is Growth Hackers

Who is Growth Hacker and how important is Growth Hacking?

Growth Hackers are people who will do Growth Hacking for your business They will have one goal in their work. “Growing Your Business in the Fastest Time” Irrespective of Any Method

They will come in and create new opportunities. For businesses based on comprehensive marketing knowledge both online and offline including participating in various processes As a business upstream such as Market Research (market research), Product Development (product development). In other

words, Growth Hacker is involved in every part of the company that can grow. (Must be someone who is quite well-rounded and learns quickly) and must be able to come to The New S Curve for business and create sustainable growth.

Therefore, if your business is interested in Growth Hacking strategy, the first thing is to start adjusting the team and looking for an effective “Growth Hacker” that can help your business grow.

 

Which type of business is Growth Hacking best suited for?

For anyone wondering what type of business Growth Hacking is best for? From a study with data from multiple bureaus, we find that Growth Hacking can go hand in hand with two types of

businesses : • Startups

Because it is the first type of business to choose this strategy to grow the organization. But it must be a startup that is ready for both teams and budgets because in the growth hacking there will definitely be a huge increase in expenses. And it must also be

a business that has passed the Product Market Fit point (a guarantee that the company is ready to grow).

It should not be used from the beginning for two reasons. If the product is not really good The team is not ready Growing faster is as fast as dying fast. There are many startups that do not understand the principles of growth. Once you’ve created a product, you’ll find a way to grow as quickly as possible. But the best way to get

started is to do everything that doesn’t make you grow. (or is to build a foundation for growth that is super tight Very good product.)

Here’s some advice from Paul Graham, one of the start-up guru, whose early pre-growth average is two years. It is quite complex and requires a high level of knowledge, skills and teamwork. Therefore, hiring a team of experts in this field is very expensive.

• Other businesses that are ready for growth hacking.

entrepreneurial company (Business owner, project leader (or decision-makers) understand the principles of Growth Hacking, are ready to change, invest, and bring technology to help. The word “understand” here entails three actions:

1. Prioritize speed. first Will not waste time on unnecessary things, such as asking to keep it to think first. Waiting for next week’s meeting Elon Musk, for example, can make difficult decisions in minutes. because he understood that While refusing to make

a decision has the same effect as making the worst decision. because the whole team had to stop working to wait That’s something that shouldn’t have happened.

*Summary from Elon Musk’s book

2 – Work and invest only with talented people. because a talented person Able to perform well and produce 3-10 times more results than average. Not only that, but also a role model for the rest of the team. Build a culture of working at its best, but the question is, if you have to choose a team that will help you grow? Will prioritize “price

(wage)” or “team talent” if you come across a competent and understanding entrepreneur. Usually the price is the second part of the decision.

Because he will immediately recognize that the person he is talking to is really good or not? And start as soon as possible to test if they work together well. Compared to entrepreneurs who don’t understand (and aren’t that good) they don’t know if the person they’re talking to is good or not. Therefore, prices are often used as a deciding

factor for growth. It is a matter of investment and ingenuity in the management decisions behind the scenes.

3 – Always ready to change When we talk about change Most will miss the insecurity. But in the age of digital Keeping up with the changes is the stability of the company, change comes with risks. Because we don’t know if after switching will get better results or not.

Therefore, Growth Lead must be someone who is ready to take risks. Dare to make new and quick decisions, imagining the growth of everything. It’s an unstable state. It’s the nature of growth. From children to adults can not wear the same site clothes. Trees from seedling to large plants cannot be in the same pot. A company or doing business is the same thing.