Growth hacking is a strategy where you set up and use frameworks. You constantly try to find out what you can do to have an effect on the results. In other words, can we choose a metric on which we are experimenting to get an improvement? How do we get faster, smarter and cheaper results? Testing, measuring and learning, in short.

An important motive for many companies is turnover growth. For marketers, this means that you must continuously optimize your activities. If you know more and more about where you need to put your energy and focus in, this helps to be able to grow.

HOW DO YOU DO GROWTH HACKING?

First of all, you determine what your goal is. The North Star metric is a metric (or goal) that will have an impact on the business. For example, for Spotify, the North Star metric is a Spotify user who uses Spotify for an hour a week and who will eventually upgrade to a premium account. Often retention is a North Star metric, because it is influenced by a mix of a good product combined with good support, and that results in growth.
Once you have determined the North Star metric, you set up zoom out metrics (eg quarterly targets such as retention, activation, acquisition, or within smaller goals within a theme). Then you experiment every week with so-called zoom in sprints. Weekly Active Teams “(WATs) are the metric: we are active users of the free software because this metric is an indicator of the probability that someone will eventually become a paying customer.”
For software companies, it is not necessarily the acquisition of new customers, especially when the initial software version is a free (limited) version. It is precisely and above all about activating these new customers. Facebook or Spotify users are of no value if they do not use the product. So you want to activate them, and the next challenge is to keep them.

EXECUTING GROWTH HACKING

The ultimate deciding factor in what counts as successful growth hacking is the focus. Typically growth teams are far more process, metrics, and iteration focused and thus tend to make more changes and experiment more. Less growth-minded marketing teams, on the other hand, tend to be more about executing strategies than reinventing them with agility. They also are more likely to think about how their efforts relate to the brand qualitatively, whereas growth teams tend to be strictly focused on metrics.

Growth hacking begins with handling partnerships. Your partners will sell your product/service if they are incentivized appropriately. Your partners are only interested to see the final revenue they will be able to generate after selling your products. How will you build this program?

a] Incentivize-

Your partners work only if you incentivize well. Rather than showing how much they will ear after making each sale, show them the long-term picture. Show them that their performance can drive them huge revenue at the end of a particular tenure.

b] Educate-

Don’t sell your product to partners, educate them. The more you educate the more they will be communicating effectively with their customers/prospects and you will avoid situations of miscommunication. Educating them will reduce your burden of giving continuous support to partners and his prospects whenever required.

c] Motivate-

Keep reminding your partners about their goals. You can certainly create an urgency for them as well as you do for your prospects/customers. Remind them days left to achieve targets and revenue they can earn after completion of this target. Your partners are or will be interested in you if they are incentivized and motivated strongly to promote your business.

SOME TOOLS FOR GROWTH HACKING

1. Qualaroo
This tool was created by none other than Sean Ellis himself, the creator of the term and meaning of ‘growth hacking’. Qualaroo helps you to gain insight into the most relevant information of your target group. You can follow the browsing path of your target group so that you know exactly where it is or is not interested.

2. CrazyEgg
With CrazyEgg you can see which actions the visitors of your website do and do not. You can determine where they click, how far they scroll and where they come from. You upload snapshots (pictures) from your page and the tool does the rest. By means of different colors in the form of spots, dots or waves, you can see exactly what actions there have been. All clicks become visible and you can determine how far people scroll down. This gives you a good picture of the effectiveness of the layout of your website.

3. BuzzSumo
This tool is more focused on the content that your website contains. It helps you determine which content works best with the keywords you have in mind. In addition, the tool also helps you with the titles that you can use. Enter your keyword and BuzzSumo shows the most visited and shared websites that contain this keyword. Based on this you can see exactly what people are interested in regarding the keyword and see which titles appeal to the target group the most

And that’s how you work:
Determine your goal and metric (for example, the number of upgrades from free to paid user)
1. Create a list of all experiment ideas to improve your metric. For example, change the subject line of an e-mail, adjust the text, the design, the segmentation, the response time.
2. Prioritize. For example, vote for the best and most feasible ideas. You can do this with a score of 1 to 5 on Potential, Importance, and Convenience, and then pick up the highest-scoring ideas.
3. Write an experiment document, for example, a Word document or PowerPoint presentation, in which you describe the experiment from problem to the learning goal, from hypothesis to prediction and from experiment design to success and result.
4. Analyze results in an experiment document, or, if you are not sure about your experiment (too expensive, or too complicated), do an ‘ugly’ test before continuing.
5. Share and discuss the results with the team. What did we learn this week?

IN CONCLUSION 

True growth begins with a product or service that adds value to a customer’s experience. Rapid, iterative testing can help you unearth that value — and pivot quickly when required — but it can’t replace the value of finding the right audience. And when your value-laden product is introduced to a highly relevant and interested audience too, true growth is inevitable