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We’re going to tackle what is growth hacking and what does it mean to achieve product-market fit in traditional marketing.
Growth Hacker Marketing a primer on how marketing is evolving with real strategies and tactics by Ryan Holiday the former Director of Marketing at American Apparel recently turned media guru for bestselling authors in growth hacker marketing.
He explains traditional marketing efforts aren’t the most effective and shows what we can do about the growth hacker formula consists of achieving product-market fit.
It all starts with;
selling something people really want finding
a growth hack to go viral cost-effectively
closing the loop with high retention
Development team builds a product and hands it over to the marketing team. When it’s done marketers have to work with what they’re given and it’s all about spinning the customer’s perception about the product.
In contrast, a growth hacker doesn’t see marketing as something one does but rather something one builds into the product itself.
It’s a completely different mindset that brings science to marketing in money.
Traditional marketing needs large budgets and it’s infamous for its inability to track results in ROI.
Whereas growth hacking relies on small clever triggers that create a self-perpetuating marketing machine often referred to as going viral.
The growth hacker playbook consists of only what they can test, track and scale with minimal budgets.
The founding team of Hotmail initially kicked around traditional growth ideas such as advertising on billboards and radio ads but these were too expensive and with a questionable return in the end.
After months of pushing back on the idea, they incorporated the famous PS I love you get your free email at Hotmail at the bottom of each email sent out by their users and achieved viral growth for growth hacking to be successful.
It has to start with the right product growth hackers recognize that this doesn’t happen the first or the second time.
Growth hacking actually provides a good test for when a product has achieved product-market fit.
It’s when growth hacking works if you have built a viral feature into your product but you’re not getting viral growth then the flaw is probably with the product.
Get feedback and iterate until your growth machine starts firing off on all cylinders.
As an example, Instagram started off as a location-based social network that wasn’t gaining much traction but its founders notice that all their users were going to the photos and filters section of the app.
So they pivoted and focused on what worked refined it and sold it to Facebook for 1 billion dollars!
Develop a great product that truly resonates with your market
You want those financial first users that will help you grow for free. It all boils down to bringing science into marketing and delivering results on very limited or non-existent budgets.
I highly recommend you to read Why You Should Concentrate on Growth Hacking instead of Google Ads? article to reach proven benefits of growth hacking strategy!