TPS #32– Growth Hacks that Work

Let me ask you a question.

How do you transform from being a solopreneur to running a high-growth venture, and that too, at lightning speed?

Your answer may revolve around traditional marketing and sales techniques, but there's a secret weapon you’re probably overlooking:

Growth Hacking.

A term coined by Sean Ellis, founder of GrowthHackers, refers to strategies focused solely on growth.

It's often used concerning startups that need massive growth in a short time on small budgets.

Sounds like a pipe dream, right?

Here's a twist.

This strategy isn't exclusive to startups.

Anyone can wield those tool. You just need to start thinking outside the box.

Let’s dig deeper.

Step 1: Understand Your Audience Inside Out

As growth hackers, our first job is to know our audience.

Understand their needs, desires, and problems like the back of your hand.

Example? Dropbox, a classic growth hacking success story.

Dropbox understood its audience's need for more storage space.

The solution?

A simple referral program - refer Dropbox to a friend, and both of you get extra storage.

Results?

Skyrocketing 60% growth after implementation.

If your product or service isn't flying off the shelves, chances are you don’t understand what your audience actually needs.

Taking time to do thorough research and get on networking calls will pay massive dividends.

Step 2: Experiment Fearlessly

In growth hacking, no idea is too wild if it propels growth.

It involves constant testing, analyzing, and iterating.

Seriously— sometimes, the crazier the idea, the better the results.

But chances are the first go around:

Nothing will happen.

You’ll probably give up and think, ‘this was a dumb idea.'

Don’t take that for an answer; keep improving and testing new ideas.

Hotmail, struggling to expand its user base, decided to add "PS: I love you. Get your free email at Hotmail" at the end of every email sent through their platform.

This small tweak resulted in a viral loop, boosting Hotmail's growth.

You might think that message is creepy (and honestly, it is a bit)

But if it drives results, why stand in the way?

Step 3: Leverage Your Existing Assets

Growth can come from leveraging what you already have rather than chasing what you don't.

When YouTube discovered that MySpace users were copying and pasting codes to share YouTube videos, they decided to provide an "Embed" code directly.

They leveraged an existing user behavior, making it easier and quicker, driving their explosive growth.

It’s not always about creating something new.

And I get it. It’s easy to chase new shiny objects that you think will propel your business.

Re-iterating just how important it is to get a complete understanding of your target audience.

It’s not always new features that bring results but improving upon past ones.

Step 4: Prioritize Retention

Attracting new users is great, but retaining them is even better.

I mean, you already got the customer/email, so why work so hard on getting more?

Build features that keep your customers coming back.

Twitter identified that users who followed at least 5 to 10 people were more likely to become long-term users.

Hence, they revamped their onboarding process to encourage new users to follow others. This not only increased user engagement but also improved retention.

Figure out what value you provide, and double down on it.

The best way to get an existing customer to buy is:

(And I’m paraphrasing Hormozi here)

Give away so much free shit that’s better than people’s paid shit that they feel guilty for not buying.

So, it’s time to start thinking outside the box.

As Sean Ellis says, "A growth hacker is a person whose true north is growth."

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To your success,

Hunter.

On a side note, I have discontinued the “Simple Systems Saturday” segment. There weren’t enough people downloading them.

I’m definitely open to other suggestions!

Have you applied any growth-hacking techniques?

I'd love to hear about it. Simply hit 'Reply' or connect with me on Twitter.

PS: Whenever you're ready, here are two-way I can help you:

1. Get a free ops audit for your business or agency here.

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