What is growth hacking?
Growth hacking is all about applying rapid experimentation to find and optimize the most promising areas of opportunity throughout the customer experience funnel from acquisition, retention, and revenue.
Growth hacking goes beyond a function of the marketing team, it’s a marriage between marketing, product, engineering, and the data team.
Why is growth hacking important?
Paid advertising is expensive and becoming less effective. So we need a way to quickly discover and prioritize the features, user experience, or conditions that deliver the aha moment for your customers.
This reduces churn rates, increases reoccurring revenue, and increases word of mouth referrals, which are the best and cheapest form of advertising.
How to deliver that 'aha!' moment
No amount of marketing can save a bad product. Using data (typically cohort analysis), we can run experiments to refine and optimize your product to make it more “sticky”. This is key.
We want to look at engagement rates (typically looking at DAU, WAU, MAU, time on platform, login frequency, etc.) and churn rates.
Are your customers loving your product, spending a lot of time on it (and often), encouraging their friends or colleagues to join, or are they quickly abandoning it shortly after signup?