- People Trained
WHAT IS GROWTH MARKETING?
Growth Hacking is a process of rapid experimentation across marketing channels and product development to identify the most effective, efficient ways to grow a business. A growth hacking team, composed of a technical marketer, a UX/UI designer, a full stack developer and a data analyst, analyses the entire customer journey to identify bottlenecks in the conversion funnel. They then run data-driven experiments using the scrum methodology to improve the company’s defined key metric(s). To achieve long-term sustainable growth, they focus on optimisation as well as lead generation.
Growth hacking teams use the AAARRR framework to have a clear vision of the conversion funnel and optimise each step, with a strong focus on one key metric at any given time. Think of your business as a bucket and your leads are water. If you start pouring water into a leaky bucket, you’ll waste a lot of money. This is why growth teams care deeply about customer retention.
Growth hacking took the best out of the Lean Startup and Scrum methodologies. After analysing the funnel and defining their OMTM (One Metric That Matters), growth teams run data-driven experiments through sprints of 1 or 2 weeks. By looking at the data and their initial hypothesis, they are able to quickly decide to kill or scale experiments. The speed of execution and decision-making process is the number one reason why companies applying the growth methodology are outsmarting and outrunning their competition.
Looking for growth hackers is like looking for unicorns pooping ice-cream. The amount of skills needed to run successful data-driven experiments across the entire funnel is such that companies need to focus on building growth hacking teams with T-shaped profiles. Each individual member has a broad knowledge of his/her own area of expertise with a strong specialisation on one or two skills.