What’s it about?
Growth Hacker Marketing charts a major departure from traditional marketing practices, relying heavily on the use of user data and smart product design. This book illustrates how today’s top technology companies, such as Dropbox and Instagram, have used this strategy to gain millions of users.
About the author:
Ryan Holiday is a partner at StoryArk, a creative marketing company, and was the former director of marketing at American Apparel
If you desire to be successful in the business field, the conventional methods are so last season, use new ones:
After Ryan Holiday, a director of marketing at American Apparel, read the article by Andrew Chen, “Growth Hacker is the New VP of Marketing,” he discovered that he would probably be jobless soon. The report explained why growth hackers would do much better than non-technical teams of marketers in any company.
In these times, where assets are not only scarce but pricey, the old regular methods aren’t capable of surviving all the problems that the business field is suffering from. So, how can you take advantage of growth hacking best? Discover that in the following summary.
The world is continually changing; if you wish to better your business, you have to learn to adopt these changes right at the moment:
“The end goal of every growth hacker is to build a self-perpetuating marketing machine that reaches millions by itself.”-Aaron Ginn
Most people get the idea of marketing a product all wrong. They think that the product should be displayed at all times in front of people to reap attention; they organize events and spend a large amount of money to gather a lot of guests in one place and introduce their product to many people. While this can be fun and exciting, it can also be costly, and it can’t save a weak business idea from failing.
That’s where grow hacking comes in handy. Rather than marketing the product after it is done, a growth hacker builds the marketing of a product within the product itself during its development.
Ever since the advent of the internet, life has undeniably been much easier. The tools available online helped marketing improve in a way that decreases the chances of failure and the price of ads.
Back in 1996, when Hotmail first launched its free webmail service, it went viral for merely attaching a message at every mail a person sent. Then, in the year 1997, Microsoft bought Hotmail for 400,000,000$. Yes, it was a huge deal. That’s what growth hacking is about; to make a massive success out of the simplest effort. Instead of huge billboards, commercials, and fliers, growth hacking uses emails, blogs, and online advertisements to attract potential buyers.
So when a smart brand new business needs a little boost, they don’t resort to traditional marketers and spend money on conventional methods. Instead, they take the help of a growth hacker that refuses to play by the rules and fits best for the job.
Most times, business success relies on its capability to measure its RIO – returns of investment. But this can’t be achieved by a party gathering or a billboard. The world is shifting at a tremendous speed. Instead of depending on a long-lost generation’s opinion, growth hackers grow the business right through the new and different mindsets using tools suitable for the current times.
A business starts to fail the moment the product stops adding value to the customer’s life:
Growth hackers care about the product fulfilling a need first. Then they go on and worry about how a product can elicit a good response from the customers. A product might undergo a significant number of changes before it is ready to be launched, but eventually, every worthy product reaches there.
The right product should solve a problem for the buyers. The key to achieving that place is to keep trying until the “PMF” – product-market fit – is attained.
Attaining this requires a decent amount of research. The company needs to focus on the group of customers they want to serve, what they need, and the best way to stratify them. The company should be open to feedback from the buyers if they wish to get this kind of information. It is essential to know if the product is satisfying the customer or not.
Without a proper product, the customers will never be happy, and if the customer is not pleased, there is no business to begin with.
You have to put real effort; prepare strategies, and find more effective ways to have more customers:
People get so excited whenever they discover something new. Growth hackers take advantage of that. They find a cheap but efficient strategy to market what everybody wants.
“Building an army of immensely loyal and passionate users is way better than building or maintaining a brand.”-Ryan Holiday
For instance, cloud service dropbox prepared a video and sent it to its users explaining its developed service. The users enjoyed trying the new features on their own, and most of them subscribed to the new service. Sure, they could have created an ad or put up a billboard, but this way led them to their goals just as fine – maybe better.
Although growth hackers seek as many customers as possible, they still understand that not any person could be one. That’s why they look for a target market to which the product is most beneficial.
Any business can reach a target market in the following ways:
- Contact sites that your potential customers visit regularly; have them promote you.
- Post something on Quora, Reddit, or even Mediums.
- Start posting blogs about relevant topics to build traffic.
- Search for reporters who are willing to feature you in their stories at www.helpareporter.com.
- Try to offer discounts or gifts to win over customers.
Reddit, Mailbox, Udemy, Myspace, and many other businesses that are rising today are capable of getting a large number of customers by hosting free events or giving away prizes to let people patronize them.
All companies have the potentials to grow, but with no community and passionate customers, this becomes a huge, nearly impossible challenge.
The product you present represents a story by itself; make sure it is the right one:
No one wants to recommend your product if it makes them lose their credibility. If your product is not legible, chances are no one is ready to promote it for free. Posts that go viral are usually free recommendations from someone willing to do that. Your product needs to be at least worth it.
When designing a product, the company needs to understand that the most important thing is to make sure that the product markets itself and leaves a good impression. It shouldn’t need much money to sell.
Take Apple, for example; after each message sent from an iPhone, they write: “Sent from an iPhone.” If this isn’t easy and effective marketing at the same time, I don’t know what is.
Sure, new customers are valuable, but loyal customers are the ones capable of taking your business to the next level.
“Whatever your current state is, it can be better.” ~Sean Beausoleil-Sean Beausoleil
Not only do growth hackers make sure customers are brought in, but they also make sure to satisfy the old ones since it is easier to market something new to a previously existing customer than to a new one. Market metrics measure this probability to be 60%-70% for old customers and 5%-20% for a new one.
“A growth hacker’s job doesn’t end when a product is sold. It continues until the customer comes back without any prompting.”-Ryan Holiday
A growth hacker is essential from the start of a product to its end. If the customer is no longer satisfied with the company, it’s because someone made a mistake and wasted everyone’s effort.
The profit of a company depends solely on its continued growth and ability to keep customers interested. A job growth hackers excel at.