Everything begins by focusing on a narrow, actionable goal. This is im- portant because a growth hacker can easily have a focus that is so broad it becomes meaningless. Yes, the overall goal is growth, but you don’t attain that kind of end-result without breaking it into smaller, achievable, tasks.
Without analytics, goals are empty. If you can't definetely say when a goal has been reached then you have not completed the requisite requirements. Furthermore, analytics will give you valuable data which can even change your goals. Your analytics and goals create a reflexive equilibrium, where they inform, refine and shape eachother.
Every startup has inherent strengths or assets that can be used as leverage. When there is something at your disposal which requires little energy, but can produce big results, then you've found a lever. Plan your attack based on strengths.
Write down your hypotheses before you execute an experiment. Do not be naive about the resources needed to run the experiment. Do not get discouraged by the initial results. Learn from success and failure.
Experiments are meant to be optimized. Experiements are fluid. They are not things you do one time and then move on. You tweak experiments. You re-run experiments. You only give up on experiments when it’s ap- propriate to do so, not when you’ve grown tired of them. Have a control group - Utilize A-B Test.
Now it’s time to select a new experiment, or an optimized version of a previous experiment, and move through these steps all over again. If you work the system, then success is more a byproduct of tenacity, and less a child of luck.
Because there is no point in spending good amount of money for bad marketing
Where do your users come from.? Acquisition is the first contact point with a user/customer and your product or website. We test different user acquisition channels and tactics, e.g. content marketing, email marketing, social media, SEO, PPC, etc. to identify and focus on those that create the greatest results for your business.
What % of your users have a happy initial experience.? Activation is the stage when visitors perceive the value of your product and take an action defined by you. Driving traffic to your site isn’t enough, your goal must be to activate visitors, i.e. make them take a desired action. It’s important to focus on your Activation performance long before you invest heavily into any further acquisition.
Do your users come back over time.? Once users have been converted, you need to make sure they stick to your brand. Measuring retention might be as simple as opening your app a second time and playing one song. For Twitter, it meant getting their users to follow 30 people.
Leverage your existing user base to acquire new users at a viral speed. If they post on twitter and 200 people view your landing page as a result, that’s great. But if only 1 person creates an account, that’s not so great. Those referrals are coming in from the top of the funnel (acquisition), which means they also have to be activated, retained, etc.
Can you monetize your users behavior.? Monitoring revenue is the crucial part of avoiding vanity metrics in your startup. It’s also important that you place the other 4 stages before revenue, as without them you are just wasting your time throwing prices in front of people.