How to be a growth hacker

How to be a growth hacker
SHARE
THIS



Marketers should get a little nerd-ier. 

With the internet now pervading almost every business vertical, the titles on the old marketing organisation chart need to change. 

Startups, corporations and everyone in between are rolling out new business models every day and with web technology now often a primary driver of revenue, it appears that the best marketers are evolving to become the “growth hackers” of the future.

Coined by a Silicon Valley entrepreneur in 2010, “growth hacking” has emerged in response to the rapid rise of start-ups and businesses built entirely on the Internet that are seeking to connect with increasingly tech-savvy consumers. 

In an age where communication channels quickly rise and fall (take Pinterest and MySpace as examples) and the low costs of launching a start-up means for every new product there are four more vying for your customer’s attention, marketers need to better work with technologists to build their brand and stay ahead of the curve.  

So, how can marketers apply this “growth hacker” mentality to their brand? 

While marketing traditionally focuses on external channels to attract customers, growth hacking takes a more internal approach by combining marketing and technical abilities to create in-built user growth mechanisms within the product.  

For example, at Airtasker, we wanted to increase the number of positive reviews being left for our ‘runners’ who help people with their to-do lists around the home and office, so we tweaked the website to allow users to make reviews in just one click, which immediately led to a 100% increase in positive testimonials month on month. It wasn't that people didn't want to leave a review, we just had to make it easier for them.

To adopt a growth hacker approach, brands need to get back to the basics of creating a product that simply impresses consumers – and creating features within the product that enable customers to easily spread the word about it.

While word-of-mouth marketing isn’t a new concept, the accessibility of technology today has made it even easier for consumers to shout about the products they like – and ignore the products they don’t like.

Growth hacking also means having the discipline and patience to work on activities that might not necessarily result in a huge spike or uptake in your product today, so that you can build towards sustainable long-term growth. 

As improving website responsiveness is intangible, it’s not often high on a brand’s priority list, but with so many websites and apps available today, users have become highly impatient which means that every millisecond they spend waiting for a page to load could potentially result in lost conversion rates.

In the new age of web-based businesses, responding quickly to make changes to your product and user experience is key however marketers need to find a balance between responding with agility while planning for the long-term. 

It's easy to get caught up in looking for the next "spike" in traffic through quick email campaigns or landing pages, however marketers need to focus on real product improvement to drive long-term growth.  While marketers might not get as many little spikes, a 1 per cent increase in conversion or user happiness will pay dividends in the long run.

Finally, a growth hacker approach means ensuring every single user journey is a success before building scale.  Net Promoter Score (NPS), a global benchmark to help organisations measure, understand and improve customer experiences, should be a key metric for any early stage business.  

There's no point in paying big money to put up a billboard or spend huge amounts on display ads to drive traffic to your website, and then have a big chunk of your visitors either not convert or walk away unhappy.  Marketers need to focus on making those few customers that walk through the door really happy and then once you've got a formula for success, drive the marketing with better ROI.

Now, while a growth hacker approach places a high priority on product development, I’m not suggesting that brands stop marketing altogether (especially in our case at Airtasker, as building critical mass in the community is actually part of the product). 

However, focusing on satisfying what might be a small, but dedicated customer base is often going to a better investment for your brand in the long run.

Tim Fung is CEO of mobile market place Airtasker and a founding member of mobile start-up, Amaysim. 

Please login with linkedin to comment

Latest News

The Best Time Of The Day To Check Your Emails
  • Opinion

The Best Time Of The Day To Check Your Emails

Bombarded by too many emails? Are the the little buggers taking up more of your time than they effectively should? Well, let Inventium founder and B&T regular Dr Amantha Imber (pictured below) pass on her sage words on tackling your electronic mail avalanche… I have a confession to make. I love checking email. I love how productive I feel smashing through […]

Opinion

by B&T Magazine

B&T Magazine
Culture As A Competitive Advantage
  • Opinion

Culture As A Competitive Advantage

Emma Bannister (pictured below) is founder and CEO of Presentation Studio, APAC’s largest presentation communication agency and author of the book Visual Thinking: How to transform the way you think, communicate and influence with presentations. In her latest B&T post, Bannister says a good office culture brings a myriad of advantages you probably have not even […]

Opinion

by B&T Magazine

B&T Magazine
M&C Saatchi’s This. Film Studio Announces Nat Geo Doco Series On Rhino Conservation 
  • Campaigns

M&C Saatchi’s This. Film Studio Announces Nat Geo Doco Series On Rhino Conservation 

M&C Saatchi Group’s film and television production studio THIS. has revealed its first major project, a two-part documentary series in partnership with National Geographic, Cisco Systems, Canon Australia and Land Rover South Africa. The documentary series, hosted by cricket legend Kevin Pietersen and outback wrangler Matt Wright with conservationist and Canon Australia Photographer, Julia Wheeler, […]

Ovarian Cancer Australia Appoints 10 Feet Tall As Its Integrated Agency Partner
  • Media

Ovarian Cancer Australia Appoints 10 Feet Tall As Its Integrated Agency Partner

Following a competitive pitch process, 10 feet tall is standing proud as the newly appointed agency for Ovarian Cancer Australia (OCA). The agency’s response to a complex brief included a strong multifaceted brand platform that spans all media and includes mainstream media working in conjunction with fundraisers and activations for the charity throughout the calendar […]

Edge Adds BASF Seeds To Client Stable
  • Advertising
  • Media

Edge Adds BASF Seeds To Client Stable

Independent agency Edge has announced its Melbourne office has been appointed to deliver integrated services for agricultural brand BASF Seeds, following a competitive pitch. Edge’s remit spans strategy, creative, advertising, digital and media for BASF Seeds, its InVigor products and its MySeed platform. Dan King, managing director of Edge Melbourne, said the agency was delighted […]

Cropped shot of two men working together with laptop and notepad in a minimalistic workplace enviroment with desklamp and plant
  • Media

Applications Open For 2018 Copy School

Applications have opened for the 2018 Copy School in Sydney, sponsored by NewsMediaWorks, with another world-class line-up of guest creative tutors. Copy School is designed to encourage the best quality copywriting across all channels and engages some of Australia’s leading advertising creative directors and copywriters, as well as news media executives, to pass on their […]