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

Shell & HSBC Launch Global Agency Reviews
  • Advertising
  • Media

Shell & HSBC Launch Global Agency Reviews

Going with ‘new year, new me’ theme, Shell and HSBC are looking to freshen up their respective media businesses.

by B&T Magazine

B&T Magazine
Comexposium Takes Over NZ Partner MTS To Become Largest Trans-Tasman Events Group
  • Marketing

Comexposium Takes Over NZ Partner MTS To Become Largest Trans-Tasman Events Group

Marketing events group Comexposium has absorbed its New Zealand joint venture partner MTS to deliver an expanded event solutions business across the Trans-Tasman. The deal will see Ryf Quail (pictured above) return to Sydney to lead Comexposium Australian and Kiwi team, while his current MTS team remains in place as Comexposium employees. While the business […]

Eyeota Kick-Starts 2018 With $15.6 Million In Additional Funding
  • Marketing

Eyeota Kick-Starts 2018 With $15.6 Million In Additional Funding

Audience data provider Eyeota has announced a $15.6 million Series B capital raise to spearhead additional growth in 2018. The company was founded simultaneously in Singapore, Australia and Europe in 2010, and has remained independent and enjoyed strong growth locally, as well as launching into the US. Peter Hunter (pictured above), Eyeota’s general manager for […]

Poem Wins Four New Clients
  • Marketing

Poem Wins Four New Clients

Sydney-based PR and social agency Poem has announced it has won four new clients following another strong year of growth. The four clients are Property NSW (The Rocks and Darling Harbour), Fantastic Furniture, Ovolo Hotels and Purpose (a conference on purpose-driven business). Poem co-founder Matt Holmes said: “We’ve hit a nerve with clients who are […]

Facebook Makes Another News Feed Change
  • Media

Facebook Makes Another News Feed Change

Social media behemoth Facebook has announced its second major update for News Feed to make sure the news people see, while less overall, is high quality. This week, Facebook announced that the platform will launch a small test in the US focused on prioritising news from publishers that users find trustworthy. Facebook is also exploring ways […]

Attention! B&T’s Inaugural Bootcamp Launches!
  • Advertising
  • Marketing
  • Media
  • Technology

Attention! B&T’s Inaugural Bootcamp Launches!

B&T announces its new industry bootcamp! And, if you're like us & didn't know anything about it, all's revealed here.

by B&T Magazine

B&T Magazine
Domain Boss Antony Catalano Exits
  • Media

Domain Boss Antony Catalano Exits

Mystery surrounds Domain boss's surprise exit, although the Mystery Machine nor a talking dog not spotted at Fairfax.

PHOTOPLAY Offers A Ghost Train Ride Like No Other At Sydney Festival
  • Media

PHOTOPLAY Offers A Ghost Train Ride Like No Other At Sydney Festival

Jasmin Tarasin, director at boutique production company PHOTOPLAY, is inviting invites audiences to take a trip through the inner-workings of the mind in ‘Ghost Train’, her latest multi-sensory VR project set to feature at this year’s Sydney Festival. Working in collaboration with musician and co-creative director Jonnine Standish, Tarasin’s uniquely immersive ‘Ghost Train’ is a […]

March One To Rebrand Fundraising Institute Australia
  • Marketing

March One To Rebrand Fundraising Institute Australia

Independent advertising and branding agency March One has been appointed to oversee the rebrand and repositioning of Fundraising Institute Australia (FIA). FIA is the national peak body representing professional fundraising in Australia. It was established to advance advocacy and professional standards, and has identified the need to better promote its role as the industry self-regulator, […]

Victorian Government Launches VR Bushfire Experience Via The Fuel Agency
  • Advertising
  • Campaigns
  • Technology

Victorian Government Launches VR Bushfire Experience Via The Fuel Agency

As part of its summer fire campaign, the Victorian government has launched a virtual reality (VR) bushfire experience and content series via The Fuel Agency. The VR experience places the user in the midst of a large bushfire, and is designed to encourage people to leave early on high-risk days before it’s too late. The […]

Local Ad Tech Company VeNA Partners With RugbyPass
  • Advertising
  • Media
  • Technology

Local Ad Tech Company VeNA Partners With RugbyPass

ad tech company VeNA has signed an exclusive reseller partnership covering Australia and New Zealand with digital rugby network RugbyPass. Across Asia and parts of Europe, RugbyPass is the exclusive digital rights holder and over-the-top broadcaster for live rugby, including the Super Rugby, the Rugby Championship and autumn internationals, the Six Nations, the Aviva Premiership, […]