Workevo For Growth Hacking

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What is growth hacking?

Growth hacking is the specialized term for processes of mixing marketing, engineering, data analysis, and craziness.

It's one and only goal is driving growth to the business or growing the growth. The ultimate goal of growth hackers is to find out a repeatable, predictable, and scalable growth process for their business. When you successfully define the process, you can apply it throughout your business lifecycle.

6 phases of growth hacking

Growth hacking is about driving rapid and sustainable growth to your business. It seems very ambiguous and you might wonder where you should focus your attention on.

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These 6 phases form a funnel called the pirate funnel which is a customer-lifecycle framework developed by Dave McClure which can help you find out where you should invest most of your resources to optimize your business outcomes at the current stage. 

Different growth hackers and different businesses find their own way to develop the pirate funnel. Depending on the business model, you know what the most important metric is and you might want to swap the order of stages in the pirate funnel.

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When is the best time for growth?

When your product is proved that it solves a problem in life and satisfies a strong market demand, it’s time for growth hackers to step in. However, it’s hard to find growth hackers for your team in the middle of your journey because they need to understand your business model and gain deep product knowledge. Hence, it’s better to incorporate growth teams into your organization from the very start.

How can you do growth hacking?

Once your product passes the product market fit stage, you and your whole company should focus on driving growth and scaling it up.

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Growth hacking is a method that is data-driven full funnel marketing based on rapid experimentation to find out the best way to grow a business. Growth hacking is a better way to increase ROI, a better way to save time and money, and a better way to save your resources.

By creating your own process to suit your business model, you can achieve the rapid and long-term growth for your business. And you can design it based on the below basic framework. 

1

Find North Star Metric (NSM)

You need to understand the whole journey of customers from the beginning till the end. By deeply understanding the value the most loyal customers receive from your product, you can draw your own pirate funnel and find the best key metric called a north star metric, which reflects the core value your product delivers to customers. Every campaign you run, every plan you have, and everything you do should be around it. Growing this metric leads to sustainable growth across your customer base and your product lifecycle.

2

Find One Metric That Matters (OMTM)

While NSM drives deep and sustainable growth to your business, OMTM drives instant growth to your business at that current moment. Remember that your growth metric should be easy to understand, relevant to your goal, timely and instantly useful. After defining OMTM, you should find variables and metrics that work together to move this metric upward. These variables are part of the customer lifecycle such as visiting pages, signing up, activating accounts, or coming back repeatedly. The results from different OMTM at different times will grow NSM upward.

3

Idea Generation

After identifying your OMTM, you need to generate ideas that will grow the metric. You can find inspiration from analyzing successful cases or observing others like competitors. Then, you can make simple, unambiguous, and testable assumptions, also known as hypotheses, and decide variables and metrics needed to be measured in order to have a line between success and failure. For example, if the campaign is successful, variable X/ metric Y will increase by N%, thus leading to assumption A.

4

Idea Ranking

You might have a long list of ideas which are ready to run but remember you do not have unlimited time and a large budget. It’s time for you to rank or prioritize your ideas. You need to rank those ideas in order of level of effectiveness. You can use ICE score method for prioritization. ICE stands for “Impact”, “Confidence”, and “Ease” and you should sit with your team to grade those ideas together. Higher score means the idea should be tested sooner and lower score means the idea should be either tested or not tested at all. 

5

Idea Experimentation

You know what you want to achieve, how you want to achieve it, and how to consider it as a success, it’s time to validate your hypotheses to see whether it’s right or wrong. Turn your hypotheses into a minimal viable product, a campaign, or a landing page and test it. Remember that you should focus on designing quick experiments more than perfect ones. You need to know the results as quickly as possible. Hence, if it’s promising, you can improve and optimize it. If not, you can move on without wasting too much resources. 

6

Growth Analysis

This is the most important step. Running tests will bring you results. You need to track and monitor data resulting from running experiments and collect enough data to be able to draw conclusions. Try to translate data into concrete insights so that your team, the whole company, and even new employees can easily understand and catch up with the process. After all, you will have insights into your hypotheses and know which works or which doesn’t work or how you should improve or optimize it.

7

Idea Optimization

If your experiment fails, document the process, try to figure out the reason leading to this result, and repeat the process. If your experiment succeeds, you and your team can discuss whether there is anything needed to be improved then optimize the campaign before officially launching it. Besides, you also need to note down everything about this in your own playbook. Remember to scale up the successful ideas, scale down the unsuccessful ones, and repeat the cycle over and over again.

Three crucial tools for your growth

Workevo growth marketing platform is the first and only easy-to-use platform which helps your business take advantage of growth hacking methodology to achieve massive growth in little time on minimal budgets.

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Marketing Automation

Automate your workflow for sustainable growth

Deliver your messages, announce your intentions, and raise interactions with automatic processes, starting with triggers and continuing with actions and conditions.

Learn More

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