What is implied under ‘growth hacking’?
- constant experimentation and extrapolation of your successful experiments;
- different types of testing;
- new ways of making data-driven decisions;
- being sure that each of your next steps will be profitable for you and not harmful.
Are there any exceptions where growth hacking may not work out?
Growth hacking can be applied to practically any business one can think of. It will be especially effective if applied in start-ups.
What is the impact of growth hacking on business?
Well, we do not have a Steve Jobs who knows perfectly what a market needs and on whose opinion we could rely on with 100% assurance in success. And relying on our own expertise may be a bit risky as well. That is why we need to conduct numerous tests within short periods of time to see which our ideas will boost our business and which will be a waste of time and investments. So, growth hacking helps save our time and budget. Besides, it shows how much risk we can simply avoid by doing or not doing certain steps.
How can growth hacking be applied in practice?
We have split out into several growth teams within major projects. Each of the teams is supposed to conduct at least 5 experiments a week (20 experiments per month). We brainstorm ideas, sort them out, and then decide which of them are worthy to test and realize. So, this is all about data-driven decision-making.