Hacking Growth is the definitive playbook of growth hacking referenced extensively by VC-backed Silicon Valley startups and fast growth businesses including Facebook, Uber, Netflix, Google and many others.
Hacking Growth Summary
Hacking Growth is a comprehensive template for growth hacker marketing.
Written by Sean Ellis, former growth hacker for Dropbox, the book looks at the process of building growth hacking into your product, service or marketing function and how to push for explosive viral growth.
Below are some of the key insights from the book.
- Growth hackers build cross-functional teams and apply iterative test and learn development at the intersection of marketing and technology.
- Traditional marketing is rising in cost and reducing in effectiveness, creating a need for fast action, data driven approach in a marketing environment.
- The Growth Function covers AARRR (acquisition, activation, retention, revenue and referral) and typically involves a head of growth, data analyst, software developers and project managers with corporate sponsorship to work across channels.
- Growth Hackers typically build out their activity working from first principles directed towards a ‘north star’ goal rather than a pre-existing template.
- When iteratively testing ideas, we can use an ICE metrics score to determine which experiments to prioritised based on Impact, Confidence and Ease.
- Acquisition channels are typically either Viral, Organic, Paid or Owned Media and these should be prioritised by ICE.
- Activation activities include using questionnaires, analytics and website testing with Robert Cialidini’s Influence principles of reciprocity, commitment, social proof, authority, liking and scarcity worth testing to motivate users.
- Retention is about the practice of cohort tracking over a time series to extract more LTV from a customer following the initial acquisition.
- Revenue can be optimized by paying close attention to pricing models and behavioural economics ensuring that the customer is effectively pre-qualified before purchase.
- Referral activities can include refer a friend programmes built into the existing product with attention paid to creating Viral Loops and ensuring that your customers sales people become your best advocates for the product.