What is Growth Hacking?

The Basics Startup Founders Must Know

Myths about growth hacking

There are a lot of myths about growth hacking. Growth Hacking is not just about A/B testing or doing marketing experiments. It’s an art and science of getting your product out there into the market and then getting feedback from users to iterate quickly and get it right in the first attempt.

Growth Hacking versus traditional marketing

Traditional marketing is about putting a lot of effort to make your product look great and then getting it out there. But the problem with this kind of marketing is that it is very expensive and time consuming. It also has a lot of noise which makes it difficult to get noticed.

Growth Hacking framework:

There are 5 stages in the growth hacking framework:

  1. Validation
  2. Acquisition
  3. Retention
  4. Referral and repeat purchase

1. Ideation

Where you come up with the idea for your product or service and you validate it by talking to your customers or users.

2. Validation

This is the stage where you start building your product. You build a basic MVP and try to test it with your users or customers.

3. Acquisition

At this stage, you have a product out there that has some level of validation by talking to customers before launching it into the production phase.

4. Retention

After acquiring a lot of users by using various marketing strategies, now we need to get those users to stick around and use our product for a long time so that they get value out of it and also refer it to their friends or colleagues.

5. Referral and repeat purchase

This is the stage where you get your users to refer your product to their friends or colleagues.

Final Thoughts

In conclusion, don’t worry about Growth Hacking if you are still at Ideation or Validation stage.

Founder of Cudy Technologies (www.cudy.co), a full-stack EdTech startup helping teachers and students teach and learn better. I am also a mentor and investor.

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