Ok, so let’s talk about growth hacker marketing.
We need to change the way we advertise the products. The first thing is product market fit. Products can and should be changed prime explosive reactions. You should find a way to match your product to the market as opposed to changing market.
Let’s take Instagram for example they started out as an app called BurBn and they had around half a million dollars of funding. It was initially a location-based social network with optional photos. What they found after a couple months was that users only flock to the photo part and the filter part. They had a meeting and actually listened to their users it said they really like these photo parts. They rebranded this company as a mobile app with photo filters.
Growth Hacker Marketing Funnel
In less than two years, they sold this to Facebook for one billion dollars. If you’re starting a new product this is very valuable information to start with something called an MVP which stands for “Minimal Viable Product” and then listen to your audience and make changes to your product and listen to them again. I’d like to rate this as many times as you have to ensure you have the explosive reaction.
Finding a Growth Hack
This is something that will take a lot of creativity and imagination and thinking. A growth Hack is essentially something that will allow your product to go viral relatively cheap. So many people see these traditional advertisements, billboards, TV commercials, radio ads that they’re so desensitized to them that they really only work on a subconscious level. You have to come up with new ways to advertise. You need to sell something people that want something, that actually talked about with their friends.So Growth Hack relies on triggers that are self-perpetuating like a pyramid scheme. Your friends will tell their friends and their friends will tell their friends.
Another example is Hotmail. Hotmail discussed some traditional advertising like billboards and TV commercials but, it was quite expensive and they didn’t know what kind of return they would get. What they did was at the end of every single email? For each customer they would add a little line innocently “P. S. I love you! Get free email at hotmail.com” at the end of all the emails and what this did was allow other email users to see “hey hotmail’s free and it’s pretty cool service” and they were basically advertising your company for free.
You can see this whenever someone sends a message on an iPhone “sent from my iPhone” and this was a huge growth hacker. Hotmail Ryan holiday says our products should be malleable. You don’t have to wait for it to be perfect with our users and then change. There’s a famous quote by Henry Ford “Thank God for my customers! They buy my products before they are perfect” and this is what a lot of people have trouble with. Its that they think they have to have a perfect product before they go to market. You don’t have to have a perfect product you just have to have something that people get your feedback on and what this is doing this is basically a customer driven response you are getting ideas that your audience wants.