"Being wrong is cheap, being slow is absolutely deadly." - Jeff Bezos, CEO of Amazon
Jeff tells us that he thinks data driven is great, but for the sake of speed: most decisions can be made with 70% of the information you wish you had. The secret to failing fast is actually rapid course changing.
What is Growth Hacking
Growth hackers have ushered in a new movement of data and code-based marketing. Like it or not (some don’t) we’re here to stay. One can only drool over impressive growth hacking success stories which we’re told about over and over again.
Airbnb’s smart tech team scraped then reverse-engineered Craigslist to piggyback off of their audience and explode growth. Dropbox discovered that traditional marketing methods were too expensive so they created an incentivised referral programme that boosted them from 100000 to 4 million users in 2 years. Hotmail’s “PS I love you” signature, Youtube’s embed code, Pinterest’s auto-follow, Linkedin’s public profiles, Mailbox’s waiting list all have similar data-driven, technically creative growth success stories.
Stories that were driven by what we now call a “growth hack”. Growth (helped them grow)+ Hack (technical, creative, sometimes sleazy).
So what is growth hacking? It's an approach.
Unlike the digital marketer (although this is rapidly changing), a growth hacker spreads himself throughout the entire conversion funnel.
It’s all about speed and finding the quickest way to test your ideas because 80% of your ideas will probably fail. The faster you can run through experiments the faster you can find out what works and what doesn’t. This is how companies can find their ‘growth hacks’.