The difference between Hacking Growth and growth hacking

The difference between Hacking Growth and growth hacking is that the first has a process and the other doesn’t.

And it’s simple:
🕵️‍♀️ Analyze
💡 Ideate
🔝 Prioritize
🧪 Test
🔄 Repeat

Here’s how I do it 👇

🕵️‍♀️ Analyze

First I create a tracking plan to map users' behavior along the journey from the moment they landed the website to the point they convert and beyond.

After that, I like to use @Amplitude_HQ to create funnel analysis and find user drops in the flow.

💡Ideate

A drop in the funnel can happen for a million reasons, there might be a bug, too many steps, too many questions, etc.

So I list some hypotheses for changes that might improve metrics like signups or purchases, not final solutions to implement.

🔝 Prioritize

This is where my EDGE tool comes in handy https://goncalo-pm.notion.site/EDGE-Experiment-driven-growth-engine-a132d16f76254268ac940303f0fa76cd

With all of the data gathered in the analysis stage, I can now use the ROTI formula to prioritize and understand which hypotheses have better chances to bring more $ for the product.

🧪 Test

With the hypothesis prioritized I can run as many experiments as needed to grow the metrics or learn more about my hypotheses.

The important thing to keep in mind is that you only fail an experiment you learn nothing.

At this stage, I either reached my growth objectives and can pursue a new metric or learn something that will lead to other hypotheses and experiments.

🔄 Repeat.

The idea is to do this consistently to learn more and eventually evolve to product-led growth.

I hope this is helpful to anyone starting at growth. I know it was helpful for me to understand this as early as possible.

You can also learn more about this in Hacking Growth: How Today's Fastest-Growing Companies Drive Breakout Success https://www.amazon.es/dp/0753545373/
And @reforge

#plg #growth #product