Growth Hacking Defined
Video 1 start @43min
@acroll
Growth Hacking - is using a combination of people and technology to increase a key metric in your business.
- Usually it's a process of automation
- And usually it is a process of finding an unfair advantage
- Or getting a system to do something it was not intended to do
Herbert Simon - on information age...we do not live in an information age - its abundant, and ages are defined by WHAT IS SCARES...ATTENTION.
Information Consumes Attention...so attention is scares.
That is why the RISK in your business is NOT can you build it?
... It's will anyone come?
@44:50 >>> So, if the risk is NOT when they build it, will anybody care?
How much of your business should be focused on if people will care?
- Facebook gives away its data center. It is in the business of Attention - and it has your attention.
- Amazon - is in the business of understanding demand and predicting it and fueling you towards purchases.
- Disney is an attention training club (Britney, Justin, Christina...they build them up from an early age)
A better way to growth hacking?
In a world where attention is scares, we pay attention to what is interesting.
Must read - Made To Stick about why we learn stories and tell stories.
There are Lagging & Leading Metrics
There are Correlated & Causal Metrics
So, what is Growth Hack?
You optimize a factor you think is correlated with growth.
It's an intersection of Gorilla marketing and data driven learning.
Eg: Facebook - if you find 7 friends within 10 days you are likely to become a long term user.
Dropbox - if you put at least 1 file in a folder, you are very likely to be long-term user
Growth hacking is picking a metric to change...
- FIND A CORRELATION
- TEST THE CAUSALITY
- OPTIMIZE THE CAUSAL FACTOR
If you figure out the cause and can optimize it, you can predict the future!
Eg: For Non-Profit
A user that takes some kind of social action, like sharing…is four time more likely to donate than someone who doesn't.
Growth Hackers - figure out an Exploit.
Eg: Netflix turned the postage system to a high bandwidth delivery vehicle
Part 1 of this video continues with Chapter 3 - How not to fail
https://meribook.io/books/207/chapters/678/sections/1598
Growth Hacking Defined