Growth Hacker Marketing, Science and Entrepreneurship meet
Quote of the day: It takes less time to do a thing right, than it does to explain why you did it wrong.
Has something that you've read ever changed the way you see the world? The book, Growth Hacker Marketing was probably one of those life-influencing books for me.
The book introduces the notion of Growth Hacker Marketing. This notion is defined as a way of transforming a minimum viable product (MVP, a product that has core features that customers want) into a product that markets itself.
To reach this self-perpetuating marketing machine, the author proposes four steps: Product Market Fits; Developing Your Growth Hacker; Going Viral; Close the Loop: retention and optimization.
In this article, I cover the first: Product Market Fits.
Product Market fits:
The idea is that you want to achieve a product which is market fit before taking it to the next step.
How do you achieve such a market fit product?
The first step you need to do with regards to your product is having a minimum viable product. A minimum viable product is a product that has sufficient features to satisfy early adopters.
Now, Product Market fit is achieved by constantly improving this minimal viable product. The improvement comes about by continuously interacting with your users and getting their feedback regarding your product.
What this means in terms of your product implementation is that it has to be malleable. You need to measure some of your ideas. For example for a typical android application, some questions you might ask yourself are: what are users feedback regarding the screen color; is it easy to navigate?
The other part for achieving product market fit, which I also think is mostly important is understanding your customers. The author suggested using tools such as google analytics (I will cover this in a future article), Optimizely and Kissmetrics, allow you to see what users are responding to.
What are the indicators of a product fit for market?
The author did not provide an answer to this question, so I went and did a bit of research. What I gather is the following for a product fit for market:
- You have lots of repeat users over the course of many months, not just days and weeks,
- Easy to acquire new users
- Your product is on the news, and a lot of reporters are calling to find out more.
Instagram as we all know did not start as the application we now currently use. Instead, Instagram was known as Burbn which had an optional photo feature. But because the founders kept statistics on what users responded mostly to, they realised that the users were flocking to only one part of the app: the photos and filters. By improving on these features, Instagram soon retooled to become Instagram as we know.
AirBnb is another example that when started it was a way for the founders to turn their living room into a little bed-and-breakfast.
However, these did not scale well, but upon further analysis and discussing with potential users, they soon repositioned themselves as a networking alternative for attendees when hotels were booked up.
But they kept on iterating based on feedback and usage patterns, they not only improve their product, but the name as well from bed-and-breakfast to Airbnb.
- You need a minimum viable product which should be easily tweaked.
- Be open to feedback and constantly improve your minimum viable product
- Understand your customers and what they want. Use tools that make it easier for yourself.
- Always challenge your assumption regarding your product and users.
I have recommended this book in my recommendation category.