Each week, DailyTekk connects you with leading experts on a given topic as part of our Understanding series. This week we are focusing on explaining growth hacking. Yesterday the experts talked about what it actually takes to hack growth and today you’ll learn about the future of growth hacking. Last week we focused on Gamification.
Sean Ellis: The growth hacker as a lone wolf is being replaced by growth teams. The growth teams will increasingly play a higher profile role in startups and companies that do a significant proportion of their business online. That is because the upside in startups and established businesses is based on revenue growth, which is primarily a function of customer growth. A growth team lives and dies by this metric and if they have the growth hacker mentality, they understand the most powerful levers for driving growth online. Not only will these teams play a higher profile in companies, entire companies will be more growth oriented.
Josh Elman: I think the best part of the current hype around “growth hacking” is that it helps remind everyone how important it is to grow your product. I still hear too many times “well, if we just build an amazing product, then we’ll attract plenty of users”. That simply isn’t the case. You need to learn from your data and understand what innately in your product helps your active users attract new users, and then create solutions that help engineer that to happen more quickly and more often. Knowing how to build and market great products have always been core attributes of successful companies. I think we’re going to see these blend more and more in the future.
Paul Rosania: The name may change, but the strategy isn’t going away. A/B testing tools give growth hackers the confidence to iterate rapidly, learning as they go. Less time is wasted on dead-end ideas, and promising projects get more investment. Companies that use this strategy are more likely to succeed. It’s still critical to build great products, and I think some companies that over-invested in growth hacking are learning that the hard way today. But at its core growth hacking is about learning as quickly as possible through experimentation and measurement, and that strategy is timeless.
Dan Martell: Honestly, it’s not a new thing it’s just a new word. “Growth Hacking” has been going on for years and just ...