Growth Hacking, Retention, Acquisition, Conversion: Growthmint

Day 1: Intro to Growth

Since you’re reading this guide, you’ve probably heard at least a little bit about “growth hacking”. It’s hard to escape these days as more and more startups try to mimic the growth teams at Facebook, Linkedin and other companies.

Growth looks at the entire customer journey of a product to grow the key behaviors of its customers. You may be working on increasing your customer referrals one day and improving your new customer set up process the next.

Depending on the size of your company, growth teams can consist of designers, engineers, product managers and marketers (and more recently, sales and business development people).

Getting Ready for Growth with Your Growth Audit

You need the right foundation set up so you can move fast and efficiently before starting your growth work. This includes a clear idea of your assets as well as having the proper tools and processes set up.

Here are the questions you should ask for your audit:

  • How much time do you have for growth?- If you only a few hours a week for example, that can be barely enough for one channel. Time is important because every marketing channel requires some amount of time. Even marketing agencies and independent contractors take time to manage. You’ll need a minimum of 5 hours per week for each channel and much more time per channel to do them well.
  • What is your monthly budget? - We’re not just talking about having money to spend, but a specific monthly number. A monthly budget forces you to be more disciplined with the money you have to spend and to plan better. There is a minimum amount of money required to experiment and learn what works for each paid channel. Even if you organic channels, you still need money for tools.
  • Do you have analytics set up? - As I mentioned before, growth hacking depends heavily on data. To track that data you need the right analytics in place. At the very least you should have Google Analytics - it’s the industry standard, it’s very customizable and it’s free. I discuss this further in Lesson 5.
  • What abilities/talent does your team have? - Do you have previous marketing experience with any channels? Do you have engineering or design bandwidth to spend on growth? Having talent in these areas will open up new opportunities for growth, so be sure to evaluate your team’s abilities. You don’t want someone who sucks at writing producing blog posts and other content. If your team has design skills, then explore tactics where your design is a strength.
  • What assets do you have? - Resources such as large numbers of Twitter followers or Facebook fans, email lists, press relationships, relationships with potential partners or a large library of existing content can all be a big advantage in growth.

Action

Run through the growth audit above.