<\/p>\n
Do you think growth hacking is no longer valid? Before you answer that question, we'd like to introduce you to a few tips on growing your business, as suggested by Udayan Walvekar, co-founder of GrowthX. Read on to unravel the mysteries of growth hacking and then think about the questions we posed earlier.<\/p>\n
It is well known that the growth of a business is affected by a number of factors. Here is what we will cover in our discussion of growth:<\/p>\n
1. What are the stages of startup growth?<\/p>\n
2. What are some famous examples of growth hacking?<\/p>\n
3. Why should we move away from growth hacking?<\/p>\n
4. How is growth perceived?<\/p>\n
5. How do you build a growth team?<\/p>\n
6. What is the advice for every first-time entrepreneur?<\/p>\n
What are the stages of startup growth?<\/p>\n
Startups are usually divided into three stages:<\/p>\n
Finding product market matches<\/p>\n
This stage has a lower user retention rate as it focuses more on new customer acquisition.<\/p>\n
early expansion<\/p>\n
At this stage, user retention is moderate while customer acquisition doubles.<\/p>\n
mature expansion<\/p>\n
Startups focus on becoming market leaders to further monopolise the market.<\/p>\n
What are some famous examples of growth hacking?<\/p>\n
Hotmail has used a growth hacking tactic. They included a hyperlink to Hotmail in every email signature. This gained them 12 million subscribers, 2.5 million of them through signatures, at a time when the total number of Internet users was only 70 million.<\/p>\n
Engineers at Airbnb and Craigslist discovered similar hacking tactics. They found that it was possible to post on Craigslist through Airbnb without using any API, just a URL.<\/p>\n
Why we're ditching growth hacking.<\/p>\n
Hacking techniques are inherently short-term, as they do not have the same effect when repeated. These hacks don't always work because they are the rarest of \"monthly encounters\". This is not the right way to grow a business. In retrospect, every organisation must adopt a comprehensive growth strategy. Growth can only be tackled through a systematic, structured approach. It won't grow through pop-ups or lead.<\/p>\n
How do you see growth?<\/p>\n
One of the biggest myths about startups is that growth hackers can magically scale companies. But they need to stop looking for a superhero to solve the growth problem. That's why it's essential to understand the factors that go into growing a company. They are product, product market, and product growth.<\/p>\n
How do you build a growth team?<\/p>\n
The growth team usually includes the head of growth or product manager, T-shaped marketers, full-stack engineers, designers, and product analysts. It depends on the type of industry as growth is defined differently in each industry. For example, a delivery app focuses on operations while a taxi service focuses on supply and demand management.<\/p>\n
Here's a simplified view of how to streamline your team.<\/p>\n
What is the advice for every first-time entrepreneur?<\/p>\n
Here are Udayan Walvekar's thoughts on startups:<\/p>\n
Consider medium and long term goals. Prioritise items that give them 80% results. Flourish in creativity.<\/p>\n
Check out this video to learn more about growth.<\/p>\n
To see more such events, subscribe to PayU India's YouTube channel for every event update.<\/p>","protected":false},"excerpt":{"rendered":"
Do you think growth hacking is defunct? Before you answer that question, we'd like to ask you...<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-1750","post","type-post","status-publish","format-standard","hentry","category-11"],"yoast_head":"\n