Is growth hacking obsolete? :: www.deekpay.com

Do you think growth hacking is no longer valid?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.

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:

1. What are the stages of startup growth?

2. What are some famous examples of growth hacking?

3. Why should we move away from growth hacking?

4. How is growth perceived?

5. How do you build a growth team?

6. What is the advice for every first-time entrepreneur?

What are the stages of startup growth?

Startups are usually divided into three stages:

Finding product market matches

This stage has a lower user retention rate as it focuses more on new customer acquisition.

early expansion

At this stage, user retention is moderate while customer acquisition doubles.

mature expansion

Startups focus on becoming market leaders to further monopolise the market.

What are some famous examples of growth hacking?

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.

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.

Why we're ditching growth hacking.

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.

How do you see growth?

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.

How do you build a growth team?

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.

Here's a simplified view of how to streamline your team.

What is the advice for every first-time entrepreneur?

Here are Udayan Walvekar's thoughts on startups:

Consider medium and long term goals. Prioritise items that give them 80% results. Flourish in creativity.

Check out this video to learn more about growth.

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