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Overview

Over the past few years, many companies have become successful by using growth hacking. Growth hacking is a process of throwing out traditional marketing strategies and replacing them with testable, trackable and scalable alternatives. This allows entrepreneurs to engage with their audiences and improve their solutions over time. It has become so pervasive that it’s hard to compete in today’s economy if you are not familiar with how to use it.

Entrepreneurs and marketers can learn a lot from the growth hacking concepts that are used by startups. In this summary, you will learn how to apply these ideas in your own business or career. You will also get an inside look at how Airbnb, Uber, Dropbox and other companies have used these principles to grow their businesses.

How to Get Your Product Market Fit Right

Entrepreneurs should focus on creating something that people want, rather than focusing on marketing. If you’re trying to sell a product for which there is no demand, you won’t get very far. Growth hackers believe that entrepreneurs should keep changing their business models until they’ve created something that will generate a big reaction from the first people who see it.

Airbnb started off as a bed and breakfast in the founders’ apartment. It was called AirBedandBreakfast.com, and it offered free homemade breakfasts to its guests. The business grew modestly for several years before the founders realized that their model wouldn’t appeal to a large market of travelers who needed accommodations when hotels were booked up but didn’t want couches or hostels. So they changed their focus again, this time providing accommodations for people who wanted something more comfortable than couches and hostels but still didn’t want to stay at a hotel.

When the founders of Airbnb found that people were interested in renting out their extra space, they decided to focus on creating a platform for this service. They dropped the breakfast and networking parts of their business and focused on building an accommodation-sharing platform. This strategy was successful because it appealed to many people around the world who had extra space in their homes.

A good product market fit is key when starting a business. If you’re an entrepreneur, you need to listen to your customers and keep tweaking your offerings until they are suitable for the market. That could mean rewriting your product, moving into another market or raising venture capital.

To ensure a good product-market fit, you have to ask yourself some questions. Who is this product for? Why would they use it? Why do you use it? Then, ask your customers these same questions: Find out why they chose your product, what’s holding them back from recommending it to other people and how could the product be better. There are dozens of tools that make asking these questions easy.

Once you find a good market, it’s time to bring people in. You can do that with a growth hack.

How to Find Your Growth Hack

The founder of Reddit, Aaron Swartz, came up with two other inventions before Reddit. One was a collaborative encyclopedia that became popular after the creation of Wikipedia. The second invention was similar to Change.org and helped people create petitions to bring about change in their communities.

Why did two very successful ideas, Wikipedia and Change.org, take off while Swartz’s first two initiatives didn’t? According to The New Yorker writer Larissa Macfarquhar, Aaron believed that if he came up with a great idea, people would use it. A growth hacker knows that pulling people in is absolutely critical in the initial phase of a product launch.