Have you ever tested any idea or Hypothesis?
In a highly dynamic and fast-paced startup ecosystem, it is very important to try and test the growth hacks/ideas - and that too at a high pace.
In a highly dynamic and fast-paced startup ecosystem, it is very important to try and test the growth hacks/ ideas and that too at a high tempo, so how to do that?
Letβs understand ππ‘π ππ«π¨π°ππ‘ ππππ€π’π§π π©π«π¨πππ¬π¬ (refer below image)
Analyze
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The behavior of core and power users
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The characteristics of your best customers or create an Ideal Customer Profile
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What leads to the churning of these users?
Ideate
Collaborate with your team (UI, UX, Customer Experience, Sales, Marketing) to brainstorm ideas and create an Idea Bank. The idea can be in a very simple format like:
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Idea Name
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Description
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Hypothesis
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Metrics to be measured/ impacted
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Success criteria
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This is often the most difficult part of any decision-making process, here is a framework for the same:
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Rate each idea on a scale of 10: ππ¦π©πππ (#/10), ππ¨π§ππ’πππ§ππ (#/10), πππ¬π (#/10), and calculate the average score
Ask the team to submit ideas with the ICE framework, this should not necessarily be accurate but based on a logical and educational guess. This score is for relative prioritization and may not be perfect. This will help in prioritizing the idea
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Schedule cross-functional collaboration activities in order to test these ideas and ensure smooth execution
Please note: the Pareto principle applies here: 20% of your well-executed ideas will yield 80% of the best possible outcome.
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Analyze the learnings of these experiments, Learn from them and REPEAT
Create a knowledge base of these experiments, and focus on the next idea from the Idea Bank.
πππ¦ππ¦πππ«: Big successes in growth hacking come from a series of small wins, compounded over time
Cheers!!