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?
Letโs understand ๐๐ก๐ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐๐๐ค๐ข๐ง๐ ๐ฉ๐ซ๐จ๐๐๐ฌ๐ฌ (refer below image)
Analyze
The behavior of core and power users
The characteristics of your best customers or create an Ideal Customer Profile
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:
Idea Name
Description
Hypothesis
Metrics to be measured/ impacted
Success criteria
๐๐ซ๐ข๐จ๐ซ๐ข๐ญ๐ข๐ณ๐
This is often the most difficult part of any decision-making process, here is a framework for the same:
๐๐๐ ๐ ๐ซ๐๐ฆ๐๐ฐ๐จ๐ซ๐ค (refer to above image)
Rate each idea on a scale of 10: ๐๐ฆ๐ฉ๐๐๐ญ (#/10), ๐๐จ๐ง๐๐ข๐๐๐ง๐๐ (#/10), ๐๐๐ฌ๐ (#/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.
๐๐ก๐๐ญ ๐ง๐๐ฑ๐ญ?
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.
๐๐๐ฆ๐๐ฆ๐๐๐ซ: Big successes in growth hacking come from a series of small wins, compounded over time
Cheers!!
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