Three questions for David Lakomski, Growth Management Coach & Consultant and Co-Founder of the Growth Hacking France community (1 400+ members).
Why should a startup implement a Growth Hacking strategy?
The most important thing for a startup is to learn as fast as possible. Growth Hacking is a mindset & an experimental methodology of utmost importance in fast growing companies—in other words, startups. You will also hear Growth Hacking referred to as “Data Driven Marketing,” but you lose the hacking, or experimenting, part in the latter.
The more experiments you have, the more credible their results become. At the same time, the number of experiments you pump out in a controlled timeframe, the more precise knowledge you will have about your market. With and only with quality results and precise knowledge are you’re equipped to grow. Experimenting is perhaps the only correlated factor available that drives consistent, viable growth. “Startup = Growth,” as Paul Graham says. So, yeah, Growth Hacking is pretty important!
“The best way to begin applying the growth hacking process is to first verify you actually have the product market fit.”
What is the profile of a Growth Hacker?
The best Growth Hackers I have stumbled upon were impartial—data should be the only factor from which experimental conclusions are drawn. Fine-tuned metrics are made to get overcome a partial operator, who brings with him/her the biases of human experience. They are creative and passionate with all things digital & technology, including coding and product development. They love business strategy & tactics, business models, tweaking wording, targeting, channels features, funnels, product features, pricing and so on in order to drive what they consider their growth metric.
What are your 3 tips to turn this process into a success?
The best way to begin applying the growth hacking process is to first verify you actually have the product market fit (Lean Startup methodology & NPS-like metrics are your best friends at this point). Second, you need to identify the most critical part—i.e. the most critical unknowns/hypotheses—of your customer factory, prioritize them, and tweak them methodically, step by step, until you see repeatable improvement. Finally, there’s the cultural part. If there’s too much ego at the C-level, the growth hacker won’t be able to act rationally against his/her data, and it will fail. So be part of the cultural shift in the company. Become data and experiment driven. Remember, your goal is to learn as fast as possible.