It is a misconception that Growth Hacking and marketing are the same things. People think that using or bringing in action a complete new tricks that can make their business boost is growth hacking. Growth Hacking is no doubt a powerful force that can take your business to a complete new level, obtain a large customer base and crush your churn rate. But this only works if you already have a robust user base to stir.
The early stage companies fascinate Growth Hacking. They believe a little change in the color and patterns of the product is all you need to grab the attention. Instead, here are some of the key points that you need to focus before you go for Growth Hacking.
The Product isn’t Developed
A real growth requires a compelling product to build on. The product you are working on should be designed, available and should hold a unique value in the market before you go for its Growth Hacking. Your product should be powerful enough and align to the current market needs if you wish it to be successful.
Every product goes through four phases by a user, namely- Discover, Try, Get Value, and Share. The magic of Growth Hacking only works in Discover, Try and Share phases. This only works if your core product is up to the par as you say it is. If the product is not offering enough value, Growth Hacking will never work out for you.
You haven’t Found Product Market Fit
Finding a Product Market fit is one of the building blocks for Growth Hacking. Many entrepreneurs around the world do not consider as a serious matter and wish to jump straight over to the glory. Trying to growth hack a product without a perfect market fit is like selling an ice cream to a horse.
Early companies should spend time researching the market, customer needs and develop a product that can match the client needs. The product should have a strong client base, and it should offer value to the buyers.
The Unclear USP
The only thing that will make you stand out from your competitors is your USP (Unique Selling Proposition). Through USP you describe your company in the market. USP is the core differentiating factor that will make your business and your product stand out among others.
For this, you must be clear with your USP to communicate effectively with your customers. Even if you have a solid product and have no idea how to position it in the market, it will fail to make you a business.
The Bottom Line
Growth Hacking is often considered as a phase rather than an underlying strategy. Therefore, you need to plan properly your product, your USP as well as the perfect market fit. This all must be made to place the product on the right time and best suiting the customer needs. These are the factors considered best before you go for Growth Hacking being a startup business.