One of the trending terms in the tech world today is “growth hacking,” which refers to the aptitude to scale a product in fast and out-of-the-box ways. In simple words, growth hacking means scaling a product in a viral way. However, not every marketer and company does growth hacking the right way.
It is a proven tool that helps find success, but not everyone is able to reap the benefits mainly due to their failure to understand the concept properly. Here are the 5 mistakes you should avoid when using growth hacking to scale your product.
1. Thinking of Growth Hacking as The Job of a Single Person
Growth hacking is not the task of a single person. If you seriously want to reap the benefits of growth hacking, put your entire organization to the task. When you make it the job of a single employee, you are committing a terrible mistake because no matter how creative the hacks, they would fail to yield tangible results.
Instead of wasting your time and money by sticking to a single hacker approach, you should clearly define your company’s goals in order to decrease lost leads. To be successful in growth hacking your entire organization, especially your marketing, support, product and sales departments, needs to be on the same page.
2. Poor Risk Management
When it comes to growth hacking, risk management gains immense importance. Most companies make a mistake by not giving enough priority to risk management. Product scaling is always surrounded by uncertainties, and things can turn for the worst at any time. Therefore, having a risk management plan in place should be your priority.
AirBnB, which is well known for its growth hacks, used the disaster Hurricane Sandy as an opportunity to boost its reputation by cutting prices and providing accommodation to the displaced people at its properties.
3. Thinking That Growth Hacking is Appropriate for Every Company
Some companies can succeed by imitating the growth hack strategies of others, but growth hacking is not an appropriate strategy for all companies and products. When you copy the viral-product mechanisms of other companies and products, you cannot tell for sure if that would work for you because the strategies depend largely on the environmental dynamics, not completely on the product.
4. Being Over-Confident About Your Product, Market, and Hack
Is your product a great and unique solution to a pressing problem? The answer is simple: not every product can solve the pressing problems in creative ways. If you lack even a bit of trust in your product, think again before using growth hacking. Remember, not every product, and not every market is the same.
Because one growth hack worked for one product, or worked in a particular segment, there is no guarantee that it would work for your product in the same segment and in the same way. The market environment is extremely volatile and subject to changes, so it is best to research your market and product before settling down for a particular hack.
If you seriously want to succeed with growth hacking, steer clear of these mistakes at any cost. Doing growth hacking carelessly will come at a heavy cost for you.Business & Finance Articles on Business 2 Community