Growth hacking is the application of the mindsets and tools of a computer hacker to the challenge of growing a company. Basically, growth hacking is what happens when software developers try to do marketing. The essence of the growth hacking mindset is the scientific method and an iterative rapid prototyping approach to marketing. This type of marketing can be faster, cheaper and more effective than traditional marketing so growth hacking is becoming popular in many industries.
New Zealand has normally been pretty slow to adopt global trends in sales, marketing and design. As far as I can tell, there are still only a small number of New Zealand companies such as Vend, TradeMe and 90 Seconds TV that are applying growth hacking techniques to rapidly expand their businesses. I’m hoping to find more people doing growth hacking in Auckland and the rest of New Zealand to swap stories and share lessons learned. Continue reading Growth Hacking in New Zealand
Brant Cooper and Patrick Vlaskovits interviewed VC investor Dave McClure as part of their book the Lean Entrepreneur. The Lean Entrepreneur was published in 2013 and I picked up a copy after seeing Patrick Vlaskovits speak at the Innovation Warehouse in London.
Patrick has a really practical and grounded approach to innovation, growth hacking and the world of startups. He’s been an inspiration to me and has contributed a lot back to the community through mentoring and coaching various startups.
After reading the book last year, I got a copy of the audiobook on Audible. Some of the checklists and bullet-points don’t survive the transition to audio that well, but overall the audiobook was excellent and I recommend it alongside the Lean Startup as one of the key audiobooks for entrepreneurs and investors.
This year I had coffee with fifty strategists working in innovation, design, public relations and advertising. My work this year focused on technology startups and research for my book on B2B social media, so the coffees were a great way for me to keep my eye on agency land. All that caffeine also helped me to spot four new services that I think clients will be asking their agencies for in 2014.
Clients will still want campaigns made, websites built and apps created but these services are becoming increasingly commoditised. Some agencies will focus on making things faster and cheaper but the best agencies will make money helping clients build their own capability.
I hate seeing good products that aren’t succeeding because they aren’t being noticed. I love working with people who have a great product but aren’t so great at communicating. I have done some of my best work with software developers, engineers, and scientists. These people are great at thinking (and building) but not so great at articulating their product to customers and investors. I’ve gradually become one of the go-to people in the London tech scene for how to market very complex technology products like big data, commercialisation of military technology, financial services and enterprise technology systems.
Equity crowdfunding is a new way of raising capital for startups. Kickstarter has proven a successful model for crowdfunding an idea (by pre-selling the product). Equity crowdfunding takes this further by allowing the crowd to buy shares in the company itself. The volume of alternative finance for startups, entrepreneurship and innovation is growing rapidly.
Crowdfunding is a delicate balance of describing the product, the team, the business and the investment opportunity. Each of these need to be communicated in a clear, compelling and persuasive way. Often the teams with the best technical skill are not the best communicators.
If you were the CEO of a large company, who would you turn to for help to recapture your lost mojo? How would you create, test and build new products? Big companies have been steadily getting worse at innovation, whereas startups have begun to eat the world. Small companies can move fast, take risks and attract talent.
The brightest minds of the next generation are spending their weekends building software in hackathons, quitting their jobs to build interesting startups and being investing in by incubators and accelerators. It’s a brave new world, but large companies are still looking for ways to become more agile.
A new trend is emerging where hot studios (that combine design, business and technology skills) are building startups from scratch for large companies. This new approach is reviving the patronage model from Renaissance Florence.
One of my friends in New Zealand is a full on growth hacker. He’s done everything from affiliate marketing and pay-per-click to SEO and Adwords. I asked him for a few secret tricks to help promote my new book Tickle: Digital marketing for tech companies.
Growth hacking is the art of taking a practical, technical and analytical ‘hacker’ mindset towards marketing. I was expecting black-hat tricks and dodgy secrets, but his advice was surprisingly common sense. I’ve decided to share his advice here on the blog because so much of it is applicable to general business profile raising. According to this growth hacker, the best way to sell books is to build a professional reputation using good honest thought leadership and contributing value to the community.
Patrick Vlaskovits, arguably the sharpest modern thinker on Lean, visited us at the Innovation Warehouse last week. Patrick has recently published his new book, The Lean Entrepreneur. He spoke to us about growth hacking, which is a new way of thinking about marketing (within a startup or innovative company environment). Growth hacking is the application of the mindset of a hacker to the challenge of growing the demand for a product.
Patrick has reverse engineered what causes rapid growth in some disruptive products but not others. He’s pulled together thinking from advertising, marketing, lean and even black-hat affiliate marketing. The key (to Patrick) is that the Medium is the Message (a quote from Marshall McLuhan). Disruptive ideas need disruptive marketing channels. To get an innovative idea to spread quickly, it needs an innovative communications medium.