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I’ve talked to many young startups who listen to the top tier VCs on Twitter. And they’re convinced that growth hacking is all it takes to be successful. Meanwhile, they’re lost in a maze of underperforming advertising channels. They can’t get investment to fully optimize paid search, because the expectation is that product and social should be enough.
The truth is that the game has already changed. Growth hacking is now for unicorns, not for the average startup. The growth hacking experts I’ve talked to agree; but investors don’t seem to understand this yet.
“[Investors expect] that you can build a crazy amount of traffic with no budget using just Facebook, Twitter, Pinterest, and LinkedIn,” said Anuj Shah, Cofounder and Chief Operating Officer of San Francisco-based Traba, a job matching website.
That’s just not possible anymore — especially since Facebook’s February 2014 News Feed update knocked out a cornerstone of free marketing.
And Facebook’s about-face isn’t the only reason growth hacking has failed smaller companies that haven’t yet found product-market fit or grown a huge user base. Experts I’ve spoken with agree that growth hacking:
A) Is most effective as fuel on a fire already burning — the approach starts from what is working and builds on that. Fixes can also solve big problems, as in the case of Twitter — underperforming signup flows are a clear target for a fast growing startup.
B) Is about making seemingly small, carefully tested changes on a huge or rapidly growing base.
C) Requires time and strict disciplined thinking to be effective.
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Via Marteq
One day, we'll read a study about that thing called growth hacking, and find that it worked for about 6 companies.