What if I could promise you all the traffic and conversions you wanted for your business for one super low cost? You'd totally be in, right?
- They aren't experienced enough to know how to get results.
- You haven't defined your target well enough to know what results you want.
- You don't know how to spot a real growth hacker in the first place to know the difference.
Recently, a company in Australia decided to try breaking that cycle. HashChing wanted to save some cash and advertised for a growth hacking event, and 17-year-old Tamir Vigder (who runs the marketing agency Tukushor) contacted HashChing CEO Mandeep Sodhi directly to learn about the company's business objectives. Within a week, he'd come up with 20 hacks to use (while his nearest competition had only thought of five).
HashChing is a company that offers to negotiate rates for home loans, which is a time-consuming and painful process. Vigder's first idea was to create a parody of the movie The Big Short which redirected people to HashChing's website.
Within 24 hours, this video went viral on YouTube, and the startup generated $70 million in new loan applications, which directly converted into $7 million in new loans.
News of this success spread, which brought additional focus to the company--and to Vigder, who now has Silicon Valley startup investors interested in placing a $500,000 seed investment into Tukushor. With that capital, he plans to move to the U.S. to expand his business globally.
So, how do you know if the growth hacker you're after is the real deal?
They're Data Oriented.
A great growth hacker will be researching trends, learning new skills, and running tests constantly. They will try experiments, and adjust their methods based on what they see in the data that is returned.
They Move Quickly.
All the data they collect is immediately put to use, with minor tweaks to create new iterations, add new ideas, and enact new methods of behavior.
They Fail. A Lot.
A good growth hacker knows that every time you try something and it doesn't work, you're that much closer to narrowing down exactly what will. Micro-experiments are the key to this.
They're Armchair Psychologists.
Essentially, attracting new customers is the point of growth hacking, and customers are human beings. Understanding human behavior patterns well enough to convince people to not only learn about your product but become customers is almost an art form.
Say what you will, there is a certain type of magic that goes along with it. Being ready with the perfect campaign just ahead of a trend so they can "ride the wave" of a hashtag or meme is the key differentiator between the good and the truly great growth hackers.
Most of all, though, you need to define your target--if you don't have a clear goal in mind, a growth hacker won't be able to help you reach it.