A few days ago the founder of an early stage startup asked me if they should hire a “How do they call it, I’ve heard this term of growth hacker…”.
I told him that I think it’s too early for a growth hacker and that first they need to reach a product/market fit… but that question got me thinking. When does it make sense to hire a growth hacker? What other things should be considered?
Here are the 3 things, which I think, a growth hacker needs to achieve exponential growth.
Is there a product /market fit ?
Does the company make a product that people want? It doesn’t make sense to bring in a growth hacker before finding the product/market fit. A growth hacker can only scale things that work. Growth hacking acts as a magnifying glass, it can only increase the value if there is value to be increased.
Is there room for exponential growth?
The promise behind growth hacking is exponential/aggressive growth. That can be only achieved if there is room for exponential growth. In a mature market, with a well established product, that answers a well established need and has little to differentiate against the competition growth hacking won’t help. Growth is still possible. Sure. Exponential growth is not.
Is there Support?
Sure, a growth hacker is a “jack of all trades”, meaning that he needs to have marketing & communication experience, product owner skills, data driven approach, understand the product capabilities really well and the advocate customers needs.
However, he won’t be able to execute the plan all by himself. He will be able to identify the best actions and implement some of them by himself, but if he is to succeed, everyone in the company needs to understand that growth is the main focus at this stage and they should support the person leading the efforts.
Do you think I missed anything? Please let me know in the comments below. Really, if you think of something else please let me know.