“Growth Hacker Marketing” by Ryan Holiday – BOOK SUMMARY
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“Growth Hacker Marketing” by Ryan Holiday – BOOK SUMMARY

– Growth Hacker Marketing: a primer on how marketing is evolving with real strategies and tactics by Ryan Holiday, the former director of
marketing at American Apparel, recently turned media guru
for best selling authors. In Growth Hacker Marketing,
he explains why traditional marketing efforts aren’t
the most effective and shows what we can do about it. The Growth Hacker Formula
consists of achieving product market fit because it all starts with selling something people really want. Finding a growth hack to go
viral cost effectively and closing the loop with high retention. Turning one time transactions into sticky or repeat customers. In order to better follow this formula, we are going to tackle
what is growth hacking, and what does it mean to achieve product market fit. In traditional marketing,
the development team builds a product and hands
it over to the marketing team when it is done. Marketers have to work with they are given and its all about spinning
the customers perception about the product. In contrast, a growth hacker doesn’t see marketing as something one does, but rather something one builds into the product itself. Its a completely different mindset that brings science into marketing. In money terms,
traditional marketing needs large budgets and it is infamous for its inability to
track results and ROI. Whereas growth hacking relies
on small, clever triggers that create a self
perpetuating marketing machine often referred to as going viral. The growth hacker playbook consists of only what they can test, track, and scale with minimal budgets. A case in point is Hotmail. Initially, the founding team kicked around traditional growth ideas such as advertising on billboards and radio ads. But these were too expensive
and with questionable return. In the end and after
months of pushing back on the idea they incorporated the famous “P.S. I love you get your
free email at Hotmail.” at the bottom of each email sent out by their users and achieved viral growth. For growth hacking to be successful, it has to start with the right product. Growth hackers recognize
that this doesn’t happen the first on the second time and they treat their product
as something malleable. Almost no company starts
out with a perfect solution which justifies the practice of developing a minimal, viable product
in order to get it out to the market as soon as possible, test the fit, gather feedback and iterate. This cycle repeats itself
as many times as it takes. Growth hacking actually
provides a good test for when a product has
achieved product market fit. It’s when growth hacking works. If you have built a viral
feature into your product, but you are not getting viral growth, then the flaw is probably
with the product. Get feedback and iterate
until your growth machines starts firing off on all cylinders. And example of this is Instagram. It started out as a location
based social network that wasn’t gaining much traction But its founders noticed
that all their users were going to the photos and
filters section of the app. So they pivoted and
focused on what worked, refined it and sold it to
Facebook for one billion dollars. What does it all mean? The two keys to growth hacking are first, develop a great product
that truly resonates with your market and second, resist the temptation to go big because that is expensive and it is how traditional marketers think. Instead, identify a niche core user base that you can reach cost effectively. You want those financial first users that will help you grow for free. It all boils done to bringing
science into marketing and delivering results on very limited or nonexistent budgets.


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