Continuing his efforts to help entrepreneurs and business owners, Ash Bhattacharya – Founder of GrowthLABS digital has another amazing piece of video.
For those of you who love going through the text, we have the curated content here.
Ash, bubbling with energy, loves beginning his sessions by extending a warm-welcome to his viewers.
“Many young entrepreneurs love to grow quickly within a short span of time. However, what majority of them lack is a well-defined NURTURED PLAN,” explains Ash.
So what actually is Growth HACKING?
Growth Hacking is a model of rapid experimentation wherein multiple teams within your business get together as an autonomous unit to deliver a cohesive outcome for the business.
When multiple teams get together and align themselves for a streamline outcome, businesses are seen to gain a better advantage on their ROI. These teams could be a sales team, your marketing team, your engineering or your product development team.
Why is Growth HACKING Important?
Ash says, “Many marketers believe pushing paid forms of traffic satiates their business requirements.”
In other words, completely relying on major advert giants like Google and Facebook for the growth of your overall organization’s requirements might jeopardize your growth plans.
How can Team Collaboration Help?
“The essence of team collaboration lies in experimentation,” explains Ash.
Experimenting not only helps to inspect and adapt, you can also dare to fail which empowers you to take your business to next level. Ash puts forth, “That is what GROWTH HACKING is!”
Let us understand how all these can help you succeed and take you to the next level.
To begin with, adapt a plan with shorter iteration. Have smaller milestones that will help you with gratifications of immediate success.
Ash explains, ” Typical iterations might look like anywhere between one to four weeks but each iteration should be focused on delivering a measurable outcome.”
Outcomes could be categorized into 3 broad categories
- MVP: Minimum Viable Product
- MMR: Minimum Marketable Release
MMR comes into picture if you are just releasing the product into the market or simply experimenting with a prototype if you want to prove a concept.
- Fail FAST and Fail OFTEN
Why? Because failing helps you understand and prepare for the circumstances not usually encountered in day to day business activities.
Because you’ll be running all these experiments, it’s perfectly acceptable to fail but it is also important is that you measure the outcomes you inspect and adapt along your way.
Ash advises marketers to invest quality time by finding influencers and brands within your niche who are already successful, finding out what their process looks like, and understanding what their business model is.
Signing off, Ash concludes, “Try and emulate the learning’s and you will eventually get similar results.”
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