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We know it has been a while since you may have heard from us and we apologize for this. We recently purchased Bookcelerator from the old owner and we have some big plans coming soon…we will keep you posted.
Normally we provide full summaries to our Premium Members but as a special thank-you for being a fan of Bookcelerator and as a grand re-opening, you get a bonus for the next few days….the full summary of Hacking Growth!
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Introduction and Chapter One: Building Growth Teams
While the specifics might vary from business to business, the core elements of “growth hacking” are: 1) the creation of one or several cross-functional teams; 2) the use of research and data analysis to understand user behavior and preferences; 3) the rapid generation and testing of ideas and the analysis and action-upon the results of that testing.
The main focus of growth teams is to squeeze every possible bit of growth from every possible location through continuous tweaks and analysis. Every company should have a growth team in place that compliments the work other teams are doing within the company. Growth hacking can be tailored for each company and each potential situation and has many possible advantages and rewards.
Growth hacking makes it easier for companies to survive disruptions. Growth hacking also allows for agility, especially important when quick decisions are necessary. It allows for good use of consumer data to make business decisions. Growth hacking allows companies to efficiently navigate the rising costs—and diminishing returns—of traditional marketing strategies. Finally, growth hacking allows companies to quickly take advantage of new technologies.
There are some myths to growth hacking that need to be dispelled. It’s not a “silver bullet” that will immediately save a struggling company. It’s not the responsibility of just one person in the company. It’s not just about bending—or breaking—rules. In the end, it’s not all just about finding new customers.
Companies get too constrained by their silos—personnel stuck in areas of the business that don’t communicate with people in other areas. Knocking down the silos, and focusing on data analysis, can promote growth. Growth teams should draw on multiple silos, and consist of people with a deep understanding of the business and the ability to analyze the consumer data. The Growth Lead should choose the focus areas and objectives for the team, run team meetings, and actively participate in idea generation and direction. The Product Manager is “CEO of the product.” For tech products, the growth team should include software engineers with the training to make necessary programming changes. Someone in the team should be a Marketing Specialist, and another should be a Date Analyst. Finally, a Growth Team should include a Product Designer.
Growth Hacking is comprised of four steps that continuously cycle through: Data Analysis, Idea Generation, Experiment Prioritization, Running the Experiments.
Growth cannot be a side project. It’s important that Growth Teams has oversight from and support of company executives.
There are two models for Growth Team reporting: the Product-Led model who report to a product management executive and the Independent-Led model who report to an executive or CEO directly.
Though starting growth hacking seems challenging, a small team with a narrow focus can find success and inspire naysayers to join the changes. Nothing makes a better argument than success.
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