Growth hacking. It’s a buzz term in the eCommerce, small business world right now, but what does it actually mean? Growth hacks are simple techniques that small business owners can apply to get big changes in their levels of growth. Hacks are usually easy to implement and fairly quick to produce results.
We recently held a webinar on this very topic, featuring our Head of Growth, Yi-Wei Ang. During the webinar, he takes the audience through several major aspects of growth hacking, including experimentation, creating hypotheses, and some specific tactics any small business owner can start using right away. Here are a few highlights:
What is growth hacking anyway?
For a quick answer, check out the webinar starting at 01:18. Growth hacking isn’t about one big win where you suddenly grow 100% overnight. It’s more about making small, but steady gains as you go along until you find eCommerce success.
It’s adopting a process that goes a little bit like: 1. change something, 2. get a small win, 3. repeat as necessary. Growth hacking is about implementing processes that can be constantly repeated and expanded upon.
Experimentation & hypotheses: not just for the science lab
Talk of experimentation starts around minute 03:25. If the word hypothesis brings back memories of high school science experiments gone wrong, not to worry - Yi-Wei is talking about experimentation in your business processes. He advocates taking on a hypothesis driven approach.
This is about using small, continuous experiments that work on validating one hypothesis and seeing results. He includes guidelines on what a good eCommerce hypothesis needs to include, how to measure success, and examples of what an effective hypothesis should look like.
He also highlights a useful tool (one of many tools we also use at TradeGecko) to help you organize your experimentation - Trello!
The good stuff: tactics for growth hacking
Yi-wei’s growth hacking tactics start around minute 11:32. He presents a good way to set up processes which include: a qualitative overview, a quantitative overview, identifying gaps and generating and executing on ideas. Check out these sections or watch the full webinar:
Find all our webinars here, along with other tools to help you grow your eCommerce business from the ground up.