Yes, we know, we have written about it a couple of times. But some things are left untold so here comes the part III! In this week’s post, we would give you some more recommendations from our experience on what to avoid and what things to bear in mind while creating your startup’s growth hacking strategy. So get ready and let’s go on it!
Keep your family close
By this headline, we do not mean that you need to take all your relatives to your team. In fact, we think that this is not a good idea and in this case, we are talking about outsourcing. For example, if you are a business or marketing guy and you get a rad idea about some product or service which is based online you kind of get stuck. No coding skills just keep your idea trapped on a paper. So here comes the time when you need a developer. Of course, you do not know any and you just head straight to outsourcing websites and hire the one who is most cost-effective. We have been there too. And we can just say no. It turns out that the guy or girl you have hired does not have the same vision and do not understand your idea. And it is the trap for startup’s growth hacking.
Homies are the best for startup’s growth hacking
Naturally, you now get the question: so what you are suggesting me to do? Well, probably you have heard of Linkedin, yes? So our two cents for you is to invest your time into networking over there. Yes, it takes a hell of a time but if you really want to craft something unique you need a mind that thinks alike. Yes, you will probably need to give him or her some equity. But as we have mentioned, the vision is the key. So we honestly suggest finding a person in your area who could work as your in-house developer. We promise that the ability to meet and brainstorm about your idea will uplift the process of your startup’s growth hacking.
No startup can find its path to growth without the right determined metrics. It is a constant which cannot be ignored. Metrics should be a start that will show you the way where to move. Yes, metrics sometimes show uncomfortable truths but let us be honest- you only grow from pain. So be real to yourself and set some KPI’ s for your startup’s growth hacking.
Key performance indicators (KPI’s) is a way for startup’s growth hacking
You will always track and review multiple numbers, but pick a minimal set of KPI’s, which you will track and report every day. Capture everything, but focus on what’s important.In their book Lean Analytics, the authors introduce the concept of OMTM — the One Metric that Matters. The OMTM is the one number you’re completely focused on above everything else for your current stage. It could be N° of customers per week, Churn, N° of new active users, N° of paid subscribers, Cost of acquisition…anything that has a direct impact on your company performance.
A lawyer is vital for startup’s growth hacking
Your startup’s growth hacking can easily stop by wrong legal decisions. And you probably think that we got paid by some law firms to mention it but the truth is that you will need one all the time from the beginning. There are just too many things that require good legal knowledge. You think “but I can use a template of legal documents”. Yes, you can. But later you can face some disasters down the road in the form of lawsuits or worse. And yes it will stop your’s startup’s growth hacking. Also, GDPR is the king nowadays and it is not worth the risk doing it by a template. The truth is that you need legal knowledge from establishing a company to receiving some funding. Yes, it costs a fortune to have a good lawyer in your team but it is a wise investment to prevent your venture’s failure.
So another part of this guide is finished. As we mentioned, all the tips are from our experience and we sincerely recommend to look into it. As it is said, that a wise person learns from his mistakes. A wiser one learns from others’ mistakes. But the wisest person of all learns from others’ successes. So here are some tips from our mistakes and later on, let’s learn from each other’s success together!