A consumer startup with good product can become proficient at growth via a fairly straightforward series of steps. As a founder, I informally understood that series; working with the companies of 500 Startups allowed me to formalize it as a six step process:
1. Track: Figure out what needs to be tracked. Track it.
2. Understand: Delve into the data to understand how people are using the product.
3. Prioritize: Evaluate and prioritize the areas most likely to yield growth. Sometimes they’ll be tweaks, sometimes they’ll be re-architected features, sometimes they’ll be completely new features.
4. Design/Write: In the top area or two, design a few features that are likely to yield growth. I emphasize writing because the words describing a product often matter at least as much as any other characteristics.
5. Build: Code it up, push it out.
6. Measure: Gauge success of new features. GOTO 1, 2, or 3, adjusting strategy based on the results.
Six Steps to Growth: What I Learned as 500 Startups’ Growth Hacker In Residence.
via Six Steps to Growth: What I Learned as 500 Startups’ Growth Hacker In Residence.