Picked up a book recently - 'Hacking Growth' by Morgan Brown & Sean Ellis to decode this popular term. The book explains it as 'Creative growth strategies executed at low budgets to acquire or retain consumers, applied with a multi-functional lens - marketing, product, tech and what not'; rather than just plain Jugaad'.
The book explains various steps on how to get started on GH. One of the steps which is peculiar and important in today's times of covid19 (when a lot of services are under lockdown), is to assess whether your product or app is a MUST-HAVE.
What is a musthave product? A product that brings an AHA moment for consumers; the moment where utility of the product really clicks. For eg, for Uber it is 'the cab reaching you at a click of a button' or 'finding friends' photos and updates instantly' for Fb.
So, how to find that your product is must have?
Do a MUST-HAVE Survey with your customers & ask - How disappointed would you be if this product no longer existed tomorrow?
1 Very disappointed
2 Somewhat disappointed
3 Not disappointed
4 N/A—I no longer use it.
If 40 percent or more of responses are very disappointed, then the product is a must-have!
Its an interesting read and i recommend it. Which book on Marketing do you recommend?
