Hacker Growth --- 142

As many of you already know, Linkstyle is a start up company and that we continue to grow with each passing day. As such, we are always looking for ways to grow as fast as possible so that we may continue to be successful in our endeavors. One such method that was introduced to us this week is called Growth Hacking. Now you may be wondering to yourself: what is growth hacking? Well, growth hacking is essentially a business relentlessly pursuing to grow as fast as possible through experimentation and data. Now you may also be asking how is this different from say traditional marketing? Well, with this method, we are focusing on  growing our business objectives rather than using a variety of different metrics to measure our level of success. We use a metric called the North Star Metric, which is the metric that defines our success as a company and will accurately capture the core value that we create for our customers. From here begin planning out our steps through analyzing our business, like making sure that what we are selling is what our customers want, coming together as a team with new ideas so that we can fuel our growth as a company, prioritize which ideas will be the most successful as well as allow us to gain more revenue, and lastly to test these ideas to see which ones are successful and which ones are not. 

During the idea stage, it is guaranteed that there will be multiple ideas that are tossed out and you can not choose all of them. So, with this we use a metric called AARRR, or acquisition, activation, retention, referral, and revenue. Acquisition is first as it is important to figure out how the customer will be able to find you. Followed by this is activation in which we will need to figure out how we will be able to have our customer reach that “AHA’ moment, which is the moment our items “shine’ in the customer’ eyes and that they finally understand what the core value of the product really is. nExt we have retention, in which the idea will help us retain the customer and have them return to purchase more items from us without the need to spend time to acquire these customers again. Next is referral, in which the idea will give an incentive to the customer so that they can promote our company to others, thus bringing in more people to look at our store. And lastly, revenue in which the idea can bring extra revenue through our existing customer base as well as the new customers that are coming in.

Here at Linkstyle, we use this model so that we as a small business can continue to grow at a rapid pace. But we not only do this to increase our revenue, we do this so that our customers can get the best service that we have to offer. As a small business, we do not have the same amount of resources as the big retail stores. As such, we use this model so that we can develop and cultivate checks and balances so that we can offer a service to our customers that can be on par or even better than the big retail stores. We will continue to improve everyday so that you our customers will always get the best service that we have to offer and for you to continue to shop with us now and into the future. 

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