Hacking Growth: How Today's Fastest-Growing Companies Drive Breakout Success by Sean Ellis & Morgan Brown

Author:Sean Ellis & Morgan Brown
Language: eng
Format: azw3, epub, mobi
ISBN: 9780451497215
Publisher: The Crown Publishing Group
Published: 2017-04-24T23:00:00+00:00

FINDING CHANNEL FIT IS NOT LIKE PORTFOLIO MANAGEMENT

In stock market investing, experts agree that it’s best to spread your money across a wide swath of diverse types of businesses and sectors. But this is not the right strategy when it comes to finding the channels for marketing and distributing your product (which in Web business are often one and the same). Marketers commonly make the mistake of believing that diversifying efforts across a wide variety of channels is best for growth. As a result, they spread resources too thin and don’t focus enough on optimizing one or a couple of the channels likely to be most effective. Most often it’s better, as Google founder and CEO Larry Page has said, to put “more wood behind fewer arrows.” Or as Peter Thiel, cofounder of PayPal, Palantir, and the first outside investor in Facebook, tells start-up founders, “It is very likely that one channel is optimal. Most businesses actually get zero distribution channels to work. Poor distribution—not product—is the number one cause of failure. If you can get even a single distribution channel to work, you have great business. If you try for several but don’t nail one, you’re finished.”12

At the same time, too many companies get caught in the trap of following the herd, using the same channels as everyone else, such as Google paid ads or Facebook advertising, and not experimenting with options that might be more effective for their specific product, and less expensive. It’s understandable; finding the right channels to focus on can be a truly daunting task not only because it is hard to know without extensive testing which channels will be the best ones for your particular business, but because there are so many different channels to choose from now, and new ones emerging all the time. Experimenting through the growth hacking process allows you to discover your optimal channel or two relatively quickly, ideally before your competition does.

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