In “Growth Hacking: Silicon Valley’s Best Kept Secret”, Raymond Fong and Chad Riddersen deconstruct the phenomenon used by Silicon Valley’s fast-growing tech companies, “growth hacking”.
Through their consulting agency, Deviate Labs, Raymond and Chad have worked with companies ranging from startups with billion-dollar exits like Dollar Shave Club to companies you’ve seen featured on ABC’s TV show, Shark Tank.
Who is the book for?
“Growth Hacking” is directed at two audiences:
- Business owners looking to better understand modern marketing and discover clever tactics to deliver cost-effective growth on a constrained marketing budget.
- Digital natives looking to learn the fundamentals of marketing and how to architect and execute go-to-market and growth plans that produce scalable results.
Growth Hacking pulls analog concepts from the classic marketing books and re-introduces them for the modern digital era using case-studies derived from first-hand experience. The book organizes the growth hacking concepts around a framework, the ASPTM Sales Flywheel.
“Sales Flywheel” vs “Sales Funnel”
The traditional framework for organizing and prioritizing marketing tactics is the Sales Funnel. The Sales Funnel visually emphasizes top-of-funnel tactics designed to attract attention as the primary way to drive growth. However, Raymond and Chad observe that the majority of the most successful “growth hacks”, like Dropbox’s give free storage / get free storage referral campaign, take place at the smallest segment at the very bottom of the funnel and are often intertwined with the product itself. And, those bottom-of-the-funnel growth tactics can become the primary drivers of top-of-funnel activity.
The Sales Flywheel modernizes the traditional Sales Funnel framework by connecting the bottom of the proverbial funnel to the top and portraying a balanced view across all components of marketing. The ASPTM Sales Flywheel harnesses all of the hard work done to get someone through the full funnel and reinvests that energy to generate more momentum.
The ASPTM Sales Flywheel
ASPTM is an acronym for “Automated Sales Process”, the digital representation of the perfect salesperson who works tirelessly day and night without needing to take a sick day or be out-of-office on vacation.
The ASPTM Sales Flywheel consists of six interrelated components:
- Attraction: getting attention for your products and services.
- First Impression: setting a positive impression by giving people a consistent, personalized, and professional experience.
- Engage & Educate: persuading prospects to try your product or service through education (the authors call this “sellucation.”)
- Follow-Up: continuing a dialogue with your prospective customers and politely checking in so nothing slips through the cracks.
- Sales Technology: using an arsenal of tools to add convenience to the sales process as well as upsell and cross-sell customers when they are in the mood to buy, leaving no money on the table.
- Referrals & Retention: generating high-value referrals tactfully and creating an experience that delights customers and encourages them to share their positive interactions with others.
The ASPTM Sales Flywheel is a mental model specifically created for growth hacking.
For actionable growth hacking tactics and illustrative case studies, pick-up a copy of Growth Hacking: Silicon Valley’s Best Kept Secret on Amazon or Audible.