Growth Hacking Quotes

“A framework for identifying high-ROI Attraction opportunities is called advertising arbitrage: seek advertising opportunities where advertising inventory supply outpaces advertiser demand.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“We’ve seen entire companies purchased for millions of dollars solely for their database of leads and customers.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“the larger the dollar value of your product or service, the longer the sales cycle, particularly for business-to-consumer sales.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“Lack of innovation becomes a growing liability. In the technology hotbed of Silicon Valley, the accrued liability caused by delaying innovation has its own term: “technical debt.” As all businesses are becoming more and more technology dependent, managing and mitigating accrued technical debt is now a necessary practice that businesses outside Silicon Valley completely overlook.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“Growth Hacktic A clever way to determine specifically where your avatar spends time is to use a tool called SimilarWeb. Enter your competitor’s URLs into the tool, and scroll down to see exactly where their website traffic is coming from. This is a great way to discover places to “steal” clients away from your competition.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“The perfect salesperson will naturally attract prospects, set a polished first impression, keep prospects engaged as well as educate them, follow up with them at just the right time and handle any objections with expert salesmanship, skillfully close the sale while simultaneously looking for upsell opportunities, and get referrals while retaining them as customers for life. Whether your top salesperson is you or someone on your team, that person will inevitably have a bad day, take vacations, and need benefits. The ASP™ takes the perfect version of your sales process and permanently stamps it into a technology system that works for you 24/7/365, never having a bad day, never needing a vacation, and never requiring benefits. The ASP™ is the growth-hacking framework we implement for our clients that range from traditional brick-and-mortar businesses to venture-backed technology start-ups. It’s a framework that can be applied to any type of business, and in the next several chapters, we’ll dive into ASP™ and its six individual components and show you how best to implement them for your business.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“We analyzed the ten tech companies worth over a billion dollars that went public in 2014 and 2015, and the average company spent a jaw-dropping $0.72 on sales and marketing for every $1.00 of sales during the three-year hypergrowth period before going public. As a matter of fact, one of the companies, Box, spent $1.59 for every $1.00 in sales! You’re probably wondering, how does a company like Box justify spending more money on sales and marketing than they generate in sales? The answer is “customer lifetime value.” Once Box mathematically proved that they could acquire a customer for less than the lifetime value (LTV) of that customer, they raised a war chest of investment capital and didn’t care if they spent more on sales and marketing than they generated in annual sales, because they knew that they would generate a big return in the long run. You probably don’t have access to a massive war chest of investment capital, but that doesn’t mean you are unable to invest more resources on growth. Instead of benchmarking your growth investment against customer lifetime value, benchmark against your bottom-line profits. Here is a list of financial scenarios and corresponding actions: If you desire growth and have a profitable business, operate at a break-even point and reinvest the profit, or a portion of the profit, back into growth. If you are running a break-even or unprofitable business, spend some time going through your expenditures looking for redundancies or unnecessary expenses. If you cannot find any opportunities to save money, prepare yourself to take a temporary pay cut (you can time this around your tax refund or right after your busy period if your business has seasonality). If you are unable to take a temporary pay cut, prepare yourself to work some extra hours (start by batching activities so you can spend a day per week working from home, and use the time you save when not having a work commute to invest in growth). If you are unable to take a temporary pay cut AND unable to work any extra hours, then read the paragraph below.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“Dropbox, the cloud storage company mentioned previously that Sean Ellis was from, cleverly implemented a double-sided incentivized referral program. When you referred a friend, not only did you get more free storage, but your friend got free storage as well (this is called an “in-kind” referral program). Dropbox prominently displayed their novel referral program on their site and made it easy for people to share Dropbox with their friends by integrating with all the popular social media platforms. The program immediately increased the sign-up rate by an incredible 60 percent and, given how cheap storage servers are, cost the company a fraction of what they were paying to acquire clients through channels such as Google ads. One key takeaway is, when practicable, offer in-kind referrals that benefit both parties. Although Sean Ellis coined the term “growth hacking,” the Dropbox growth hack noted above was actually conceived by Drew Houston, Dropbox’s founder and CEO, who was inspired by PayPal’s referral program that he recalled from when he was in high school. PayPal gave you ten dollars for every friend you referred, and your friend received ten dollars for signing up as well. It was literally free money. PayPal’s viral marketing campaign was conceived by none other than Elon Musk (now billionaire, founder of SpaceX, and cofounder of Tesla Motors). PayPal’s growth hack enabled the company to double their user base every ten days and to become a success story that the media raved about. One key takeaway is that a creative and compelling referral program can not only fuel growth but also generate press.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“It’s good to have an end to journey toward, but it’s the journey that matters in the end.” ​— ​Ursula K. Le Guin”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“Testimonial Questions What were you looking for when you found [COMPANY]? What compelled you to choose [COMPANY] over others? What results did you get from working with [COMPANY]? When [COMPANY] [COMPLETED SOLUTION], what did you like most about the experience? Who else would you recommend [COMPANY] to?”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“Testimonial Formula [Specific End Result or Benefit the Customer Received] + [Specific Period of Time] + [Accompanied Customer Emotion] + [Customer Name with Relevant Stats] Example: I was craving a Hawaiian style pizza at one in the morning and was stoked when it arrived just twenty minutes after I called! ~Chad R., Pasadena, CA”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“Instant-Clarity Headline Formulas [What You Do] + [What Makes You Unique] + [Geographic Reach] Residential & Commercial Roofing Since 1929 Serving Los Angeles and Surrounding Area [End Result the Customer Wants] + [Specific Period of Time] + [Address the Objections] Example: Hot Fresh Pizza Delivered to Your Door in Thirty Minutes or It’s Free”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“Follow-Up Framework Opt-In: Offer a desirable bribe (also called a “hook” or “lead magnet”) in exchange for an email address (at a minimum). Hook Delivery: Deliver what was promised for the prospect opting in. Digital delivery can range from digital reports to emails to audio or video content. The benefit of digital delivery is that you can provide immediate gratification to your prospect and it’s free to send. Sellucation: Sellucation is selling through education. Each Follow-Up installment is an opportunity to address common questions, handle objections, and amplify the problem while presenting your solution. It’s education with the implicit intent of driving sales. Social Proof: Reiterating the social proof you presented in the Engage & Educate phase with testimonials, reviews, awards, partner logos, and case studies will enhance your credibility and build trust. Promotions: Offering free consultations, discounts, and other incentives can motivate your prospect to take action. Communicating an expiration associated with the promotion can create a sense of urgency that further persuades prospects to move forward.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“The 4 E’s of Copywriting Engaging: Is the content compelling and of interest to the reader? Educational: Is the content teaching the reader something relevant to your product or service? Entertaining: Would the reader enjoy reading your content? Emotional: Would your content stir up emotions inside your reader?”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“What differentiates the fastest-growing companies from their peers is that they’re not afraid to invest a massive amount of resources on growth.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“SimilarWeb.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“Instead of benchmarking your growth investment against customer lifetime value, benchmark against your bottom-line profits.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“your first step to fracture the fear of investing more resources on growth is to track your finances on a monthly or quarterly basis. Your second step is to benchmark your growth against the right metric.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“What websites did they frequent?” and “What forums did they contribute to?”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“Once we had a clearly defined avatar, we studied the ideal buyers’ every online behavior. We sought answers for a variety of questions such as “What did they search for?”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“While most of your competitors will run simple text ads, far fewer will invest the time and money into video ads.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“A clever way to determine specifically where your avatar spends time is to use a tool called SimilarWeb.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“In summary, focus on purchase intent, then education-based interest, and then awareness-based interest when reaching out to your avatar.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“Once we exhausted the ad inventory with education interest, we expanded to folks who are aware of their problem but may not be in a position to actively solve that problem. For example, we served display ads to homeowners on Facebook touting the benefits of having your roof inspected before the rainy season.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“Once we exhausted the ad inventory with purchase intent, we expanded to people considering investing in a solution but who need more information before deciding. For example, many people search for things like “What are the benefits of a composite roof?” Although their search doesn’t indicate immediate purchase intent, when exposed to the rest of the ASP™, we can lead them to a purchase decision.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“Continuing with the roofing contractor example, we didn’t advertise to everyone who was searching for “roofing” online, but we focused on people searching for terms such as “new roof,” “fix a roof leak,” “roofing contractor.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“demographics don’t buy products; people do.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“One key takeaway is that a creative and compelling referral program can not only fuel growth but also generate press.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret

“If you have no time or money, then you need to focus on “life hacking” before you start growth hacking.”
― Raymond Fong, Growth Hacking: Silicon Valley's Best Kept Secret