Growth Audit: The Genesis of a working Growth Strategy

Hello, a few days ago I did a post about an overview of growth hacking which is a sort of introduction to the field of Growth Hacking.

Today I’m going to talk about growth auditing and specifically questions to ask during a growth audit.

What is a Growth Audit?

This is simply a process designed and carried out by a growth hacker to give you all info needed to develop a cohesive strategy and make sure no stone is left unturned during a growth hack.

In order to operate fast and get efficient results from a growth audit a right foundation needs to be laid. As a growth hacker, it is my obligation to have a clear idea the tools needed for the growth role I’m taking on, due process for the growth to take place, the assets I have in present possession, potential setbacks and liabilities.

The growth audit process

• Verify your product to know if it has matured enough to achieve a Product/Market Fit. If the product turns out not strong enough for growth, it would be best to just take a step and work on making the product better.

• The first thing I always do during a growth audit is to ask myself how much time I plan to dedicate to focusing on growth daily and weekly.

I’d come up with a list of marketing channels available and the number of hours I plan to spend on each.

• Growth hacking is meant to be a low cost process, most of the results being pulled from innovation and creativity. But at the end of the day, low cost is not free.

As low as the potential amount to spend might be, how it is spent is important.

That there is a limited amount of money to spend is also a pointer that indicates that a clear budget is needed

• Come up with a list of strengths and assets at hand. It could range from a large social media following to personal relationships formed. Anything can be an asset as long as its direct effect on the business is fueling growth.

• It is important to have a rough outline answering the following questions

How far is this business going?

Which areas do I focus on for Growth?

Which tools would be useful for the different areas for growth?

Is there an available analytics system to gauge my results?

• Figure out the sources of information and data to feed your analytics, these sources should be as wide and knowledgeable about your company/product as possible. The goal is to get enough information about the company and product to be able to determine its current position, strengths, weaknesses and selling points.

Example of the best sources in my opinion include the

• Customers
• Product Team
• Marketing Team
• Customer Support Team