Growth Hacking with Melvin Chee
I'm new to 'growth hacking' but the title of the first RMIT Activator sessions of the year pricked my ears up, and I am so glad I went!
Melvin is pretty awesome, having just graduated and achieved substantial financial success (like 2 million dollar companies in 8 months!), I tip my hat in respect to his drive and passion. When he was asked what attracted him to growth hacking, he laughed and said 'Because I'm bloody good at it!'. Good reason.
So while I got the front seat with the millionaire, you get my novice translation of his wise words. Fortunately Melvin's slides say everything you need to know about getting started growth hacking.
Growth Hacking uses the Design Thinking processes of ideation, prototyping, testing, feedback, refine, repeat, at a rapid fire pace to find the sweet spot intersection of what your customers want and what you can provide, sending them down the funnel of acquisition, activation, retention, referal and revenue resulting in high growth.
To get revenue customers quickly and en mass, Melvin suggests choosing the One Metric That Matters (OMTM) and focusing your organisational goals on around achieving it.
The OMTM provides a clear and easily communicated objective.
Choosing a metric is subjective and dependent on the business type and stage.
When asked how you know if your OMTM is working Melvin spoke about being in a constant cycle of experimentation and learning. If you don't feel it is working; change, measure, analyse, review and repeat.
Growth hacking sounds like smart work done fast. You spend your time swinging between creativity and data. You hustle and refine, refine, refine until you gain traction and then boom - you work harder giving the customers what they want.
Melvin Chee is an eCommerce Entrepreneur and RMIT Bacholor of Business (Finance & Accounting) graduate, and currentco-Founder of Eubi and Rocket Paradise Group.
Melvin has been involved in building one of Australia’s fastest growing eCommerce companies and has built two multi-million dollar businesses in the span of 8 months.
Check out his niche business Ariel Blankets as part of RPG group. Proof of where rapid creativity and execution can take you!