The Intersection of Growth Hacking and Legitimacy: Unlocking Opportunities for Success

The Intersection of Growth Hacking and Legitimacy: Unlocking Opportunities for Success

Introduction:

In today's fast-paced digital landscape, growth hacking has become essential for businesses striving to achieve sustainable growth. However, relying solely on vanity metrics such as total users, daily active users (DAU), and monthly active users (MAU) can be misleading. To gain meaningful insights into your growth rate and user quality, it's crucial to focus on specific metrics like daily net change, core daily actives, and cohort activity heatmap. Simultaneously, understanding the concept of legitimacy can unlock opportunities for success, not just in the blockchain space but also in social status games, intellectual discourse, language, property rights, political systems, and national borders. Let's explore the commonalities and practical implications of these two domains.

Metrics for Growth Hackers:

While total users, DAU, and MAU may impress the press, they fail to provide real insights into growth rate and user quality. Growth hackers should instead focus on the following metrics:

• 1. Daily Net Change: Daily net change offers a holistic view of user acquisition, re-engagement, and retention on a daily basis. By analyzing this metric, growth hackers can identify the impact of each component on current growth rates. It serves as a valuable tool for assessing the health of your user base.

• 2. Core Daily Actives: Core daily actives represent users who consistently engage with your service. By calculating the number of users who have used your service regularly, growth hackers can filter out sporadic users and focus on the core audience. This metric provides a more accurate reflection of user retention and loyalty.

• 3. Cohort Activity Heatmap: The cohort activity heatmap is a powerful metric that reveals changes in user retention curves over time. By analyzing this metric, growth hackers can identify patterns and trends, enabling them to make data-driven decisions. It serves as a valuable tool for optimizing user engagement and identifying potential areas for improvement.

Understanding Legitimacy:

Legitimacy plays a significant role in various social contexts, including the blockchain space. It is a pattern of higher-order acceptance, where outcomes are considered legitimate if they are broadly accepted and enacted by individuals. Legitimacy governs social status games, intellectual discourse, language, property rights, political systems, and national borders. It is a powerful social force that shapes behaviors and determines equilibrium.

Implications for Public Goods Funding:

Legitimacy has implications beyond growth hacking and the blockchain space. It also impacts the funding of public goods. While billions of dollars flow within ecosystems like Bitcoin and Ethereum, public goods receive only a fraction of that funding. This discrepancy arises due to restrictions on where capital can go and the legitimacy associated with different ventures.

To address this issue, it is essential to develop better social technologies for funding public goods. Rather than relying on one-off philanthropic initiatives, we need systemic and sustainable solutions. Here are three actionable ideas to bridge the funding gap:

• 1. NFTs for Social Causes: Institutions or decentralized autonomous organizations (DAOs) could endorse NFTs, ensuring a portion of the revenues goes towards charitable causes. By aligning NFTs with social values, artists, charities, and other public goods can receive much-needed funding.

• 2. Enhancing NFT Visibility: Collaborating with social media platforms to make NFTs more visible on user profiles can encourage buyers to showcase their commitment to supporting valuable social causes. This visibility can create a positive feedback loop, driving more attention and funding towards public goods.

• 3. Redefining Legitimacy Standards: It is crucial to reassess the legitimacy standards imposed on organizations supporting public goods. Unfairly high standards can hinder their growth and impact. Creating a more inclusive and adaptable framework can ensure that organizations receive the recognition and support they deserve.

Conclusion:

By incorporating meaningful metrics into growth hacking strategies and understanding the power of legitimacy, businesses and communities can unlock new opportunities for sustainable growth and social impact. Daily net change, core daily actives, and cohort activity heatmap provide valuable insights into user acquisition, engagement, and retention. Simultaneously, recognizing legitimacy as a driving force behind social acceptance enables us to address funding deficiencies in public goods. By implementing actionable ideas like leveraging NFTs for social causes and redefining legitimacy standards, we can create a more equitable and prosperous future.