Introducing ‘Growth Hacking‘ a term that is less about slow burn brand building and hopefully increasing propensity to buy, towards action based strategy building on data, agility, tech and change. How can leads and sales be generated most efficiently, while retaining existing customers? And, growth be scaled as quick as possible?
Rather than being guided by rigid ‘rules’ and text book processes to driving sales, Growth Hacking is about bringing a creative marketing mind with technical and data skills together to drive change.
A few thoughts on Growth Hacking below …
Map the funnel
Defining the behaviour change journey (e.g. a new home or exercising more), including critical steps in the process such as triggers, balancing pros and cons of change, narrowing options, starting to act, maintaining this and avoiding a relapse to comfortable old ways. Emotions, information needs, media and information sources, SEO terms, social media, web-sites, pain points and opportunities along the journey.
Define clear KPIs
Actionable goals and targets are critical, such as cost per customer acquisition, clicks, leads, sales and retention. Measurement of the success or otherwise of the strategy is fundamental, and with this whether or not the strategy is optimal, and which components of the strategy are having the strongest impact. What are the target engagement and sales levels per month, quarter, year et cetera require to hit overall sales and other growth targets.
Firstly this is about getting the product right and optimising the ‘product-market fit.’ A/B testing and minor differences in social media advertising, Google search terms, landing pages, email and other on-line and offline strategies. Which search terms are generating more leads? Which email gains the strongest sales? Experimenting with behaviour change strategies such as incentives; defaults; and leveraging ego. Focus is on small strategies that can be refined and iterated over time.
Agility is about always sincerely listening to customers, watching performance measures and fixing what needs to be fixed quickly and efficiently towards clear goals. Updates to the strategy occur behind the scenes on a continuous basis and are released with speed and responsiveness. What is the most efficient way to drive volume and sales and business imperatives?
More about Growth Hacking …
The product is at the heart of Growth Hacking, with the logic being that if the product and the associated customer experience is positive, the sales of this product will be most efficient and grow.
The product should be able sell itself. Happy customers buy again, and again, and encourage others to buy, who buy again, and again. Ensuring that the selling of the product allows customers to in turn help sell the product, will snowball sales.
Facebook created a free place for friends and family to share their lives, and with this a platform for businesses (who are also friends and family sharing their lives) to access an advertising platform with a low entry price and a simple ‘few clicks’ booking and targeting process.
Uber is very clever at encouraging passengers to join the fight against ‘outdated models and authorities anti-distruption’ and offers an easy to use interface that connects people with cars and those needing a lift with a simple system and positive experience, while promoting itself to future potential drivers as a great work-life-balance career option.
Rather than basing marketing on paid advertising, the focus is on free or low cost alternatives to driving ‘traffic’ to consider the product. Sales strategies such as ‘freemiuim‘ pricing to offer lower entry points to trial the product and better understand value. As well as strategies to drive word-of-mouth advocacy and other low-cost promotion to user friends, family and like-minded individuals.