Growth hacking is becoming a very popular search term on Google. It describes a set of rapid experiments and tests across marketing and other business functions to identify how you can reach your target market, engage with them and get them to buy (and repeat buy) from you.
Normally it involves teams of people, lots of test and learn activity in a short space of time, discarding anything that doesn’t work and focusing on those that do to quickly drive results.
Start-up businesses use this technique a lot as they need to acquire customers quickly. It can be easy as a new business – provided you have the budget and the people! What about an existing business though – one where that early growth has stalled and you need fresh impetus?
Well, it can work well here too, but there is an added danger that, by using up resource and budget, you will take your eye off the ball on other areas of the business and that, overall, the business will end up in a worse place than before.
So, growth hacking can work for both start-ups and existing businesses, but it has dangers for each of them.
That’s why we launched The Business Growth Mapper. It knows what questions to ask. It can analyse your answers to show you where you need to make changes – and it brings together 12 experts to show you how to make the changes to grow your business rapidly and profitably. Growth hacking will take time, money and effort, but you can minimise all 3 with the Business Growth Mapper.
If you decide the Growth Mapper isn’t for you, here are some simple tips to make growth hacking work for your business – no matter how long you have been trading for!
1. Identify your target customers. By that we don’t mean name them, but what do they look like, where do they live, what do they like to do, what social media do they use, what triggers their emotions, what keeps them awake at night? Write detailed descriptions of each type of target customer. You can get more help here
2. Review your business processes – understand the customer journey. Spending time and effort on growth hacking only pays off if once having attracted someone’s attention, they buy from you and become a loyal customer. Every aspect of the journey has to be right. You can get help with your customer journey here.
3. Be prepared to fail – many times! You will be trying a number of different approaches on a test and learn basis. Many of them will fail and at times it will feel like you are wasting time, money and effort, but keep learning and you will succeed eventually.