The growth hacking process originally comes from the start-up scene and ensures quick results using the most creative and unusual approach possible. Everything else than is often the case with corporations or medium-sized companies that are well-established in their processes and clumsy in the coordination channels.
The aim is to find sales leverage and, for example, to optimize conversion based on data. The basis for this are many growth hacks that run repeatedly in 6 building blocks in an iterative approach.
The cycles of the growth hacking process consist of the following six building blocks:
- IDEA (creative ideas are methodically prioritized)
- BUILD and
- PRODUCT ( develop a minimally viable product (MVP) and test it on a target group) and
- MEASURE and
- DATA (as a basis for decision-making for the next step, data is analyzed) as well
- LEARN (learnings at the end of the process help to further develop the product)
learn, learn, learn, test, optimize …
What counts: just do it! Not one hundred percent perfection and lengthy preliminary considerations in slow voting rounds, but rather doing, trying, testing, learning, doing better.
Iteration cycles for successful growth hacking
Agile work and work in iterations are prerequisites for the necessary speed and success. Since speed is a decisive success factor in growth hacking alongside many others, you neither have time for actions that have been worked out for months and thought through to the last detail, nor does this make sense in the context of agile methods. Rather, you work your way up to the big picture in small steps (think big, iterate fast). The growth hacking iterations can be adapted to the sprint rhythms in the agile world (e.g. every two weeks) and thus the growth hacks are part of the backlog.
Everyday life of a growth hacker: The growth hacking process means developing ideas, building a product, analyzing a product, evaluating testing data & deriving actions (learning!) For the next iteration loop developing new ideas … never ending story that leads to success because fast & consistently recovered levers can be scaled.
FAILURE IS PART OF IT!
Growth (as growth, insights for important sales levers) does not work without falling in the face – means: Growth hacks are based on an infinite number of tests and tests mostly go wrong! The good thing: important findings can be gained from this. Gaining knowledge, sharing the learning in the team (including very good documentation of the learning) brings you forward. Promised.
Growth hack tip: If you still have some catching up to do, let Hendrik Lennarz and his team take over!
You should be prepared to fail. At least 60 percent of all hacks (sometimes significantly more) will not have a positive effect on your business, and most of the remaining 40 percent will only have a small one. But don’t let that disappoint you, just enjoy the process of learning. Because that is also part of the profile of a growth hacker: don’t give up, don’t let failure stop you, develop further ideas and / or adapt the previous ones – perseverance until the hack success occurs! And don’t forget: Small livestock also make crap, that is, even measures that improve your growth by only a few percent are important in the end and can be the decisive difference between winners and losers.
CREATE RESOURCES FOR GROWTH HACKING PROCESSES
Testing and growth hacks form a symbiosis in modern digital marketing. Appropriate resources are required for both, but these are not always made available by the decision-makers to the necessary extent. Why we as users are repeatedly faced with horrific user experiences on our mobile devices can perhaps be explained by a statement by Craig Sullivan, Optimizer in Chief at Optimal Visit: In his keynote at the Growth Summit 2019, he explained that only 5 percent of companies would regularly check how the usability experience actually turns out on a wide variety of devices. So it doesn’t seem surprising if there are no mobile-optimized forms in the mobile view.
Any why is this the case? In addition to understanding and drivers, there is a clear lack of resources. If the HR budgets required for the next year are measured with a tight needle in the budget planning before the shareholders and advisory board meeting in order to improve the figures, then the responsible division manager will find it very difficult to fill an urgently needed UX position.
Concept & goals are needed
However, there is another aspect to be considered in connection with data and resources: Before data can be meaningfully collected and interpreted, the experts need a concrete concept and they must know the corresponding goals. The failure of the top decision-making level lies in not enabling the foundations for data-driven.
There must be goals. Point.
Strategies must be in place. Point.
Experts need time to “translate” the higher-level KPIs into their special metrics at the operational level and to create reporting structures based on them. If the experts are not given this time to thoroughly think and implement, the cat turns in a circle and meaningful data handling cannot take place. As a decision maker, you should act very clearly here, plan enough time for your team of experts so that this typical failure does not occur in your company.
Author Bio – Vishal Garg has several years of experience in digital marketing. With good expertise in advanced marketing and promotional strategies, he has helped numerous brands establish their online niche with his out of the box internet marketing strategies and lead generation capabilities. Currently, he is running a successful digital marketing company in Jaipur