“Growth hacking” has become a buzzword in a business world. We hear it all the time, and this word has become synonymous with tech companies and other start-ups. But much larger, or established business tend to frown away from the business buzz and neglect the real benefit it can bring to the business.
Growth hackers are generally seen as marketers with a bunch of code on their hands and hacker mindset. They are comfortable with creating access amount of content and A/B testing it. These hybrid workers sometimes find incredible ways to gain users on tiny budgets.
What often gets left out is the amount of time this type of growth hacking takes, the amount of experience and knowledge it requires, and the amount of stuff that gets scraped.
But there is something out there for all of the businesses, and there are plenty of ideas that an established business can use to benefit their business planning through growth hacking. Here is what can you learn from youngsters trying to take over the business world?
Yes, small business and start-ups often have an advantage when it comes to trying new things out, they have no stakeholders to answer, they don’t have any financial ties with any equities, and really, they have nothing to lose. While a more established business will already have reports and financials to submit, and more importantly people who rely on them.
But as an established business you have an advantage on experimenting. You have a budget to play with and chances are you already have great people working for you, that believe in your business and you already some market share that you securely own. This enables an established business to experiment with anything. You can securely try new products, bring new customers to your business and enable growth.
A/B testing for products, campaigns, and other strategies are one of the most popular forms of growth hacking. You can try looking at developing new products, look at launching some new campaigns, and run some A/B testing on them. Trying it on a small scale, perhaps a small chunk of your clients can help you bring a ton of new business, and if it doesn’t work, you are still in business.
A word of caution is due here. Big business means big user base, hard-earned big user base. Don’t push your experiments to thousands of people, pick a few good clients that you have a good connection (if you can), or pick a dozen people to show your changes to, and start gathering data.
Growth hacking is all about getting the data, interpreting it and working on what needs to be changed. So, start small, if you are developing a product, find an influencer who is doing something similar, show him the product, see if he can utilise the product effectively, gather comments, rates and any other data you can get.
If you are looking to improve your website, start small, get a couple of variations and see which one improves the metrics more.
Once you are happy with the results you are getting, scale it up.
DATA DATA DATA
Here at ProForecast we are big fans of data and for a good reason. A great way to “growth hack” your business is to gather data, analyse it and make changes accordingly. The data is what tells you the truth about your business, and it will never lie… (if you collect it well).
An established business can get great benefits from using and analysing the data their business and users produce. With larger budgets, an established business can implement appropriate BI (business intelligence) tools that can track all of their business performance factors.
Before looking for a Business Intelligence system, it’s essential to outline your business needs first. You need to outline what success means for your business, what performance means to you and everything that is important to your business. That way you will know how to get the most out of the software you need. If you are looking for an advanced business intelligence and planning tool, try ProForecast!
Another great thing about growth hacking is that it promotes collaboration and partnership. Nowadays the pace of a business continues to accelerate and business that fails to adapt to that are left behind.
Collaboration provides an opportunity to avoid being left behind, you don’t have time to wait for a response to an email when something has gone wrong. You can’t wait until your team integrates that one last thing before your product is perfect. Your competition has already done it.
There are many tools available today that can facilitate collaboration on a large scale that an established business requires. In fact, international enterprises have departments dedicated to collaboration strategy. But if you are looking to grow, utilising a whole department to help your video conferencing run more efficiently is not going to benefit you much in a short term.
The key to a successful collaboration strategy is to maximise the value of the tools you already have and to improve and upgrade the tools that cannot provide a successful and fast collaboration environment. For example, using Excel throughout the office can be seen as a good strategic move, however, running reports and sharing them throughout the office can damage your business quite a bit. Formulas break down, input fields get confused and so on.
Therefore, it is better to upgrade such tools to those that allow better and easier collaboration environments.