Call it Bootstrapping, Lean or Growth Hacker Marketing, it’s focusing on Growth
Things change today faster than anytime in the past and that applies to how we conduct business and the marketing needed to grow a business. There are two significant economies that are changing the face of business today. They’re the subscription economy and the sharing economy. Both are creating opportunity for new business as well as causing established brands to take look at how these economies are affecting their business. In some cases, a business that does not pay attention to changing economies finds itself in a situation they cannot recover from.
Amazon is now in the home repair business as well as delivering groceries in some metropolitan areas and once well known brands like Radio Shack are on their way out or now completely gone like the video rental chains that were once found all over any city. Today, it pays to keep your eyes open to see who may be shaking up your industry or asking how your business may be able to successfully pivot in response to changing economies or to simple become more effective and profitable.
Growth can take many forms and mean many things depending on your business and the stage you’re at and it’s not always going to be measured in revenue. Growth can be the need to grow a user base and subscriptions for a Saas or a mobile app business or it can be the need to test and gain traction in a new market for a start-up or for a long established brand that’s introducing new product lines or reaching a pivot point.
Knowing what your growth needs are is the first step in putting together a successful plan to meet that need.
The success of proven growth hacker strategies can be seen all around in case study after case study. There’s a great deal to learn from the companies and brands that have chosen to move past the traditional ways of marketing and have instead decided to let analytics and data guide their marketing plans. It’s choosing to be nimble and responsive to your markets rather than investing large amounts of money in traditional marketing that cannot be tracked or measured for effectiveness.
Successful businesses today are focusing on creating a product or service and a marketing plan that meets the need of an identified marketing and growing from there rather than creating a product and then looking for a marketing that wants it.
It’s also vital to move past the soft metrics of impression share, awareness campaigns, website visitors, first page organic listings and opting instead to identify metrics and KPIs that can be directly connected to the objectives of your marketing. It’s also being able to quickly identify when marketing is not moving the needle on your established KPIs and moving on. Throwing more money at something that isn’t working simply does not make sense any longer.
The term Growth Hacking first appeared in 2010 and has quickly become a mainstay in the start-up world leading to tools like Dropbox and Evernote that some of us cannot imagine doing without as well as to the billion dollar purchases that make headlines in the financial news. But using growth hacker principles isn’t limited to start-ups. These same principle and practices can be applied to an existing brand trying to become more effective in their digital marketing or that’s exploring the idea of adding additional revenue streams to their business.
From developing a minimal viable product (MVP), conducting market testing and establishing initial traction channels through profit and conversion funnel optimization, we will guide you through the process and work with you define key metrics to do it effectively.