There is no doubt that you have heard of growth hacking recently. It’s much more than a trendy buzzword in the startup world, though -- it’s an essential component of growing and scaling a business. We’ve noticed a large percentage of the companies we consult with are terrified by the term growth hacking, so I wanted to break the process down into four simple steps.
Cut your main goal into realistic micro goals
When you set goals as a company, these are often gigantic goals such as building a brand that generates € 10 million in sales per year. In order to achieve a high-level goal, a flawless execution of several micro goals must be realized. A growth hack is a micro-goal where intensive work is being done to achieve the final goal.
Analyse and measure every set of data points
To perform a growth hack it is important that you analyse your data. The majority of your goals affect your finance. When you know your numbers inside and out, it enables you to make calculated decisions that lead to explosive growth.
Develop a conversion funnel that drives revenue
A positive conversion ratio is important. You could be great at mapping out micro goals and analysing data, but if your conversion funnel isn’t good, you won’t get off the ground. There isn’t an easy conversion funnel solution that will work for everyone. Each business has different products, services and target customers. For example, an email sequence that’s designed to nurture and then convert leads into sales will have dramatically different copies across different industries. Knowing your target market will play a huge role in whether or not you are able to put together a good funnel that converts.
Test everything continuously
When you prepare micro goals, you have to test everything. This is where the most notable gains can be made. Never assume something automatically but test it with your target group. From the layouts and colours of the landing page, to various call-to-actions and marketing channels, you need to test everything.