Growth Hacking Strategy
Most of the things we learn today about growth are operational. You need to execute experiments for you to improve your growth. When thinking matters about growth, most people’s thoughts gravitate towards the CRO (Conversion Rate Optimization) on the TOFU (Top of the Funnel). They don’t really decipher what the power of Growth entails.
To understand more about this, we need to think strategically about growth and the growth hacking strategy. The thought process below can help you understand growth in a strategic way:
• Understand what a growth strategy is
• The process of creating one
• The challenges likely to be encountered.
Understanding the process first
Before you embark on the Growth Hacking Process, you need to get the right strategy. This involves identifying the area where you can achieve a great impact with minimal resources at your disposal.
When you are ready, to begin the process, it is highly likely that you will start brainstorming ideas concerning your business. Two ideas that might arise from this brainstorming session include:
• The possibility of bringing more people on board(Acquisition)
• Making people use your product(Activation.)
When you get many ideas, you lose focus and stagnate without implementing any one of them. You might be lucky and grow your clientele base but you still lack the required focus. To get over this issue, we can design a growth strategy prior to implementation of the process so that you can identify the key areas where you can channel your focus on.
Growth cannot occur without a strategy. Strategy helps to create focus and directions within the implementation team. A Growth Hacking Strategy has many building blocks, but the key ones include:
• High-impact areas
• Objective and key results(OKRs)
With the above strategy, you will be able to know the areas you need to concentrate on as well as the results you can expect. Once your strategy is in place, you can be able to experiment on one of your impact areas using the Growth Hacking Process.
Having the correct strategy enables you to brainstorm better and prioritise ideas that arise from them. For instance, if you decide to focus on Retention, then running experiments will not be necessary.
Your strategy should be in black and white and easily accessible to all stakeholders of your business. This will discipline you to maintain your focus.
Getting your strategy ready shouldn’t take an eternity. Avoid having the analysis paralysis kind of a situation. Take the least time to identify the areas where you can have the most impact and act. A strategy should not be a long document, 1-2 pages or 2 slides are enough to drive the agenda. Getting your strategy ready in advance is important if you want to experience success in your growth. This way you’ll give your entire team clear directions and focus on implementing your strategy.
How to come up with a winning Strategy
1. Get insight
To come up with a winning strategy, it is crucial to gather insight from your product and clientele base. Two kinds of ideas need to be gathered here:
• Qualitative- this is acquired by engaging your prospects and repeat clients
• Quantitative- by analysing your metrics and understanding the user base.
2. Define your growth model
This will help you have a sneak peek at the bigger picture. A simple model for sustainable growth is a product of:
• Top of Funnel(conversion rates, traffic)
• Magic Moment (Compelling previous experience)
• Core Product Value(gives a solution to real problems.)
It is important for you to review the important issues and understand what works and what doesn’t so that you can improve the process.
Focus on the High-Impact Areas
By this time, you should be able to know your strengths and weaknesses. You can come up with a list outlining each step of your funnel together with the key metrics. Once you have done this, you can easily pinpoint where users are dropping out and where you can achieve a high impact.
Your weaknesses should be easy to identify if you ask yourself the following questions:
• Are your prospects dropping off even before they set eyes on your product?
• Are people failing to return after their first visit?
Once you are aware of your weaknesses, you will realise that some of them will have varying degrees of influence over your business.
Designing clear objectives and results can help define your success and failure. This will help you reassess your progress in each step.
After you have identified your high impact areas, the next step is to map your progress for a period of 6 months. You can start by Retention then later move to Activation. You can schedule your iterations to cover a period of 60-90 days. This way, you’ll be able to reassess your progress on a monthly basis. Having a roadmap helps you to have a clear focus. If you don’t achieve your goals after every iteration, you’ll need to rethink your entire strategy.
Map your Growth
After having your areas of high impact and the metrics in place, you can now map and project your growth. Being able to predict your growth portrays good leadership skills and it shows you’ve done your research well.
Alignment of your strategy
It is essential to align your strategy so that it doesn’t conflict with other existing strategies within the company. To achieve this, you need to bring on board everyone in the company and bring them up to speed with your strategy.
Launching regular experiments is an important aspect of the growth process. A strategy gives your project team the necessary focus to achieve a goal. The strategy is the major building block of growth, take your time and come up with the best strategy to grow successfully.
3Bet Media is a Digital & Growth Hacking Marketing Agency, London based.
Contact us for a tailored Growth Hacking solution at email@example.com.