The most powerful and effective marketing strategy has adopted a catchy new buzz phrase, “Growth Hacking”.
Growth hacking is the art of creating ridiculous marketing and growth momentum quickly and efficiently, often with far less cost than would have been possible using traditional marketing methods and strategies. This obvious advantage begs the question, “Why isn’t every business availing itself of this amazing growth system?”. The answer is complicated by the differences between “marketing” and “growth hacking”.
Growth hacking reaches far beyond the disciplines of simple marketing strategy. In addition to that baseline for success, it takes experience and a comprehensive understanding many business disciplines and dynamics, as well as creativity and in many cases, no shortage of courage.
The starting point for most growth hacks in product or service development. If you want to be the next Google, Reddit, Twitter, RedFin, or Facebook, then you better be as relevant, timely, and user friendly as they are from day one. You’ll need a value proposition tha that’s ridiculously hard for anyone to say no to and a compelling appeal in to your company and offering story that makes it easy for your target market to connect with your brand. Once you combine all these things and you have confirmed demand for your relevant offering, you have likely proved “product market fit”.
The challenge with this first step for most new businesses, is the inflexible commitment to an offering that was often developed in a vacuum, rather than in the real world. Time for the first rule of ROI:
So, once you have completed the process of proving product market fit, its time to understand the target market of your product. This may, or may not, be those who make up your current customer base. Because your entire message will be based on understanding your customer, it is imperetive to thoroughly understand who you are selling to and what resonates with them. While this is easy to understand, it can be one of the more challenging aspects of the growth hack for any company. There are many analytic tools that can help us, but never underestimate the value of a live chat or even a phone or face-to-face conversation. However you choose to gain this critical information, it is the reason for the second rule of ROI:
Know your target customer and develop messaging that will resonate with them.
Messaging that will resonate with someone is involves more than thoughts and ideas. People want to hear a story. They need the story to be delivered through the right medium. More importantly, to cause them to act, they need the story to be relevant and in the story they need to see a clear call to action. What do I do next is the main question that your messaging wants to ensure never gets asked.
Whether its a “button” to click, a form to fill-out, a number to call, or some other action that you would like the customer to take, make it clear and make it easy to use.