4 questions to ask yourself before launching a growth hacking process
If you are interested in growing your business, it is unlikely that you have escaped the term “growth hacking” literally growth hacking. This is the new technique initiated with digital tools to make your company grow faster and more significantly. If the goal is attractive, the fact remains that prerequisites are essential for the success of such an approach. Why should we not ignore the keys to starting this expansion strategy? What are these 4 key questions?
Growth hacking: Why shouldn’t the 4 prerequisite keys be omitted?
Although growth hacking aims to achieve exponential growth quickly, it must also fulfill other objectives. Indeed, it must be part of a strategic vision of the activity of the company by integrating an analysis of its future development.
It is also necessary that this process be initiated to optimize the performance and efficiency of the teams involved.
The growth hacking approach being oriented towards its finality is too often forgotten by those who claim that it is not a simple magic formula. Indeed, it is not an easy and quick technique that all companies can initiate and succeed in a snap.
To obtain convincing results, it is necessary, on the contrary, to launch multiple complex and interdependent tasks, cleverly concocted by a competent professional. If you want your company to grow exponentially, you are going to have to proceed with the method, though, and expertise. This will involve defining the problems to be addressed, implementing innovative solutions, determining scenarios, and initiating them by verifying their relevance and performance.
It is because you will take all these actions that your B2B growth hacking will perform. It is unrealistic to believe that it is possible not to force yourself to answer all of the key questions listed below to achieve results as indecent as exponential growth. As with any worthy strategy, it is necessary to respect the golden rules to the letter to reap the benefits. It is true that when you are promised considerable growth, a weak result, even a positive one, is nevertheless very disappointing.
The 4 key questions that will open the road to growth hacking
To achieve your ambitious growth goals, be sure to find an answer to the 4 key questions essential to the success of your growth hacking strategy.
1 | Is your product or service suitable for the market?
Before launching your growth hacking campaign, it is essential to verify that your product or service corresponds to a market. This product-market fit is an important step at the base of any product development strategy and, more generally, of a business.
A test phase can be very useful to verify that buyers exist, in sufficient numbers, at the price at which you intend to sell your product or service. Before this step, your company is in the “traction” phase. It, therefore, seeks to develop acquisition tools, master the use of the product by its customers and the needs which it meets.
Failure to verify the correct product-market match is to risk losing all the benefits of a growth hacking strategy. Because if your product or service doesn’t have a real market, it won’t be able to perform. It is essential to launch yourself into such a dynamic with a product that is ready to go.
2 | What are the priorities of your growth hacking?
Before initiating any strategy, it is essential to know precisely what goal you are pursuing. Growth hacking can be applied to many areas and different objects. It adapts to a B2B market, but also B2C.
Such a process can be considered for a given product or service, as for your marketing or sales departments. He is committed to optimizing the conversion funnel at all levels, from awareness to the recommendation.
A large number of companies simultaneously initiate a growth hacking process at all stages of their funnel (conversion funnel). In this case, it is important to take into account the strategic objectives of your company to align them with your growth hacking process.
3 | What are the main KPIs of your growth hacking?
Before launching your growth hacking strategy, you must have determined your main performance indicators (or KPIs for Key performance indicators). This preliminary step will force you to think about precisely defining your growth objectives. It will also allow it to be fully operational.
To know where you are going with your process, start by figuring out what steps you are going to take and how to get it done. You need to have indicators at different levels of your conversion funnel.
Your KPIs must be 100% operational, i.e. you must have performed A / B tests. You must also have subscribed to the appropriate statistical tools and have defined the appropriate settings, whether it is Google Analytics or other solutions.
4 | Have you found your growth hacker?
It is wrong to believe that a marketing or web marketing team can pilot a growth hacking process. The necessary expertise and mastery of this strategy require a specific profile. Even if many marketers easily add growth hacker (GH) to their CV, it must be admitted that the term is too often misguided.
It would indeed be easier for your company to initiate its growth hacking process by relying on its internal teams who have demonstrated their efficiency and performance. However, without questioning their skills in any way, you need a GH to pilot such a strategy.
Your marketing teams will find their interest in the operational part while the growth hacker will take charge of the overall strategy.
Your GH is essential for your project. His diverse skills in consumer psychology as well as in data analysis will help him find new opportunities. His mastery of digital marketing, communication, and public relations will allow him to design the best techniques. He will be able to find sources of growth for your insurance company with imagination, inventiveness, and mischief. Its mission will be to find new and original ideas in the depth of the buying funnel.