Selling more is on the top of the list of goals for most companies. Standing out from competitors and captivating your target audience requires your teams to think strategically, and to be creative. Growth hacking is here to bring experimentation into the mix and help your company discover new ways to acquire new customers, and sell more by testing new ways to reach your audience and deliver value.
It’s a field focusing on a data-driven, experiment-based process. According to Sean Ellis, who coined the term, the concept of growth hacking is much more than a business strategy, or even a continuous process. It’s a philosophy, a way of thinking that can be adopted for any company, big or small.
It entails a rigorous process of high tempo testing to improve a North Star Metric, and key business results. Often, companies have driving revenue as North Star Metric, or acquiring new customers. It is within the growth team’s scope to ideate and test new solutions to achieve this goal, expanding what has proved to work, and learn from what has failed.
For the implementation of Growth Hacking within an organization to be more assertive, we need to understand that in practice, the essence of growth is based on a process of continuous cycle of 4 steps
Source: Hacking Growth Book (Sean Ellis and Morgan Brown)
Step 1 — Data Analysis and Insight Gathering
This step basically consists in analyzing relevant data using — all relevant data you have at your disposal that can measure and produce insights on every touch-point your consumers might have with your company. This strategy is focused on smart decision-making by collecting data, organizing, exploring, and monitoring.
Step 2 — Idea Generation
This is when we raise some questions like: what does this customer usually buy? What pages do they visit more frequently? What can we offer t so we can exceed expectations? What strategies are we going to use to engage this customer? Creating a repository of ideas that are ready to be tested and are in line with your current company goals is an essential step for a healthy growth process.
Step 3 — Prioritizing Experiments
After we have a pool of ideas that are aligned with our objectives and are backed with solid data, we are going to decide what strategies will be tested next. At this stage it is necessary to prioritize the demand, establishing the scope, time and costs.
Step 4 — Put experiments into practice
This step is the moment when we evaluate the methodology of the test, set a hypothesis that can be validated or disproved, and the resources necessary for the execution of your test.
Achieving this type of results using these techniques, are only possible with the sales process improvement. So it’s necessary to have some things in mind:
1. Define Your Main Goal
First of all, if you want to increase your sales results, this should be your number one goal, the most important one, but not your only one. Make sure that everyone from your team knows what represents growth for your company, and what metrics should be monitored to measure success.
2. Get Ideas from the Sales Team
Often, your sales representatives will have a deeper understanding of the pain points, objections, and language used by your audience. Getting insights from the sales team should be a part of the process.
With these insights, the growth team will be able to formulate a hypothesis that will help you to fine tune your customer acquisition, driving conversions and bringing you closer to your ideal customer profile. What might be no more than a feeling from your sales team now can be tested, validated and scaled.
That sum of wins will help your company build a pipeline of sales leads that is ready to buy, optimizing the sales team’s efforts.
3. Encourage on Team Work
One factor into a company successful in experimentation is open communication across functions. That’s why it is so important to unify marketing, sales, and customer success teams to organize the efforts on behalf of the same goal.
4. Celebrate Wins and Learnings
Sharing your tests results across the company is an important step toward building a culture of experimentation. members from any area should not be discouraged to bring forward an idea for fear it will fail. Wins should be celebrated, and failed experiments should be viewed as a learning opportunity.
So, you go for it on your strategies, and I hope you did understand now how to apply the Growth Hacking to boost your sales
Vanessa Augusto, Vendarketing team at Hubify