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How difficult is it for startups to move from the launch phase to creating a strong market demand for the product? This is quite difficult for most especially when engaged in a highly competitive industry. Getting traction for your product though is not impossible as long as you get the right customers, adopters, and feedbacks. What is the role of growth hacking in helping your project over perform?

The Process

Growth hacking, in case you are not familiar with it is a process that allows the uncovering of new growth areas faster. This includes the use of hypotheses and prioritizing the more promising areas of implementation. The ideas must be rapidly tested to ensure that the improvement in the performance of the product is achieved. To unlock new potential growth for your project you will need to:

• Analyze – to discover new opportunities revealed by quantitative and qualitative data;
• Test – experiment on what areas will produce the biggest growth;
• Ideate – conceive ideas from the growth experiments to reveal potentials; and
• Prioritize – identify what experiments should be subjected to more rigorous processes.

What happens when you do all of these? You can begin to supercharge the growth of your project regardless how competitive your industry is. This means moving your company from neutral to drive and seeing tremendous improvements in market sales. To move your project forward, you need to make sure that you have the right team structure, tools, and processes in place. This can be achieved with the help of modern technologies.

Have you heard about growth teams? Fast moving companies rely on these cross-functional team of specialists to deliver new designs and test experiments that will lead to more business growth. To build a growth team, you will need a lead to manage the team. The team should meet weekly and move quickly through a list of prioritized ideas that are focused on one thing – improving business results.

The team achieves results mainly from collaboration on incremental and innovative experiments that will help improve business metrics.

Building Traction

So now that you have your growth team organized, will you get everything your business needs? Not exactly. Think of this as a process of starting toad building blocks to reach your end goal. If that is the case, how can you build traction fast and ensure its sustainability?

• Clearly Defined Goal

It helps to have a single, clear, and unique goal that can be broken down into smaller and more achievable micro goals. For example, you can start with targeting a specific number of customers per week. Or increase the number of emails or meetings that you do. When you have a clearly defined goal, it is easier to identify the specific actions that must be taken to achieve growth.

• Leveraging List

In order to create traction that will lead to growth, you have to build momentum. You can start by leveraging your pre-launch list. It is always great to start with people who are already interested in what you have to offer. This can be a simple email announcement or offer incentive to these people. Even if these people will not buy, you can use them to tap into their circle of friends to increase your business reach. Using social media can allow you to reap huge benefits from this list.

• Things That Don’t Scale

If you have put extensive effort in your pre-launch activity, then there should be no problem in getting traction. However, if you haven’t, then you will need to invest much time in things that cannot be automated. These are the things that don’t scale; these are also the things that will determine whether you will be a company with a future. For example, find people using products of your competitors or provide free access to your products in exchange for promotion. To be successful, it should be relevant and useful to the recipient – providing real value.

• Remarkable Product

One of the surefire ways to help your project over perform is to have a remarkable product. It is a time-tested formula that having an awesome product, something people cannot resist, will bring in huge revenues and sustain company growth. The question is, do you need to invent a product? Not really. You can actually redesign an old product so that it becomes more functional in modern homes. It is an accepted reality that the better product you have, the easier it will be to align business functions to achieve growth.

• Partnerships

In the world of business, you cannot simply settle for just any partnerships, you need to forge good partnerships that will be instrumental in achieving growth. By building integrations for your product and the market it becomes easier to reach potential customers and get exposure. Target marketing, which can contribute to the traction your business needs can also be possible with the right partnerships. One of the intentions of establishing partnerships is to open new markets.

• Analytics

Campaigns can be useless if you do not know how effective they are. This is where Analytics come it. It helps to facilitate the growth of your project by helping you understand the data points. This means understanding whether particular actions or activities get the desired results. For example, can you attribute a customer sign up to your blog content? Or how can you identify what type of users are easier to convert? Analytics can also be useful in in tracking errors with the data giving you a perspective of both positive and negative impacts to the growth of your business.

• Branding

If you truly want to achieve growth, you need to learn how to use branding to your advantage. Most businesses that leverage branding are able to drive up the number of customer sign ups by more than 30%. For a company that is trying to establish traction, this is huge and certainly cannot be ignored. Successfully establishing your brand can translate to free marketing for your product.

Growth Hacking

Did you know that in Europe there is an academy that teaches courses on how to achieve growth? The growth hacking courses can be anywhere from 2 days to 3 months and are focused on bridging the gap that exists between the actual needs of the market and what is taught in schools. This is done with the help of new tools that allow businesses to grow faster. It works for Australian businesses, this method has helps a lot of Australian businesses that are just starting.

As earlier described, the growth hacking team is only a small one and is driven by the data that can be used to scale your business. Its main focus is to optimize the metric that matters most to your specific business. They work fast and with the help of a wide range of tools and skills move towards a single goal – getting things done to achieve growth.

Sustainable growth is achieved by teaching the skills to the workforce. Theories and cases are used in combination with hands-on exercises. The execution of this trains people in almost any type of business from startups to corporations.

Even the appearance of the workplace is taken into consideration. The main meeting area, the workstations, and even the reception desk of the office must look good. It is interesting to note that the use of the right furniture is often overlooked when trying to achieve company growth. Sometimes, chairs, storage units, and planter holders can make a world of a difference.

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Any business venturing into the implementation of an intranet will soon find out that it can be quite challenging without the proper strategy. The ability to identify an intranet implementation strategy that aligns to the vision, corporate culture, and internal communication requirements of your business is extremely vital. Outlining the objectives and goals of the intranet will provide a clearer picture on its costs and benefits as well as how it can contribute to the continued growth of the business. What do you need to know in crafting a perfect intranet strategy for your business? Let’s take a look at some mission-critical steps.

Core Benefits

Identifying the core benefits of an intranet implementation will result in a well-informed workforce and better efficiency in terms of administration of the internal communications of the business. This will also have a direct effect on the related features of the system like the dissemination of personalized and targeted news, user-friendly navigation, and effective search results among others.

What other benefits can be derived from an intranet implementation? It can result in a centralized and streamlined procedure for collaboration. This means that editing and sharing of files can be done faster as well as central online discussions are improved.

As employees become more familiar with how the business intranet operates, it is transformed into a forum where not only discussions abound, but also reference materials, blogs, and key business topics. All of these are contributory factors that goes towards implementation of good business practices and innovations.

What happens when there is stronger employee bonding and increased satisfaction? The answer is improved business growth. With the proper intranet strategy, businesses can develop a fun online community that gives a greater voice for the employees of the company. The ability of employees to make meaningful contributions and for management to acknowledge this can be priceless. This can also open the gate to attract new talents for your staff who are inclined to work in a digital environment.

Evaluation and Goals

What do you need to evaluate? You have to look at how good your current intranet is. Don’t have one? Then you definitely need a perfect intranet strategy for your business. What are the things that you should focus on?

• How social should it be?
• What are the resources that you need or have to improve?
• Will the intranet yield major benefits?

The evaluation should be done in an honest manner so that you get the proper results. Keep in mind that by having the proper evaluation, you will be able to identify the goals of the business that rely on the implementation of the intranet.

A good intranet can have a vital role in the implementation of the company’s mission, vision, and values statements. It is also an excellent tool for implementing annual as well as long-term plans and strategies. But how can this be achieved? Through the use of modern digital tools that help employees to innovate and collaborate better, resulting in increased efficiency via the elimination of duplication of efforts.

Goals like sharing knowledge, standardizing processes, and internal brand strengthening can also be achieved by a perfect intranet strategy. Other business goals can also be closely tied with the implementation and aligned with it like establishing market and industry positions of the company for example.

Business Priority

Part of the perfect intranet strategy is to uncover the business process that must be prioritized and improved. These must be linked to the goals of the company in relation to the rolling out of the new intranet system.

If you are a sales company, an excellent area to prioritize would be the reduction of the length of the sales cycle for example. You will need inputs from the sales force to identify the specific challenges that they face and how to address it. Leading sales people can also share best practices to improve the performance of other members of the sales force. This will lead to increased business revenues that will ultimately benefit everybody.

The needs must be realistic enough so that it can be fulfilled from the initial phase of the intranet project. When it comes to priorities, hard decisions must be made based on the value that it brings to the business, importance of intranet features for users, difficulty of implementation, and of course, the cost of deployment.

These are all good inputs that will lead to crafting a perfect intranet strategy for business.

Business Metrics

Identifying specific business processes that must be prioritized or improved will require clear metrics. This is the easiest way to measure the value of a specific activity in relation to the goals of the business. Yes, business-specific metrics may be intimidating to do, but it will yield valuable results like reduction of cost of operation and implementation of intranet resources for example.

Without the proper business metrics, it would be extremely difficult to gauge the effectiveness of the intranet project. There is also no acceptable way of identifying just how much the business is improving based on the tools that have been provided to the employees and management.

Do not make the mistake of focusing Key Performance Indicators (KPIs) on the activity alone. The KPIs must take into account the outcome of the activity as well. In the same manner that you cannot weigh the value of an intranet solely on the number of comments or page views. These are merely part of the measurement of its value.

Unclear Direction

What do you do if your business does not have clear goals and strategies? The best workaround would be to rely on the inputs of individual executives to identify the priorities and align them with what the business intends to achieve.

This makes use of the same approach, but you get goals that are less official but more personal. This means that you get additional benefits from the personal inputs of the executives. Why? Because you can ensure that the intranet remains relevant and responds to the actual needs of the workforce. This corrects the mistake of having vague and general intranet strategies, which can make the project irrelevant.

Unclear direction can also be corrected by ensuring that you take into account the following:

• Alignment to the needs of stake holders;
• Determination of ROI;
• Addressing real needs of immediate users;
• Provides road map for company activities; and
• Focus on long-term deliverables.

It is important to understand though that the intranet strategy is not the same as the plan. This means that the strategy should not have strict milestones and timelines. Strategies must focus on the priorities so that it helps in deciding on what activities must be done now and what should be postponed for later. The strategy becomes relevant and concrete when it focuses on specific business processes and explains how the project will evolve.

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The legal industry is undeniably one of the most competitive and stressful anywhere in the world. Aside from being adept in the practice of law, firms must also be able to respond to the needs and expectations of its clients. So what are successful growth boosters for law firms? Can these provide the necessary advantages to make law firms competitive?

Rapidly Changing Game

Despite being regarded as an extremely conservative, the legal market is dynamic and constantly facing innovations and emerging law firm strategies. This means that more and more law firms should face up to the challenge of creating unique brands and strategies.

Some may feel that industry leaders have a leg up on the competition. However, all law firms are in fact faced with the need to properly assess the services they are offering in the context of ensuring future growth and success.

With the legal landscape rapidly changing, the successful growth strategies that law firms should apply must take into account options and key factors that are specific to the firm. Developing a model includes new services that can be offered to take advantage of emerging markets, which may mean diversification of the business.

Financial strategies must be anchored on efficient cash flow management, normally encompassing valuable pricing strategies that are beneficial to both firm and clients. This can be achieved by ensuring that the right people are recruited and developed to ensure that growth potentials are not wasted.

Developing a Growth Strategy

How can law firms develop a successful growth strategy? To answer this question we need to take a look at the reasons why clients would decide to stick with a particular law firm. In general, any client would want to have firms that are more business-like as well as commercial in the delivery of services. With this in mind, this can be one of the critical factors for success.

This should be taken as a need to align the services offered by the firm with the exceptions of the clients. The focus in the development of growth strategy must be placed on what the market needs. There is no way to achieve growth if you do not position your law firm at the center of what the market is looking for – today and for the next few years.

Does this mean tailor-fitting client offerings? Quite possibly and law firms may have to go as far as uncovering client goals, priorities, and in-house needs. In essence, a growth strategy that evolves around the creation of a proactive law firm.

Why are these factors important? Primarily because the awareness of market trends eliminate the risks and unnecessary spending associated with decision making. When law firms get a clear and accurate picture of how to plug the gaps in the needs of their clients, they create more value for themselves. How do you paint the picture? Ask more probing questions from current and potential clients.

This simple act projects an image taking considerable time in understanding the needs of its clients. More good news, there will be few competitors that will be taking such a precise approach in establishing a mutually beneficial working relationship with its clients.

Strategic Success

When looking at the successful growth boosters for law firms, much has to do with moving away from the traditional leadership. Why? Because of the enriching experiences that can be learned on the road to success.

What is the biggest challenge that a law firm may face in achieving strategic success? There are actually many, but one of the biggest would have to be recognizing and developing potential talents that are already in the firm. Are you aware that by simply changing things up a bit can lead to significant results?

To ensure proper implementation of the strategy, someone should take the lead in explaining it including its importance. This should make the implementation easier with everyone in the law firm thinking of long term gains. But this is only part of the initial step. Once everyone gets involved, developing people, growing teams, and building the firm’s capital creates a natural succession that ensures long term success.

How do you develop a strong law firm? The key lies in recognizing what is crucial for success. This recognition must be shared by the partnership and the management group because a strong and trusted leadership that is committed to the momentum and eventual success that the strategy brings is essential. What else can the strategy focus on?

Technology

This plays an important role in shaping how the practice of law is perceived in the future. Today technology supports most if not all of the facets of the practice of law including ensuring constant communication and interaction with all stakeholders, especially the clients. Law firms that fail to make good use of current and emerging technologies may just find themselves left out in the cold in just a matter of years.

Acquiring and implementing it though are two completely different thing, which is why it must be clearly defined in your strategy. Now here is something to look forward to, when properly implemented, technology can be one of the greatest growth boosters for law firms.

Technology has a way of providing flexibility to law firms to help them meet the demanding needs of clients. As the legal profession continues to evolve, technology will be at the center of it all. Many law firms are realizing that investment in technology is a great momentum builder because it helps to lower the cost of delivering and maintaining legal services. It also helps to bridge the physical gap to make law firms, regardless of size compete in the global market.

The big question or challenge for most law firms is how to stay not only competitive, but more importantly relevant. The answer lies on the strategic way of using technology to roll out their legal services. In Australia, technology has supported the emergence of new law firms that are seen as more flexible and capable in matching the needs of their clients. These new models make use of structures and principles that are easy for clients to understand – hence, deciding to work with the law firm becomes easier.

There are many success stories on growth boosters for law firms and understanding how these can work specifically to your advantage becomes crucial.

If you need experienced and approachable teams that are dedicated to assisting you to achieve desirable outcomes, then contact C+F Lawyers today!