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?
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.
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.
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.
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.
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.
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.
If you’re looking for furniture that can contribute to growth hacking your business, count on one that has a long history of customer satisfaction. Buy with confidence from Habitat Furniture Warehouse Sydney today.