Growth Hack #2
Growth comes in different shapes - vertically, horizontally including beer belly.
I remember my grandparents used to feed us with raw (I would say fresh organic) milk from cows which was very common thing in growing up with your grandparents in Mongolia. And this is common thing if you wish to have healthy growth and I think Dutch people are tall because of drinking a lot of milk (definitely Mongolians are not that tall and I think we don't drink enough). :D
Now I professionally do growth and helps my partners to grow their business with growth hack. Unfortunately, feeding my partners with raw milk wouldn't help them to have business growth and it doesn't come easy as it sounds without proper process and flow. Someone dreamed to be the first female hacker from Mongolia, I know how complex and hard it can be hacking the process. In business world, growth and growth hack represents low cost and hyper growth in short period. With traditional marketing, marketers we spend a lot of effort and money by executing and following global practices. One thing I learned from working with different partners from various industry and region, every businesses have unique business stories to tell and stories about challenge. This is why growth hack exists - just like low-rise jeans doesn't work for all body shapes.
Growth Hack is data driven approach to help business owners to test hypotheses, run experiment and maximise the result with innovative strategies and look at:
What is working / not working
What needs to be optimised / improved
How much incremental increase business is getting.
To do that, we focus on acquisition, activation/awareness, conversion, retention and reactivation stages. For example, acquiring more qualified leads, and activate those leads to be customers and convert them as loyal customers. One thing to remember is customer journey is not linear. Take a step back and think about how your customer could take one of any number of different paths to convert and then they become defecting / inactive customer. Here reactivation and win-back tactics come in. Within this customer journey, understanding the persona and defining the goal in each lifecycle stages help to address the pain points and where to start or what to test.
Industry and brand by brand, hypothesis are different. You might want to achieve higher conversion, although data might be telling you to start with simple as bounce rate. One thing to remember having sustainable growth is maintaining your acquisition cost with higher revenue, converting your new customers to become returning. If your customer acquisition costs is higher than CLV, there is no exponential revenue growth. Sometimes, marketers we have challenge with business owners not willingness to experiment and open to looking into incremental growth which actually can contribute massive results at the end! But that doesn't mean we should stop at A. In growth, there is no stop point. It is continues incremental optimisation and ongoing process. Growth Marketing and Growth hack is not fixed approach that we promise to get 100% result out of 100. It is a systematic approach that combined with mindset and being open to ask "What if?" and "How much better?".