Growth Hacking? What is that?
Growth is a buzz word nowadays inside sales & marketing industries. In fact it is a complicated topic. It involves many different components and each of them positively affects your business differently.
In this post, I will go through Growth Hacking 101 and make you understand how it works.
Growth Hacking 101
7-Stage Growth Cycle
Basically, Growth Hacking is a 7-stage cycle. By taking care of the stage carefully, you can enhance your business components 1 by 1 and eventually leverage your business.
For in depth process inside each stage, please go to Growth Hacking Process. I have a detailed explanation there.
Now, let’s go through the 7-Stage Growth Cycle.
Stage 1 – Create Product
Most businesses don’t make this right as in they normally think their products are awesome. They miss the very important point here, running a business is about solving your customers’ problems.
People want their problems solved, NOT a product sitting at their home, doing nothing.
Stage 2 – Target Audience
Once you have created a product that people needs and/or wants, you need to target your audience. For example, you won’t sell pork to Muslim because their creed not allow them to eat pork. However, you can sell them Halal beef and chicken. Similar, you need to target the right audience for your business.
Tell them you are here to solve their problems.
Stage 3 – Acquire Customer
When you target the right audience, people comes to you. At this stage you need to convert them.
You need to show a right copy to the right audience at the right time to convert your audient to be your customers.
Stage 4 – Re-Engage Customer
Keep in mind that acquiring customers is not the end of the cycle. You need to consider a Customer Lifetime Value in order to run a profitable business.
You need to follow up with your customers and provide high quality service to keep your customer happy and making them return customers.
Stage 5 – Setup Retention
Once your customers are in a routine of buying from you, you need to offer them retention services. In order words, you are building a long term relationship with your customers.
Retention service is the only way to generate predictable revenue.
Stage 6 – Generate Revenue
At this point, you have already built out a funnel. A funnel that drive strangers to customers, to return customers, to loyal customers.
At this stage, you need to consider how to scale your business to generate more revenue.
Stage 7 – Obtain Referral
Word of mouth is very powerful. You need to keep your customer relationship as good as you can so that they are your unbeatable sales persons.
There is no sales person is better than a advocating customer.
Above is the 101 of Growth Hacking
The above is a simple way to explain what Growth Hacking is. However, it is always easier said than done.
Growth Hacking is a powerful method to systematically grow your business. If you are interested, feel free to contact me and we can have a chat.