Growth Hacking for Small Businesses
Growth Hacking For Small Businesses
Growth Hacking is the flavour of the moment in modern marketing circles and is credited by many as the prime force behind the rapid global expansion of brands like Uber and Airbnb. The overriding metric is growth.
So what is it? Just another marketing buzzword, or something more substantial? Good question. For non-aficionados, a succinct and easy-to-understand definition can be found in good old Wikipedia:
Growth hacking is a process of rapid experimentation across marketing channels and product development to identify the most effective, efficient ways to grow a business.
The words ‘very quickly’ could be added to the end of that sentence.
Growth hackers tend to avoid traditional, expensive marketing campaigns and instead focus on low cost alternatives like social media and viral campaigns.
Put simply, it means constantly trying things, analysing them, doing more of what works and stopping what doesn’t work.
But is growth hacking only for big organisations with masses of sophisticated data?
Not at all. As an approach, it’s available to any business of any size.
Even the smallest operation has meaningful data that can be analysed including:
- Google Analytics
- Facebook Insights
- Twitter Analytics
- Email responses
- Sales enquiries
We never cease to be amazed at the number of businesses we encounter who are unhappy with their performance, but (a) never try anything new and (b) never assess the data available.
So what can you do? Lots of things.
Get Familiar with the Data
First and foremost get familiar with all your data and understand what it means. Look for spikes in performance and then track back to the activity that most likely generated the spike.
Test and Refine
Try similar activities and see which work best. Constantly test and refine.
Very soon you will see patterns emerging.
The important thing is to be brave and try things.
Don’t worry if something doesn’t work, learn from it and move on.