Does your business need a jump start – but on a small budget?
“Leverage the strength that you have: that no one else can be you.” – Todd Wheatland
Experimenting with growth hacking techniques can really help get you off the ground – but you need to be sure where you’re trying to go.
In this bitesize article, we’ll take you through the 5 steps you need in order to start getting great results from growth hacking.
- Figure out your key growth areas
- Breakdown your goals to smaller, achievable ones
- Test and track
Ready to get started? Then let’s begin.
It’s essential to understand that growth hacking isn’t simply a case of cutting costs, finding free marketing channels or doing everything in-house (although these elements come into play).
Rather, the idea is that you focus all your energies and resources on a handful of key growth areas, calculated to jumpstart your business. And yes, it generally means doing this without a proper marketing budget, experimenting with different ideas until you hit on something that works… and then running with it.
The first thing you need to do is figure out what your key growth areas are.
Questions to ask yourself include:
- How can we bring in more top-of-funnel (TOFU) traffic?
- Which of our marketing platforms brings in the highest number of qualified leads?
- Which types of customers bring in the most money?
- Where in the sales journey are we losing people?
A useful concept here is Tim Ferriss’ 80/20 rule. As in, which 20% of your activities bring in roughly 80% of your business or revenue? Once you’ve figured that out, you can hit hard with more of the same.
Next, break down headline goals into smaller, more achievable ones. For example, depending on your business type, that might be something like “generate 2,000 leads this quarter” or “increase blog traffic by 20% in 30 days”.
Now it’s time to start brainstorming. How could you achieve these specific goals with no (or very little) budget to play with? Where could you grab these site visitors/leads from without paying for advertising?
List a bunch of different ideas, however outlandish they might sound.
Get experimenting. Try out a bunch of ideas from your list, just to see what happens. If one doesn’t show much promise in a short timeframe, tweak and try it a few different ways, but be willing to drop the idea if it doesn’t work.
A key thing here is A/B testing (also called split testing). This allows you to compare two versions of the same campaign, analysing how small differences impact on your success.
Track your results and keep testing, testing, testing to figure out the best possible formula. When you hit on something that gets results, do more of it!
Growth testing is all about being fast and flexible. That means fixing things as you go rather than getting things perfect before you start.
At the same time, recognise that you may be dealing with very small samples, which can skew results. Unless you have huge amounts of traffic from day one, it will take a few months to tell whether or not something is working. Don’t give up too quickly – but if something clearly isn’t working, don’t drag it out, either.