Growth Hacking is a discipline that seeks business growth at the lowest possible cost. It is, therefore, a technique for optimization, efficiency and profitability.
This discipline requires a transdisciplinary and unusual profile that must be characterized by a technical and analytical background together with a creative, restless and curious character.
Born among startups, the profile of the Growth Hacker is a professional who goes outside the norm and who, although he knows the operation and management of businesses, always looks for different ways to grow.
Starting with a global analysis of the business, this professional identifies the growth drivers - that is, those parts of the business whose optimization will bring a greater benefit compared to its optimization cost - and seeks to actuate them through an affordable and continuous experimentation practice.
WealthTech has a long way to go and the discipline of Growth Hacking can greatly enhance its growth. Being digital products, the appropriate methodology can make a business in this sector grow exponentially since it is not only a sales-oriented business but also a discipline that seeks to optimize the product itself.
To grow, the first step to take is to set a growth goal. This goal should be SMART; To do this, following its acronym in English must be specific, measurable, achievable, realistic and temporary. An example could be: "We want to increase conversion by 15% in a period of 3 months and we will measure it by comparing leads with conversions."
The tactic for choosing the most optimal growth target is that your ultimate goal is to optimize the part of the funnel where the most customers fall.
Once the goal is set, the next step is to choose the growth driver. The driver is those strategies that we will carry out to achieve what we have proposed. Potential drivers can be marketing strategies such as Facebook Ads, SEO / SEM or Content Marketing; on the other hand, they can also be product strategies such as changes in design, interaction, UX / UI optimization ... etc.
If for example we have set the goal of increasing conversion, how can we achieve it? Do we have a marketing or product problem? If we have trouble getting people´s attention, we must act on the marketing strategy; On the other hand, if we manage to attract traffic but then people do not convert, the problem is probably in the product.
Once the growth driver has been chosen, we move on to an experimentation phase. The experiments are those actions through which we will execute the strategy and that we will be continuously testing and monitoring to discover what works and what does not.
If we conclude that the most optimal driver to operate is in the product:
- What could we do to make it convert more?
- Does the interface load fast?
- Is it clean, simple and informative?
- Is it intuitive to use?
- Do you have the right colors?
- Does the user obtain the data that interests him?
The experimentation will help us to make small changes - sequential, never parallel - and to observe if the behavior of the potential consumer changes.
After monitoring and analyzing each experiment, we will reach the most important phase: Registration. Every experiment that we carry out must be recorded together with its results and the lessons we have carried out. This will allow us to optimize our growth process thanks to a database that we will be creating and that we can analyze afterwards to begin to detect patterns that inform us about which are those drivers and experiments that give us the best results.
To learn more about the most effective drivers and experiments for growing a wealthtech business, just sign up with Hypertry. There you can also request personalized consulting.