Growth hacking comes from growth, understood as virality and hacking as an ability to come up with creative solutions to solve real-life problems.
Growth hacking is a discipline that seeks, with the minimum possible expense and effort, to quickly and noticeably increase the volume of users, or income, or impacts, of any business. How does it apply, however, to industries like aerospace?
The idea of Growth Hacking arises from a very basic premise: grow, grow and grow. Every decision made by a Growth Hacker will be destined to grow a company; every strategy, every tactic or initiative goes in that direction. To achieve this growth, growth hackers are responsible for redefining the products and their distribution so that they reach the maximum number of people possible. However, in aerospace it will not be around product definition but product perception and positioning, always based on the methodology of active experimentation that best describes the: allright, we have a goal, how are we going to achieve that?
We start with setting up a goal. A goal can be to get additional funding for an aerospace industry, but it could also be related to enterprise or corporate clients or selling directly to governments. Any type of tangible way of getting revenue or growing the company should become one of the core KPIs, and then this KPI is specified in form of a goal. A goal should be SMART: how much does an aerospace company want to grow in next 3 or 6 months, and measured with the help of KPIs themselves.
Once we have a goal, we design growth drivers. Drivers are the hypothetical ways in which a company can reach this goal.
- Can it be though Social Media positioning?
- Maybe the way to grow is soft launches via Twich?
- Could we set up a Community around our products?
- Maybe it will be the way the company has their specific solutions marketed to enterprises and governments?
The broad ways to achieve these goals are called growth drivers, and then we test the drivers through experiments.
Experiments are the way to see whether a growth driver is the one that will actually bring us growth. Imagine your aerospace company decides to add Twich as a channel: different live launches and the ways of getting traffic towards the channel could be different experiments to see whether this channel is actually a fit. Maybe a video on "" How to "" could become a series on Youtube? Before turning any of these into large projects, the key is to experiment on them and decide whether they work or not.
The last crucial part of the methodology is tracking the learnings. Learnings are essential and help us understand why certain decisions can be made. You can get examples of drivers, experiments and learning from the aerospace industry if you sign up for Hypertry and ask specifically for these materials.