Growth hacking was born as a marketing methodology in 2010, when Sean Ellis first coined the term. Since then, it has been thought to be one of the most efficient methodologies to grow a business. In this article we will present how the coaching industry can benefit from growth hacking methodology, what ideas to implement and step by step process to follow growth hacking as a business or life coach to get more clients. First, we start with key growth metrics, or KPIs.
For most coaches it would be acquisition of new clients and retention or upselling to existing ones. These three metrics are the ones that bring growth for most coaching based businesses. Once we have metrics to focus on, we define a goal. A goal is an increment or decrement of these metrics in a time. A goal could be: upsell to 20% of existing clients in the next 3 months, get 4 new clients in next month or increase retention to 50%.
When we have a goal, it is time to design growth drivers. Drivers are hypothetical ways of achieving this goal. A driver could be a sharp focus only on your area of proficiency or using trends to position your own personal brand. Another driver could be your way of communicating your value proposition. What customers often buy when using coaching services is a way out for something, not something.
- What is the problem your clients want to solve?
- And, most importantly, what are the problems they want to avoid?
A growth driver could be a well established, automated system to attract new customers. You could check word of mouth to grow your business or design different experiments to test referrals as a potential driver. You could create a small group workshop where you will teach a milestone every week for several weeks. If you choose your clients well, they can not only learn from you but also from each other. This could be a potential scale up driver to getting more revenue and figuring out how to coach several people at the same time. Customers will hear questions they never thought about asking, which can help everyone learn faster. Webinars is quite a powerful customer attraction tool if used correctly. Set up a clear value proposition, deliver towards it and make an upselling promise that is even more exciting during the webinar. Webinars could be another driver to test.
Once you have drivers, it is time to validate or reject them through experiments. In every experiment we measure the time spent on execution, investment and other metrics to be able to decide whether we have a good ROI. If experiments are successful and we validate a driver, it can become one of our growth engines for the future. As simple as this.
Learnings are crucial in active experimentation methodology. Only if we track learnings consistently, we are able to always remember what worked and what to avoid.
Want to know more about how to apply growth hacking to your team in a coaching sector? Are you looking for a specific team setup and methodology implementation as a coach? Sign up for Hypertry and ask for a one to one session!