Growth Hacking is a different way of seeing and looking for how to grow a company in a market with the minimum expenditure of resources possible. Professionals in this discipline - called growth hackers - are in charge of redefining the products and their marketing to ensure that they reach the maximum number of people.
In other words, growth hackers are business growth specialists who are not solely based on growing the business through sales. On the contrary, they analyze the product, redefine those characteristics of it that can make it more suitable to their audience and, once the product is optimized, define or adjust the appropriate marketing techniques for its commercialization.
To apply Growth Hacking techniques, it is necessary to have a global vision of the business and analyze which is the part whose optimization would mean less expense and would have greater repercussions on the business.
In the cosmetics sector, the desire to grow usually revolves around three axes: Increase customers, increase the average ticket and increase recurrence.
With these three objectives, the first step is to set goals. To establish these so that they are suitable for business growth, we must think about objectives that meet the acronym SMART: Every objective must be specific, measurable, achievable, realistic and temporary.
For example: "We want to increase the percentage of people who buy from us multiple times in a period of 3 months by 15%." We will also have to establish the KPIs through which we will monitor and analyze the results to be based on quantitative and objective data.
When we have already established our growth objective, the next step is to identify the driver that will allow us to achieve it with the least possible effort.
- Can we achieve this through a loyalty strategy?
- Can we make the client feel like the protagonist?
- Can we improve the way we communicate with him / her through an email marketing strategy?
- Do we keep you up to date with what´s new?
- Do we remain a benchmark brand in the sector?
Once we select the driver that we want to use, we will go on to an experimentation phase. The experiments are the tactics by which we are going to operate the driver and they must be actions that we can execute quickly and agilely.
For example, if we opted for a loyalty strategy,
- what actions will shape it?
- How are we going to retain them?
- Can we deliver discount cards or coupons?
- Could we deliver accumulative point cards?
Or we could also opt for membership cards; other options would be to give preferential treatment to the main clients, personalization, maintain post-sale communication to ensure that the client is happy with the product and let them know that we are there in case any matter arises ... etc.
Let´s not forget that each of the experiments must be monitored and analyzed to extract learnings. We must see how many customers return and in how long, if they interact with us through the communication channels we establish, if they give us reviews, if they follow us on networks ... etc.
Finally, all those learnings that we extract must be recorded. This last step is the most important since recording the result and the data extracted from each experiment will end up generating a database on those actions that work and those that do not to make the business grow; that will make us more and more effective and efficient as time goes by.
You can get many other examples of drivers, experiments and learnings from the cosmetic industry by registering with Hypertry; There you can consult us and we will advise you on how to grow your business in the most efficient way.