Growth Hacking is a discipline whose purpose is the exponential growth of the business. Being a practice born among startups, it is not a standardized discipline but a fresh way to attack the market through creativity, analysis and few available resources.
The Growth Hacker is a person who, having a global vision of the business and its situation, identifies the action whose execution will be the most optimal and will report greater growth for the business. This means that unlike traditional marketing, Growth Hacking is not going to focus its perspective on sales strategies, but rather that it will contemplate both marketing tactics and product design and general business strategy.
The Edtech industry is increasingly advanced and there are many businesses that may be suffering the wear and tear of rejection and not getting schools to decide to implement all the available technologies that exist for education. If you want to know how to grow your EdTech business and eliminate friction, read on.
First of all, we must set ourselves a strategic growth objective. What are we trying to achieve? Do we want to increase our clientele or, on the contrary, do we choose to retain the customers we already have? That objective that we establish must be intelligent, for which, according to the acronym SMART, said objective must be specific, measurable, achievable, realistic and temporary. An example applied to Edtech could be the following: "We want to increase the number of schools that buy from us by 15% in the next 3 months." In addition, we must establish the KPI with which we are going to measure whether or not we have achieved the objective; in this case, it will be the total range of the client portfolio.
After deciding our objective, we must think about what will be the most effective driver. The driver is those strategies with which we are going to achieve greater results with the least possible effort.
- How can we get more schools to buy from us?
- Are we well positioned in networks?
- Can we assure you that it is not a problem of knowledge but of activation and conversion?
- In this case, could we optimize the activation-to-purchase process by bringing the technologies closer to our target?
- Is the image that we transmit on the web close and accessible?
- Could we appeal to parents instead of schools so that they see the benefits of educating their children in a school that uses technology in education?
Once the driver is established, we must activate it by running experiments. The experiments are nothing more than those tactics by which we will carry out the chosen strategy.
We may have decided to bring the technologies closer to our target. What are we going to do to check if this driver works? We can send a package to the school, we can participate in thematic and educational events, we can send a free box, we can offer classes for students and teachers, we can adapt our products to each course … What if we have chosen to appeal to parents?
- How do we do it?
- Through a campaign?
- Through an individual purchase offer for each student?
Whatever the driver we decide to activate, all those experiments that we use to activate it must be monitored and analyzed in order to extract data and learnings.
The last step, and probably the most important, will be to record each experiment we carry out together with its result, the data obtained and the lessons we carry out.
While this step may appear purely administrative, it is not at all; what we will be doing through this registry is to create a database that, once we have some traction in the practice of experimentation, we will be able to analyze and begin to find patterns on what works and what does not at the time of pursue business growth.
For more information on how to grow an Edtech business, all you need to do is register with Hypertry. There you will find the best drivers and the most effective experiments in the industry.