Growth hacking is a methodology that is making the front pages of magazines and thousands of articles in blogs and videos on specialised channels. But what is it really?
Can growth hacking be applied to the electrical and electronics sector? Can the electrical and electronics industry really apply the growth methodology and the active experimentation framework? And most important of all, how can it help you or your company?
To start talking about the topic: Growth hacking is a relatively new approach in the field of marketing, which focuses on the growth of companies. The goal of its extremely effective methodology is to quickly test ideas that can improve the customer experience before investing a lot of resources, copying and scaling up ideas that can work, and modifying or abandoning those that don´t work.
First, we start with metrics to measure the growth of our electrical and electronics business. The key metrics should always be the ones that best deliver growth in electrical and electronics, such as the number of product units manufactured, how many sales we have had per month, or quarterly revenue.
Once we know which metrics are most important, it is time to set objectives. Objectives should be SMART, which means specific, measurable, achievable, relevant and timely. Achieve a 10% increase in quarterly sales, manufacture 5% more mobile phones per month or get x more employees in your company. Think of goals as a desired increase, or decrease, in your key metrics.
Once you know what brings growth, which KPIs to focus on and also what the SMART objectives associated with them are, it´s time to design or devise growth drivers. Growth drivers are hypothetical ways of achieving our objectives, and we will validate or reject them through small campaigns, called experiments.
Make your products stand out from the crowd. In order to sell your products you need them to stand out from the rest. How do we make them stand out from the rest?
Build customer loyalty. By building customer loyalty you ensure that they will come back to your company and buy more of your products, how do we achieve this loyalty?
We have to test based on the target audience. Not all products are aimed at the same public, depending on the public, one type of advertising will be used or another. How will the advertising be? Where will the advertising be? For example, inbound marketing takes advantage of this type of advertising by providing valuable content. Its purpose is to provide users with useful information, and the purpose is to guide them throughout the buying process until they reach the final stage and become customers. How can we therefore use it? Where are the points of this strategy that will give us a competitive advantage over other companies in the sector?
Be active on social networks. Generating interactions between the company and the users through publications on the networks gives the sensation of closeness. What are the most appropriate networks for our type of public? How do we know? What type of publications are we going to make to generate this interaction?
All these questions and more are the ones we have to answer to find the right marketing strategy, answering them from small tests that allow us to have a global vision of the most important thing: What can make us GROW.
Finally, the apprenticeships. It is essential to document the lessons learned in order to know what has worked in the past and what should not be repeated. It is necessary to have a regular feedback loop and to follow up on the learnings on a constant basis.
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