Growth Hacking is a discipline whose ultimate goal and purpose is business growth. Unlike other sister disciplines that have emerged in the last year such as growth-oriented marketing, growth marketing and growth management, the Growth Hacker has a 360º vision of the business, so that his performance can be oriented to the sales strategy , but it can also be towards product design, customer management and business strategy.
A Growth Hacker is a creative analyst whose work style is characterized by agile and continuous experimentation. Its function is to recognize which are those key points whose optimization will bring the greatest benefit to the company and to do so with the minimum possible expense.
In addition, a Growth Hacker is a professional who does not follow existing standard methodologies - although he can follow the general methodology of the company he is in -. By this we mean that the Growth Hacker is precisely looking for what has not yet been known and has not been proven.
The IoT sector has a lot of ground ahead, but how can we efficiently grow a business in this sector? The first thing to say when it comes to growing, both already established companies and those with more innovative proposals. But, how can we apply this growth methodology to the sector?
The main step in growing should be to set a goal. For this we must observe our funnel and see which are the most critical parts. Do we have more problems in activation or loyalty? Once they buy from us, do they stay with us? Taking into account the presence of technology in our day to day, the IoT sector has a large market. However, one of the basic frictions that the customer encounters is making a purchase decision; This friction is caused not so much by the price as by the change it represents. For this reason, probably the part of the funnel that must be worked the most in the IoT sector is activation and conversion.
For an objective to be eligible, the methodology establishes that it must meet five requirements: It must be specific, measurable, achievable, realistic and temporary. An example could be the following:
"We want to increase the conversion rate by 15% in a period of 2 months."
Once the objective that we are going to pursue has been established, we must select the growth drivers that we will operate. The driver is the strategy that will allow us to achieve more in the most optimal way. Let´s reason: We have a potential client who is considering investing in IoT, he is interested in the value proposition, he has researched on the subject but it is difficult for him to decide. What could be causing such friction at the time of converting?
If we investigate the target, we will discover that one of the basic frictions is caused by the lack of security together with the risk that this change implies.
- What driver can help us to reassure the potential consumer and make them decide to buy?
- Does our brand convey this value?
- Can we use an educational content marketing strategy?
- Can we bring the IoT closer to the masses?
After choosing the driver that we consider most appropriate, we move on to an experimentation phase. In this phase we will execute actions that activate the selected driver quickly, agilely and at the lowest possible cost.
What actions can we take to transmit security to the potential consumer? In the case that we obtain by an educational content strategy, we could make explanatory content that shows how safe the IoT is on the inside, even if it does not appear so externally; We can also choose to add to the package a complete security service in which we assist the client in the event of an alarm; We can also carry out a campaign where the main message is the safety of the product.
Whatever experiment we run, it must be recorded in a place where we explain what experiment we have carried out, what data we have obtained and what lessons we have learned. This is the most important step since we will be creating a record that we will be able to consult in the future to begin to detect which characteristics are shared by those experiments and drivers that work best for us.
To learn more about growing an IoT business, all you need to do is register with Hypertry. Not only are there the most effective growth techniques for each sector, but also personalized consulting can be requested.