Growth Hacking is a concept that has not stopped being heard in recent years. However, the definitions of this practice are multiple when companies are asked that they have a professional in their organization chart.
What is Growth Hacking? In short, it is a practice whose ultimate goal is the continuous optimization of the business in pursuit of its economic growth.
Therefore, the Growth Hacker is the person who analyzes the business in its complexity and the different parts that compose it in order to then identify which of these is more profitable to optimize while its optimization will entail the lowest possible cost with respect to the growth that this will entail. In the business.
Born among startups, Growth Hacking has spread to companies in all sectors and thousands of businesses are trying to integrate this practice today.
Can Growth Hacking be applied to a sector with as much infrastructure as machinery? Of course; below we explain how.
The first step is to establish a growth objective, for which we must detect which is the most critical commercialization phase.
- Do people know us?
- Are they interested in our brand?
- Do they convert?
- Will they buy from us again?
Once the most critical phase is detected, we must establish a goal following the SMART philosophy. It states that a growth target must be specific, measurable, achievable, realistic and temporary.
An example would be: "We want to increase loyalty by 20% in the next 3 months and we will monitor it through the number of old customers who buy from us again." We know what we want to achieve, we have set a reasonable time and figure to achieve it and we know how we are going to measure the results.
After setting the goal, we must think about establishing a driver for growth. The driver, as its name indicates, is that strategy that will allow us to achieve the most optimal results through the least possible effort.
- How can we build customer loyalty?
- Through an email marketing strategy with which we maintain communication with them?
- Making them follow us on social media?
- Through specific loyalty strategies?
Although loyalty does not have to be the critical point of all companies in the machinery industry, those that encounter this problem tend to suffer it because the customer finds other brands with more advanced options.
Once we opt for that driver through which we will pursue our objective, we will move on to the experimentation phase. The experiments are all those actions that we will carry out to activate the established strategy and that we will monitor to see if they work or not.
- How can we build customer loyalty?
- Do we keep you up to date with the news?
- Can we send you personalized emails where we offer you extra value?
- Can we contact them when the payback time for the last machine they bought has passed and offer them a discount if they buy from us again?
- Can we offer you repair and / or return services?
- Are you happy with our current services?
- Can we send you a message to rate the quality of our services and explain how we can improve?
We will finally get to the learning phase. As we have mentioned, all the experiments we do must be recorded together with the results, the data obtained and what we have learned. This will help us to create a database through which, after a while, we can analyze and begin to detect patterns, obtaining valuable information on those strategies that work and those that do not.
For more information on how to grow a business in the machinery industry, simply register with Hypertry. There you can request personalized consulting and enjoy all the updated content that is published on the most effective drivers and experiments.