Growth Hacking is a methodology that looks for those drivers that make a business grow and optimizes them.
Born in the world of startups, this discipline aims to achieve the highest possible growth through minimal spending.
Being an analytical, curious, technical and creative profile, the Growth Hacker is a professional who has a global vision of the business, understands its operation and the interrelation of its different parts and recognizes which are those elements whose optimization will be more profitable for the business. In other words, this professional identifies those drivers that will make the business grow exponentially.
Being a practice based on continuous experimentation, Growth Hacking is characterized by being an affordable practice whose purpose is to make the operation of the company and its business as efficient as possible.
The Martech sector is probably the sector closest to this discipline since what it does is precisely offer tools that help its clients´ business to be more efficient. However, when a business becomes too focused on helping its customers become more efficient, they can lose track of their own efficiency and growth. Deep down, Martech businesses are also struggling to grow their business; For this reason, we have decided to make a personalized entry for all the companies in this sector. How can we grow a Martech business?
Well, the first step is to set a growth-oriented business goal. For this we must observe what is the most critical part of our funnel.
- Do we have more problems in customer acquisition or retention?
- Are we a well-known brand?
- Do users go through the activation process but fail to convert?
Selecting a goal that aims to optimize the most critical part of the funnel will be the most efficient. For example, we could opt for a goal like the following: "We want to improve the activation phase by 20% in the next 3 months and we will monitor it through conversion metrics."
As we can see, the objective must be specific, measurable, achievable, realistic and temporary.
Once we have the objective, the next step is to choose the driver that we will use to achieve it. The driver, as its name indicates, is the strategy that will allow us to achieve more with less.
- If we have problems in the activation to conversion phase, how can we optimize it?
- Could we apply a software humanization strategy?
- Or could we go for a campaign that highlights our value proposition?
- Would having a virtual assistant help?
- Or would it be more efficient to improve interaction through the UX and UI?
We must bear in mind that, when it comes to software, there is a basic friction that every customer goes through and that is how difficult it can be to learn how a software works. Therefore, once said friction is eliminated, achieving the conversion is much easier.
Once we have selected the driver that we are going to use, we will go on to the experimentation phase. The experiments are all those tactical actions through which we operate the driver.
What can we do to reduce the friction that the potential user may feel in front of a product that may seem difficult to use?
Could we create an on-boarding in which, when you register, we help you step by step to learn how to use it?
Can we offer you extra content so you can learn about the discipline of software?
Can we make a simpler and more minimalist design?
Can the software be more intuitive?
Can we add color or graphics to make it more visual?
As we perform each experiment, it must be monitored and analyzed using metrics and KPIs.
Finally, the last and most important phase is the learning record. We must have a database in which we record the experiments that we run, their results, the objected data and the lessons learned. This will help us to learn which are those drivers and experiments that work and which do not.
For more information on how to grow a Martech business, you only need to register on Hypertry. There you can find the most effective drivers and experiments for the sector and you can also request personalized consulting.