Growth Hacking has become a very popular discipline in recent times. A large number of companies have incorporated a Growth Manager, a Growth Marketer or a Head of Growth to the team; however, the definitions of the discipline diverge as various sources are asked.
In short, Growth Hacking is a discipline whose ultimate goal is business growth; This is achieved by identifying those parts whose optimization will result in a greater increase in profits for the business.
Although it is often confused or merged with Marketing, a Growth Hacker has a much broader vision of the business than the Marketer since, while the latter focuses on marketing and sales, the scope of the Growth Hacker is the entire board of the deal.
In other words, the Growth Hacker does not only act on sales and marketing, but also on the general strategy of the business and on the management of the product or service.
Growth Hacking can be applied to any industry, including media production. Below we explain how.
The first step for any business is to set a growth goal. For this we must detect which is the most critical phase of our funnel. Does it cost us more to get an audience or retain it? Does our advertising have many views but then few consume the product? Once the critical part is detected, we must establish a growth objective that, to be considered suitable, must follow the SMART philosophy. This means that, following the acronym in English, the objective must be specific, measurable, achievable, realistic and temporary.
An example could be the following: “We want to increase the CLTV by 15% in the next 3 months and we are going to measure it through the customer´s life cycle and recurrence”.
The next step after setting a goal is to choose the most appropriate driver to achieve it. Drivers are strategies by which we will reach the proposed objective; To choose the most optimal, we must choose the one that allows us to achieve the best results at the lowest possible cost.
- How can we make the consumer continue to consume our products?
- Can we do it through a media strategy?
- Or can we use an alarm technique?
- Can we devise a strategy over time that prompts the audience?
- Can we do it by customizing products?
After choosing the most optimal driver, we come to the experimentation phase. The experiments are those tactics by which we will try the selected driver. As the word "experiment" says, these tactics are trial and error techniques with which we try to investigate what helps us to grow and what does not.
If, for example, we have chosen to create an expectation or alarm strategy,
- What could we do to create consumer expectations and increase their desire to consume?
- Could we flashbacks to it?
- Could we show you key scenes from other products?
- Could we do a personal taste test to show you scenes from other products that match those tastes?
- Could we set you an alarm when an episode or a new production is about to be available?
- Can we offer you that you signed up for our newsletter to keep you up to date with how the productions are progressing?
Every time we carry out an experiment we must monitor it and record the results.
- Has consumer recurrence gone up?
- Do they open the emails when we send them the newsletter?
- Spend more time with us?
This brings us to the last phase, which is the registration of each of the experiments together with the results obtained, the data extracted and the lessons learned. This will allow us to have a database with which we can then begin to detect which strategies and actions give us the best results.
To learn more about the most effective drivers and experiments in the media production industry, just register with Hypertry. There you can also request personalized consulting and access all the free resources.