Growth hacking and creative marketing strategies for retail companies
How can a store like IKEA allow customers to easily navigate their massive catalog online? An interactive catalog was the answer. It really does feel like flipping through a catalog but in a way that’s more appropriate for the digital space. It allowed IKEA to showcase their newest ranges while also providing users with easier navigation.
Sergio Lopez
By showing women at the start of their fitness journey and highlighting their inner hopes and insecurities, Nike was able to connect both with women and with men. The campaign showed Nike as a brand for everyone that aspires to be active, no matter their current level. With female empowerment hanging thick in the air, it showed a deft sense of timing too.
Sergio Lopez
Growth Hacking is an agile and creative growth methodology. Born among startups, this business discipline seeks to grow through the minimum possible expense. However, can growth hacking be applied to the retail industry?
To do growth hacking, a business analysis is carried out where the growth drivers are identified; These are those parts of the business which optimization will involve a minimum cost and will report a much greater increase in profits.
These drivers are activated through a methodology of continuous experimentation in which all actions that can lead to business optimization are put to the test, or how we call it, to experiment.
A Growth Hacker is a technical and analytical profile, curious and creative. You need to know about business but also be restless enough to always try new things. Is Growth Hacking applicable to the retail sector? Of course, but it must be taken into account that growth hacking not only encompasses the marketing strategy, but also involves the product and the value proposition. In other words, the discipline of Growth Hacking will also detect ways to grow a retail brand through small modifications that can be made in the physical space, not just on the web.
If you are interested, keep reading.
The first step to achieving business growth is setting a smart goal. What does that mean? The SMART philosophy states that a smart goal must be - following its acronym - specific, measurable, achievable, realistic and temporary. To do this, the most efficient thing will be to observe the funnel and detect which part of it is where we lose the most customers - whether current or potential -.
Optimizing the most critical part of our funnel will be the action that brings us the greatest benefits. An example of a smart goal would be the following: "We want to increase the number of people who return by 15% in a total of 3 months and we will measure this through recurrence and the retention phase." As we can see, we have specified what we want to achieve in a realistic way, we have established numerically the percentage of increase and the time in which we want to achieve it and also we have thought about how to measure the results.
Once we have established the growth objective, we must choose the most efficient growth drivers. As its name says, a driver is a strategy that allows us to drive greater results with the least possible effort; that is, we must choose the most efficient ones to turn them into modus operandi of the company.
After choosing the drivers to test, we move on to the experimentation phase. The experiments are those actions by which we are going to operate the driver; that is, they are the tactics by which we are going to execute the strategy.
Suppose we opt for the driver of a loyalty program.
Can we make clients feel even more special? The last and most important step is learning documentation. Every experiment must be monitored and analyzed in order to be able to record it later; we must take a note on the action that is carried out, the results obtained, the data extracted and the lessons learned. This will help us to have solid data thanks to which we will not make the same mistake twice and which will also make us more effective and efficient as time goes by, since we would already have all these insights prepared for later.
For more information on how to grow a retail business, all you need to do is register with Hypertry and ask for a one to one session through our chat!
Sergio 
