Growth Hacking is a methodology that seeks the maximum optimization of the business in pursuit of economic growth. In other words, it is a discipline that seeks to achieve the highest possible growth through the least possible expense and effort.
Through a global vision of the business, a Growth Hacker analyzes the company together with the different parts that compose it and the way in which they are interrelated. Through this analysis, it identifies the growth drivers, which are those areas on which to act will bring a greater increase in profit compared to the cost of the action exercised.
After identifying the drivers, you will go through an experimentation phase in which you will execute small actions (called experiments) that will seek to activate these drivers.
In addition, a report will be made of all the actions carried out and their results for future analysis.
Although it seems a very technical discipline, its exercise is much simpler than it appears. The transport sector has a lot to grow; especially at the time of digitization and technological transformation. Therefore, the discipline of Growth Hacking has much to contribute to this sector, although it must be taken into account that, in line with the global vision of the business that characterizes the growth hacker, this discipline can act on the marketing, the product or the business.
The first step to apply this discipline is to establish a growth objective that, to be suitable, must meet 5 characteristics: It must be specific, measurable, achievable, realistic and temporary. In case of doubts, we can find out which is the best goal that we can set ourselves by observing which is the most critical part of our funnel and establishing a goal whose purpose is to optimize it.
- Do we have special activation problems?
- Or does it cost us much more to convert?
- Do people use our product again if we offer a mobility service?
Once we have established our growth objective, the next step is to choose the growth driver that we are going to use. The driver is nothing more than the strategy that we decide to carry out to achieve the objective that we have set ourselves.
For example, suppose we have set the following objective: “We want to increase dealership conversion by 10% in a total of 3 months and we will measure this by the average number of cars sold in the store.
- How are we going to do it?
- What strategy can we use so that people decide more to make the purchase in store?
- Could we use a personalization strategy?
- Could we use a loyalty strategy?
- Could we give an added value in case of making a purchase in the store?
- Would a hook strategy do?
When choosing the driver, we must think about which strategy can bring us more with less effort and / or expense.
After choosing the driver, we move on to the time of experimentation. The experiments are those actions by which we will execute the driver.
- How can we apply a personalization strategy?
- Could we ask the potential client about his lifestyle in public relations, take an interest in him, and explain how the car he is interested in could make life easier for him on a day-to-day basis?
- Or explain why the car we are trying to sell you is the most suitable?
- Could we make store sellers have a tablet to show in detail the attributes of the product (such as internal systems of the car, the vehicle in motion, its mechanisms, how it is built, its energy process ... etc?
- Could we put a screen on the wall that shows the driver´s experience behind the wheel?
Finally, the last phase is that of apprenticeships. Every experiment must be monitored and analyzed so that it can then be recorded together with the results obtained, the data extracted and the lessons learned.
This will be creating a database through which over time we can begin to detect what works for us and what does not.
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