Growth hacking continues to be a hot topic, more so in the world for startups. While there are many strategies to achieve the desired growth objectives, here are the top 3 tips from my mentors that delivered great results.
Start with the 80:20 approach for quick wins vs pipeline build
Focus more on the opportunities that are closer to winning. Early wins give a strong morale boost to your teams as well. (Identifying these low hanging opportunities is a topic in itself. Know more from my blog here). Of course, building your pipeline for larger engagements concurrently is critical too. Give the focus a 80:20 split for closing deals vs pipeline build. This would eventually reduce to 50:50 once you start reaping the benefits of pipeline building efforts.
Question the conventional approaches on all fronts
What worked once may not work again and copying someone else’s as-is definitely will not help achieve the fullest of your potential. Don’t be afraid to question the current approaches - in fact question everything. Innovation and improvisation not only applies to the product but to other functions as well. Reinvent the sales, marketing and delivery approaches for identifying better engagement models and improving them in line with your business goals. It is of paramount importance to find the right mix of these functional approaches for your engagements too.
Don’t take your focus off the end-result
Revenue growth would ultimately define your success. Often startups get locked in particular stages – be it product innovation or trying to achieve breakthrough in tough-sell opportunities. It is of paramount importance to follow the Fail-fast models while rapidly experimenting. Remember the ‘Law of Diminishing Returns’. Defining metrics to help decide when to move on to the next opportunity or sales stage is a good starting point for this approach.
There are many insightful growth hacking success stories that you may want to consider for your engagements. You may find some here >> https://growthhackers.com/growth-studies
Could you recall what Growth Hacking practices worked or didn’t work for you? Share in the comments section below.