Growth hacking is a remarkable strategy on which every start-up works. Since every business wants to grow in a quick time. But how to implement growth hacking in the company is crucial. Since every business works differently and their approach is different.
For this, one needs to have a framework, the growth hacking framework. Funnels of growth hacking need to be implemented in the business (not all but one or two). So check out this blog for detailed knowledge about how to create a framework of growth hacking.
- Audience And Objectives:
Every growth begins with the target customer or audience. You need to know your audience, their behavior, and how to keep them engaged. There are a few touchpoints to connect with the target audience and keep them engaged – start with it. Identify and segment it.
The train has to reach its destination. Likewise, the business has goals, which need to be defined for traveling in the right direction. These growth hacks are used to reach the destination. So audience and objectives are the base of the growth hacking framework.
- Get Ideas By Brainstorm:
Understand the North Star of your business and brainstorm ideas to achieve the goals. For example, if a company wants to increase the number of downloads of an application, then they must brainstorm ideas based on it.
An idea should be well researched and must cover all the poke holes, such as questions raised (Why, what, how?) needs to be answered to the satisfaction. If you are successful to do so, then you must start building the strategy with that idea. From this idea, you need to obtain measurable results.
However, you need to brainstorm multiple ideas since you might know where the idea will flop.
- Prioritizing Ideas:
When you have multiple good ideas, it’s time to prioritize. You need to focus on one idea and develop it. Here is how you can prioritize the ideas, why define a few points.
What are the chances of working out of the idea? Maximum or minimum. What will be the impact of it? How effective is it, long-term or short-term? One can answer with the hypothesis. What are the resources required in executing it? Here you must include a pin to plane resources required for execution.
At any point, you feel that the idea is losing, then you must jump to another, instead of reworking on it.
- Lifetime Value:
Every business, start-ups need to grow rapidly, but will it be sustained? That’s the big question to be answered. You must look at growth hacking as sustainable development. No doubt, growth hacking is to increase the customer’s band. But one needs to know that growth hacking also helps to grow the business as a whole.
So you need to focus on this point to make your business growth sustainable since most of the income for a business is from the initial sales.
- Optimizing And Testing:
Testing is like a preview of one idea, how it will work. So you need to test everything before going on the grounds of execution. It will help you to reduce the risk and give you a preview of how your framework will work. Thus, test multiple times and execute the best later.
It is how you can create the framework for growth hacking. Which will help you to implement the best hacks for your business and brand. Thus, you can follow these steps for a better framework of growth hacking.