Developing a successful Digital Strategy is a massive process in which a structured approach walks together with agile developments and constant experimentation. The question remains: how to balance these two contrasting yet needed elements? Here are three essential elements to develop a results-oriented strategy.
1) Growth framework
The first essential step for a successful growth strategy is the development and implementation of a Growth Framework wherein a skilled team can run experiments that are constantly optimized for better results.
This constant optimization requires a process and frequency quick enough to turn insights into results and create a process of acceleration of tests until sustainable results are found. To create these results, a team needs to align itself around few but strong KPIs – such as “more organic growth”, more online leads” and “content creation”.
These KPI’s in mind, the team leader can implement an accelerated process such as this:
1) Goals (both by outcome and results expected)
2) Generate ideas between you and your team
3) Prioritize them in relation to the KPIs
4) Divide the experiments with your team and implement them within a short span of time
5) Measure the results in a fixed point in the week
6) Scale-up the good solutions and scrap the bad experiments
This framework can be done within a larger Project Management methodology like SCRUM and needs to be short and results-oriented to generate proper results. The choices to feed which results need to be achieved can be fed via quarterly meetings or yearly goals.
2) Conversion Points for growth
The main focus of Growth Hacking is to identify points in the conversion funnel that need to be tweaked to maximize results and revenues. These elements can be optimized and maximized, which can generate unseen growth for companies. Some common points of improvement to accelerate growth are:
– Readers to Subscribers
For businesses with online presences, blogs are commonly the cheapest and easiest form of communication and visibility. Turning the blog readers into subscribers is essential to be able to have data to use in other marketing actions and feed the sales process.
– Free-to-paid Conversions
Further in the process, it is important to create comfortable constraints to nudge leads into paid customers. Using paywalls and limiting product usage are some options but the most important factor to consider here is that the aim is to increase customer’s experience and not repel current users.
– Strategic Upgrades
Retention is essential for growth but upgrades is as important. Growth-oriented strategies usually employ excellent customer support and pricing models based on usage and added value and with this price and value walk hand in hand on the customer’s perception.
3) Growth Software Tools
With the democratization of internet and tools, new programs, softwares and tools are popping up in the market like never before. Several of them are focused on small niches of needs that can make the marketing process more efficient but are still relatively small and unheard of, which is a competitive advantage for those using it.
Here are some that can be implemented now:
This platform allows users to schedule content to several social networks at the same time, creating a better structure and process for external communication.
Quu allows users to automatically generate basic forms of content to feed social channels, freeing up time to be invested in the generation of quality content.
Drift surfs in the chatbox hype that gripped the market. With websites that are still not responsive enough, drift creates chatboxes that can be automatized to deliver personalized answers to common questions.
AdRoll is a simple tool to create remarketing campaigns, by bringing leads into a circular motion of content visibility.
By setting a framework for action, focusing time and effort in the points of the funnel that need improvement and being constantly on move to find and implement tools that can maximize your results, you will start to see a clear improvement in your growth hacking initiatives.