In the past we did marketing knowing that some of it worked and some of it did not. We built brands, sold products and we hoped that our customers would come back and tell their friends about us. We ran brand recall surveys and we hired agencies to improve our chances and we spent millions.
Today’s start-ups and big digital companies from Grab and Airbnb to Amazon and Zalora are challenging traditional marketing; even digital marketing. Instead, they have turned to a new approach; using data, customer insights and behavioural economics theories to power targeted communication and build radical new types of disruptive services and businesses.
These companies focus on growth; revenue and customers. They use data to spot opportunities to better meet customer needs and to push those who hesitate to buy. They turn their customers into on-going revenue streams and they help them become recruiters of further leads and prospects.
Instead of marketing departments these companies have growth teams: interdisciplinary powerhouses that understand experimentation, data, analytics, lead nurturing, nudges, personalisation and how to drive long term value. Both what they do and how they do it are different and experienced “growth hackers” have become highly sought after in the market.
To become a growth hacker or apply growth hacking to your business you will need to sharpen your data smarts, find new tools and be prepared for a lot of experimentation.
10 things to think about
- How do we chose the best ‘hacks” from companies around the world?
- How do we measure business success in the new world of growth?
- How do we understand what customers really need?
- How do we automate driving the customer on a multi-stage journey towards purchase?
- How do we design brands, products and services that are irreplaceably irresistible?
- How do we engage our customers to recruit further prospects on our behalf?
- How do we build upon our existing marketing knowledge and skills?
- How do we craft and learn from experiments?
- How do we harness nudge psychology including fear of missing out and scarcity?
- How do we get buy-in from our teams and managers?
If you’re interested in the Growth Hacking Lab in Singapore, please get in touch with email@example.com