Often, those who get by are those who pivot their business model. To get back on track economically, you have to rethink your marketing / innovation strategy. To accelerate the growth of your innovations without a budget, there is one method and one mindset: Growth Hacking.
We had the pleasure of co-hosting this webinar with Join Lion, the school of entrepreneurship and innovation.
What you will discover in this replay:
- Define an adapted innovation and Growth Hacking strategy
- Using the right hacks to grow fast
- Confront your innovations with your post-crisis market
We will see its definition and its subtleties later. Finally, you will see that the "without budget" remains possible, but it is of course necessary to see this rather as an image, because this strategy ultimately requires few budgets of course, but above all it requires a state of mind, a culture, a desire and above all a team… It is thanks to these components that the magic can operate…
Finally, we are talking about a violent and lasting crisis, but "Post-crisis" can and must be an opportunity to seize to draw its game. Startups certainly make (even more) the difference to meet the challenges of tomorrow, because our modes of consumption of innovation will change.
3 keywords to remember here: resilience, agility and creativity!
The fundamentals of an innovation strategy adapted to the crisis
Uncertainty and failure are a culture inherent in innovation, but this is rarely the case in a business historically where you have to justify your actions, your expenses and above all seek to maximize profit and short-term profitability. .
However, commercializing innovation does not necessarily require large budgets. Some companies will start from a customer pain point and attack the big players in the market by responding specifically to this pain point.
Innovation is therefore either to take risks to seek to "disrupt" a state of the art, or to improve your innovations incrementally: the little extra that will sell your innovation ...
Finally, innovation marketing goes through several phases: understanding my client, building his business model, prototyping his offer, confronting it with the market, improving it based on feedback from the field and finally putting his innovation on the market and communicating around his strategy (exploring, structuring, test and drive…).
However, be careful, this is not about applying this type of method or steps to the letter. You should never lose your intuition and your execution skills! These methods are not absolute truths, you should certainly be inspired by them, because they have been proven, but it is essential to keep this "beginner's luck" and to have a broad and open mind towards all these methods. concepts ...
Talk about now Minimum Viable Prototype : make sure to have an innovation that can be improved but which attracts the market, then finalize this innovation in order to then make it viable and launch it on a large scale, having been the first to do so, at the right time ...
The fundamentals of a successful Growth Hacking strategy
As indicated in the introduction, the fundamentals of Growth Hacking are ultimately simple, it is about generate sustainable growth in a short period of time having as skills: creativity, data analysis, coding and business / marketing intelligence.
Growth Hacking is not a magic formula!
Just because you hire a “GH” doesn't mean your growth will explode in no time! If you do not know your customers, if you do not feel the emerging trends in your market, if you do not respond to these issues: this method will be useless in the long term.
Finally, there are different levels of Growth Hacking. For example, if you are booting, you will need a “jack of all trades but expert at nothing” GH. Then, the more you grow, the less this type of profile will serve you because you will have to specialize each of the skills according to your needs via experts in acquisition, retention and all stages of the process. AAARRR framework which we will talk about next.
Finally, Growth Hacking is also related to techniques and methods of manipulation of consumer psychology (see the reference book on the subject "Influence and Manipulation") But again, without your customers understanding what you are doing, enjoying it, and talking about it around them, the hacks will not succeed. Growth Hacking will then only serve to accelerate this appetite.
Let us not forget again the creativity to innovate.
We are all creative at different levels but we need 3 desires: to learn new things (for example discover the methods of growth hacking here), be inspired by others (because there is very little absolute creation) and discover, be inspired by things that potentially have nothing to do with with the subject you are dealing with.
Finally, today, sometimes, very good innovations do not find their market and conversely, some bad ones are successful ...The famous Product Market Fit is a relatively biased concept because it must also be accompanied by other “Market Fit” (example: model, channel).
There are several ways to test this PMF:
- If 30% your customers would be very overwhelmed to no longer be able to benefit from your product.
- Customers who answer 9 and 10 in the satisfaction survey (your “power users”, with whom to co-construct your innovations).
- Finally, retention: how often do your customers use your innovations over time?
Sure the AAARRR framework, don't forget the Awerness, the reputation of your brand, the value you create and the retention of your users (how to ensure that your customer remains a customer for the longest time…).
Knowing that Growh Hacking is more and more product oriented, this framework can and must be modular: not necessarily in the classic sense (for example, more and more platforms offer the answer to your needs before asking you to activate your account: from activation to acquisition …).
Finally, in times of crisis, another strategy can greatly inspire you: this is the so-called "Blitzscalling" (materialized by the founder of LinkedIn).
It is a question of being inspired by a military strategy which consisted of create a small, but very well prepared, equipped, mobile and fit army to launch them against more robust armies heavy, slow and tired mails.
In entrepreneurship and the success of Startup, it is the same thing. For example Uber, without investors would not have been able to find a place so quickly in a tired market… Likewise for Airbnb which launched internationally very quickly to occupy the ground as quickly as possible. These two mastodons have very inspiring stories on this subject because they started only with intuitions and agility then were ultra responsive to very quickly launch lots of innovations and thus impress competitors who are historically well established ...