Rapid testing and learning from failures is what defines winners today.
Fail fast, shouts the startup culture
It is the risk of failure that prevented large enterprises from embracing this attitude toward growth hacking. But there are some simple rules that can help you to gain support for innovation-driven growth. After all, failure can lead to success.
Reframe the notion
Try to replace the word fail with the more acceptable word learn. Don’t insist on failing fast, but on learning fast, advises an article on the business2community.com website.
Don’t overcomplicate it
When you plan a marketing campaign, develop a clear test-and-learn plan. You need something that can be quickly analyzed, optimized and scaled. Don’t give way to analysis paralysis. Your learning agenda must be clear and one single success metric is enough.
Achieve rapid growth by:
- Acquisition: What cost-effective channels do you have to gain quick awareness?
- Activation: How do you onboard customers so that they immediately enjoy the value provided by your product?
- Retention: Do you have engagement tactics in place to encourage habitual use by customers?
- Referral: What can you do to boost recommendations and references by customers?
- Revenue: How can you optimize profitability?
Internal communication is key
You need to educate the colleagues who are involved to ensure that they are with you. Your marketing strategy should also provide learning for other teams (product and customer experience are your allies) to help to achieve the goal of growing rapidly.
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