How to create a Hyper-growth strategy?
One of the biggest challenges for corporations and startups of today is “sustainable growth”: how to achieve it? Hyper-growth no longer refers to a 2 to 4 percent increase in revenuew per year, which might even lead to the death of your business. Silicon valley produces startups that manage to become powerful empires in just 2 years.
What is the trigger for hyper-growth?
1. Perfection does not exist.
Speed can push your business to the maximum in short period of time, this requires responsibly thinking ahead about all the decisions and experiments that will need to be implemented and then executing and automating.
2. Where to start?
Hyper-growth starts follows the same principles of opening any business, focussing on the client. We have to define a service or product which would leave many people dissapointed if you took it off the market.
The second step, is to define very clearly your buying persona, including understanding his/her psychodemographics and emotional triggers for buying and strong desires.
Once you did your foundation work what is the next step?
3. Branding or UX
Third is branding or UX. Europeans are obsessed with elegance and visual impressions and with always being creative and functional.
4. The pirate funnel
The fourth important stage will be working through each section of the pirate funnel, using growth-hacking cycles, brainstorming, designing and rating experiments, executing and finally gathering and understanding the data that gives us the direction to follow for the next cycle.
After you have defined some experiments, and these are performing well, automation will be your next important step. Automation gives you the power to grow whilst turning your efforts towards other channels. Automation plays a key role in growth nowadays, it allows to escalate your business globally at a much faster rate.
6. Creating disruption
What is the next step of growth? Creating disruption, i.e running experiments in each one of the phases of the funnel you defined.
Hyper-growth is strictly connected with creativity.
Being creative has become essential as the competition has drastically sharpened over time. Creativity can itsefl create value and help in gathering as many leads as possible.
A good hyper-growth initial strategy is to test the ground with several lead generation techniques in different countries. Each lead generation approach mustim adapted to the culture and language of your target market.
In Italy, for example, initial effors may yield the best results if we follow an f2f, friend to friend, approach, as word of mouth is the most powerful referral system in that market.
In the US you you might experiment with having a European representative approaching prospects as there is a great deal of curiosity and fasciantion with what can be learnt from the old continent and European Business Strategy.
Our key role in hyper-growth is to have an in depth understanding of our buying persona then working on creating communities of homogenous individuals, so that not only can we concentrate our efforts in a well selected pool, but this pool will contain exactly the type of individual that will be ready to refer you, defend your approach, because their loyalty comes from truly believing in your product or service.
Article by Adrian Moreno - Head of Growth.