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Performance & Growth

The Definitive Guide For Growth Hacking (Infographic)

Growth hacking is all about applying unconventional marketing strategies to break through, grow faster and stay ahead of the competition.

Ehsan Jahandarpour

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While growth hacking is an amazing marketing phenomenon that everyone talks about, there aren’t many guidelines to show marketers how to hack business growth.

Growth hacking is all about applying unconventional marketing strategies to break through, grow faster and stay ahead of the competition.

Related: Lead The Charge By Building Your Business Momentum

One of the biggest mistakes that any marketer, entrepreneur or junior growth hacker can make is to overlook the importance of a business model. In fact, the foundation of your growth hacking strategy is your business model pattern. As a matter of fact, having an innovative business model helps you implement exceptional customer acquisition strategies.

At large, customer acquisition process can be broken down to 3 steps: Attract prospects, activate and engage customers and improve your business performance based on user’s behaviour and feedback.

Check out the below definitive guide for growth hacking Gifographic from jahandaropur.com. It covers four essential steps of growth hacking and customer acquisition scheme and suggests a set of handy techniques to implement right away.

Growth-Hacking-The-definitive-Gudie

Related: All That Glitters Is Not Gold

This article was originally posted here on Entrepreneur.com.

Ehsan Jahandarpour is a startup coach and growth hacker. He helps companies like Microsoft, PETRONAS, and BBDO grow their business.

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Performance & Growth

Why You Should Do Things That Won’t Scale In Your Early Start-Up Days

Unless you want to be a small-business owner with a lifestyle business, you’re probably looking for an idea that scales – something that allows you to 10x your customers and profits in record time – but how do you accomplish this? Here’s some counterintuitive advice.

GG van Rooyen

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In the early days of Airbnb, when the site had just a handful of hosts in its website, the founders of the company did something surprising: They offered to have the accommodation hosts were offering professionally photographed for free. As they didn’t have the money to actually pay professional photographers, they did this themselves. They showed up, introduced themselves and took some pictures.

In the world of Silicon Valley, this seemed absurd. Silicon Valley is all about scaling. You want an idea that’s easy to expand exponentially. For instance, the marginal cost of adding a single user to Facebook or Dropbox is small, which makes these companies extremely scalable.

Service businesses, meanwhile, are typically not very scalable, since they are limited by the time and energy you can physically put in. Every new client brings more complexity and demands more time and resources.

Related: Has Your Business Stopped Growing? Here’s How To Turn Things Around

With their free photography, the Airbnb founders had turned an Internet start-up into a service business. There was no way you could scale this kind of behaviour, so, according to the dominant Silicon Valley philosophy, this was not worth doing. If this was what was required to sign up people on Airbnb, it could never be a success.

The manual approach

So, why did the founders do it? Because Paul Graham at the famous Silicon Valley incubator Y Combinator suggested that they do it.

Y Combinator has funded many, many successful start-ups (including Airbnb and Dropbox), and one of its most common pieces of advice to new start-ups is to do things that don’t scale. Recruiting users manually is not a failure or proof that your concept won’t scale. Most of the time, it’s simply a necessity.

“The most common unscalable thing founders have to do at the start is to recruit users manually. Nearly all start-ups have to. You can’t wait for users to come to you. You have to go out and get them,” says Graham.

“This can’t be how the big, famous start-ups got started, they think. The mistake they make is to underestimate the power of compound growth. We encourage every start-up to measure their progress by a weekly growth rate. If you have 100 users, you need to get ten more next week to grow 10% a week. And while 110 may not seem much better than 100, if you keep growing at 10% a week you’ll be surprised how big the numbers get. After a year, you’ll have 14 000 users, and after two years you’ll have two million.”

Surprise and delight

Another reason, according to Graham, why the manual approach is important, is because it allows you to really know and understand your customers. By visiting all those Airbnb hosts, the founders quickly learnt what they loved and hated about the service.

Related: SME Leaders: How You Can Manage Growth

By doing things that don’t scale, you get a much greater understanding of your customer, which comes in handy once you’re ready to flip the switch and grow quickly.

“You should take extraordinary measures not just to acquire users, but also to make them happy. Your first users should feel that signing up with you was one of the best choices they ever made. And you in turn should be racking your brains to think of new ways to delight them,” says Graham.

Lighting the fire

The only opportunity you’ll ever have to thoroughly engage with all your customers on a personal level is when your business is still small. That’s why it’s important to do things that don’t scale early on. It creates the foundation for successful scaling.

“Sometimes the right unscalable trick is to focus on a deliberately narrow market. It’s like keeping a fire contained at first to get it really hot before adding more logs. It’s always worth asking if there’s a subset of the market in which you can get a critical mass of users quickly,” says Graham.

“Most start-ups that use the contained fire strategy do it unconsciously. They build something for themselves and their friends, who happen to be the early adopters, and only realise later that they could offer it to a broader market.”

You can read Graham’s entire blog post, Do Things That Don’t Scale, on his blog www.paulgraham.com.

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Performance & Growth

3 Ways To Promote Business Growth In A Troubled Economy

If you’re running a small business, here are three things you can do to survive and thrive in this tough economic climate.

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It’s a complicated time for South African business owners. According to Xero’s State of SA Small Business 2017 report, 62% have seen a reduction in consumer demand over the past year, and 68% describe economic instability as their most significant challenge. Of course, these problems that entrepreneurs face are not of their making, but they must face them nonetheless.

There is a degree of optimism amongst entrepreneurs which is encouraging: 45% anticipate that business will stay the same over the next year, and 40% expect growth. While this positivity is a good thing, it must be tempered with pragmatism and proactivity.

Related: 3 Strategies To Implement A Culture Of Innovation In Your Business (Without Blowing Billions)

If you’re running a small business, here are three things you can do to survive and thrive in this tough economic climate. 

1Look for cost savings

This is very obvious, but it’s worth repeating. When your business is contending with an ailing economy, it will be forced to make certain choices. Those choices can become more or less difficult depending on how you manage your incomings and outgoings.

Developing the firmest possible handle on your finances is the best defence against external turmoil.

Look for cost savings wherever you might find them. What subscriptions are you still paying for that you no longer need? Which supplier relationships need to be terminated? Are you spending too much on stationery? Aim to eliminate all unnecessary costs: Even if they’re small, they’ll often add up to a larger cumulative saving.

Technology can often help with this process. For instance, cloud accounting software like Xero can take care of financial administration and cash flow related tasks – identifying any areas of discrepancy or waste and ensuring that your resources are being used efficiently. Taking advantage of it is likely prudent. 

2Automate everything

automation

And we mean everything.

Businesses that waste time, waste money. The more energy expended on manual processes and tasks, the less time you have available for vital business or operationally critical processes and tasks. It’s very hard to grow if you’re spending inordinate amounts of your day on repetitive, time-consuming work.

Related: How You Can Profit From Constrained Consumption

When it comes to things like report preparation, data entry, and accounts payable and receivable, it’s worth investigating your automation options. Things like pursuing invoices can now be done with a click of a button and a few strokes of the keyboard. What’s more, they can be handled safely, legally, and efficiently.

Don’t stop there. See what other tasks can also be automated. When you have more time, you have more headspace for the things that really matter to you and your company. 

3Spend wisely

Although it shouldn’t be a rule during trying economic times, it becomes substantially more important during times of unrest. It’s easy to spend money on hires and gadgets in a blind panic, but it’s also dangerous – and can deepen any financial troubles you may have.

Any investment you have, no matter how trivial, should be thoroughly audited for potential profitability. If it won’t help you make money or become more efficient, it shouldn’t be pursued. If there’s a greater than acceptable chance of making losses, save the risk for a time when your business is more profitable.

Related: Has Your Business Stopped Growing? Here’s How To Turn Things Around

Knowing what is and isn’t a sensible investment isn’t always easy. Cloud technology can again be of use here. if you’re considering investing in service desk software, it can generally let you know if the number of resolved queries will result in meaningful cost savings. If you invest in a marketing automation tool, it will let you know if your campaign ROI is likely to exceed the expense.

Navigating the choppy waters of the modern South African economy won’t be easy, but by implementing the above, it will be more than manageable. With financial prudence, process automation, and strategic investment, you can come out the other side even stronger than before.

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