It’s no secret that buzzwords are thrown around like hotcakes in the marketing world. Things change every now and again, and marketers all over the place become pumped. Growth hacking has been around for a while, and it’s past time for your marketing team to take use of its potential. Every company wants to expand, and with so much data floating around in the cloud, there’s a lot of opportunity in approaching marketing through a new lens: growth experiments.
If you want to know more about growth experimentation, its importance, and the particulars required for such experimentation, then this article will have you covered.
What is a Growth Experimentation?
But, first and foremost, what is a marketing growth experiment? It’s a set of tests that assist marketers confirm certain assumptions and, eventually, develop their businesses. It’s a short-term cycle used by marketers to gather data and determine the most efficient strategy to build a company. When you consider the typical marketing method, it’s easy to say it’s a bit stiff. Every year at the conclusion of the year, marketing managers get together to set one-year marketing plans.
Following that, a series of large investments and execution strategies to satisfy company objectives and KPIs will be implemented. Growth experiments are a different method that might give your company a whole new viewpoint. You might discover that you don’t even need to invest in marketing to develop your company.
Why Conduct a Growth Experiment?
These experiments might not always be a success and cannot expect all of them to work. The concept of this experimentation period is binary.
- Firstly, these are the small trial methods to ensure future benefits of the company. They help you to analyze the functionality of a strategy before committing to it.
- Secondly, these experiments set an example of how to conduct certain changes when the need arises and this only gets better with time. The entire team comes together to efficiently multiply the success.
Advantages of Conducting Growth Experiment
If you are skeptical about the advantages of experimenting with different ways and taking risks to do so, then here are a few highlighted advantages listed below:-
1. Reliable and Reduces Risk
When you start a company, you never know the exact right way of making it successful. The growth experimentation allows you to take calculated risks and set measurable markers for profits and losses. This mitigates the risk factor that is followed by the introduction of new principles.
It foreshadows which campaign will work best for your business and what has to be excluded. This lays a better foundation and a reliable work process for the future. You get concrete expectations regarding the success of the company.
2. Promotes Long-Lasting Success
With the growth experimentation, one can develop patterns of analysis that will fetch advancement in the business over time. You first build the tests’ layout that should be held using minimum resources. After the implementation of the process, you need to analyze if it was a success or not.
The formation of a firm structure lays down the blueprint of initiating such tests and sets an exemplar of the success rate. With each test having its unique purpose, the course of action will follow a similar way with more insight and stability over time.
3. Sharing Common Goals
The process of growth experimentation leads to the alignment of the goals of the business. The foresight required for the implementation of the innovative changes,, is not always prominent in the business plan. The Invention of these changes requires visual collaboration and mutual understanding with a strong sense to communicate your ideas.
It naturally builds a deep sense of teamwork, after the reason behind the change is understood well. The close working, and constant reasoning, eventually lead to the development of shared goals and intense bonds.
Growth Experiment Template
Conducting multiple growth experiments simultaneously might get difficult to track. You will lose focus and be unable to channelize efforts. This calls on for the requirement of a growth experiment template.
This template is made to track the experiments and their progress to keep an eye on their success. It may prove to be of great use when formulating a marketing scheme, exploring a business approach, auditing advertisement methods, or anything linked to the growth of the company.
1. Brainstorming Techniques
The prime step of the process is the brainstorming phase that helps to define the areas of concern that have to be explored and expanded. The priority should be given to the things that would add worth to the customers, and the strategies created should be well researched on the kind of customer reach that the business has.
It can be achieved through strong market research. It is always better to target the requirements of the existing users by creating solutions that are specifically centered on them.
Maction can help you scale up your business by proving strong market insights and actionable research.
2. Stress on Ideas
After listing out the various hypothetical situations, you can start laying stress on the ideas and how they should operate. In this step, you need to prioritize the facts and figures that will bring the imaginings to life. By prioritizing your ideas, you can predict the flow of your outcome and how it is related to your customer’s needs.
The needs should be clarified before and have further insight while chalking out the distinct flow of the strategy. When you are in this phase, make sure you have a clear understanding of the goals that you need to achieve and address them well.
3. Form the Solution
After everything is thought of and said, now it’s time to spotlight the physical indulgence required to form the entire solution into a reality. Whether it is to advertise something very unique, design a new application, generate potential marketing leads, or get into a partnership for a contractual period, this is the period where all your solutions have to be turned into actions.
It gets crucial to have an evaluation criterion to check the activities of the experiment. The following points should be taken into consideration-
- Where does the success rate stand?
- What are the chances of failure?
- What are the changes to be introduced?
- How is the hypothesis satisfied?
- What to expect about the outcome?
After formulating the metrics, you are all set to start with the experiment.
4. Testing
This is the execution phase in which you see which of your strategies work. The metrics that are formed have to be executed and detailed notes are to be taken off the flow of the course. You need to push your plans against something that is measurable. This will lead you to accurately compare between two or more experiments.
This testing phase will instill a subtle understanding of how the operations would result in the case of customers if they are sustainable for a long-run growth plan. You can extract most of the feedback in this time frame.
5. Analyzing the Results
The final step is analyzing the thorough updates of the various experiments and investigating their graphs. Gathering the final outcomes, comparing them with the metrics that were created.
Determine what is the success achieved and what are the areas that need to be improved. Analyzing one experiment may lay down the tracks of a whole new experiment. In this case, you should give it a go, as now you are wiser than before.
The Bottomline
The way competition has raced in the past few decades, it is essential to expand one’s business in order to stay on the record. One of the best ways to advance in the growth experiment that supports trial and error methods, gauging success and failures at a small scale. Maction can help you scale your business fast through growth experiments. To know more, book a call today.
