Do you know there is a connection between Growth Hacking and Agile Methodology? Looking initially, these themes may seem a little distant.
However, these concepts are related. Many companies, however, do not have this information and end up missing opportunities to grow and make their business more scalable.
Growth Hacking is a framework, which aims to increase a company’s customer base and retention, thus increasing its revenue.
To achieve these goals, the method makes use of deep data analysis, constant experimentation, and learning, always aiming at continuous improvement of products, services, and processes.
In this article, we’ll talk about the relationship of these concepts with the principles of Agile Methodology and we’ll provide tips that will help build a complete and efficient Growth team.
What is growth hacking?
Growth hacking is a solid, accelerated growth strategy with full customer satisfaction tactics. The method creates action in the areas of product development, service, and marketing to collaborate in the collection and handling of data, which become powerful insights for your business.
One of the main differentials of growth hacking for other growth strategies is that it is concerned with qualifying your brand’s progress.
This means multidimensional information gathering about who your leads are, what they expect from your product or service, and how to keep your customers happy with the value you deliver.
In this sense, for growth hacking, vanity metrics have very little weight in engagement analysis.
As the strategy is based on the objective of reaching people who are fit with the brand, cultivating a thriving relationship between the company and customer. For this, the method is based on a six-element process.
1 – Hypothesis
Before making decisions, hypotheses must be made based on an already mapped history of how changes can impact the purchase journey or the customer experience.
Note that in the example there is data, which makes the objective solid and makes it easier for you to assign a target for the sector, at least to assess the performance of the team.
Likewise, growth hacking hypotheses are focused on customer experience.
This is possible since process automation has taken on bureaucratic and large-scale tasks, allowing time to develop more humanized dynamics throughout the customer journey.
2 – Assess by Metrics
In the same way that the hypothesis has data to evaluate performance, they are transparent metrics that guide decisions.
In this sense, if the critical point of growth hacking is the conversion of leads on the website, the demand is transformed into KPI. This generates experiments and then results with the potential to attract more qualified visitors to the website.
Growth hacking targets KPIs because this measure makes the objective solid and palpable, facilitating the construction of a culture of results and efficient decision-making.
3 – Growth hacking team
Growth hacking teams are both interdisciplinary and familiar with these areas of expertise.
It is increasingly common for growth hacking teams to be high-performance professionals, to be able to put into practice creativity and data intelligence synergistically and assertively.
In addition, the team must have the autonomy to make decisions, approve tools and carry out an experiment to make this performance management process agile.
4 – Tools that help your search
To keep a consistent and up-to-date information base, the growth hacking area has tools such as Google Analytics, Google Search Console, and Keyword Explorer. They are used to analyze SEO, keywords, and competition analysis.
Other essential tools are customer experience analysis, real-time feedback, and social media tools such as Facebook and Twitter Analytics.
5 – Efficient Workflow
The growth hacking team’s workflow is well structured to follow up on the hypothesis testing experiments that are running and to constantly analyze information from your business communication channels so as not to miss timing.
6 – Monitoring
Finally, the team follows up on the results and lessons learned from the experiments and reports collected. Ideally, these meetings with everyone involved should be weekly, precisely to make quick changes.
If you want to know how to improve your project management, see how Scrum methodology can be adopted in your company.
Growth Hacking Funnel
Just as there is the famous Sales Funnel, there is also the Growth Hacking Funnel.
The framework proposes a funnel in 5 steps, which has the function of helping the application of the methodology, with assertive actions, corresponding to each step.
We will now see how each of these steps should be applied and how it will increase the number of people who move to the next step and make it to the end of the funnel, converting more leads into closed deals.
In the first stage of the funnel, the Growth Team must be formed, defining the main growth levers and ensuring Product/Market Fit, that is, the marriage of your product or service with the market in which it operates.
It’s important to confirm that your product is good and that your target market wants it. So, focus your efforts on ensuring that your language and channels are suitable for working with your target audience. In this way, the acquisition of new customers will be won.
It is essential for a company to strengthen its relationship with its customers. Just as important as creating and acquiring new customers is keeping them. And this proves to be a huge challenge that most companies have difficulty overcoming.
To be successful at this stage, you need a lot of focus on customer engagement. Always recognize and reward engagement by encouraging positive feedback and referrals from your company.
Here is the main objective of any organization, to generate revenue for reinvestment in the company, for employees’ salaries, and the profits of entrepreneurs, investors, and shareholders.
However, to achieve a good result here, don’t forget that all other steps deserve similar attention.
At this stage, take actions that seek to value your product, evaluate it financially according to its real value to the customer and also provide the customer with good payment options.
Relationship of Growth Mindset to Agile Methodologies
As a methodology that aims to accelerate the growth of a company, to apply it, agility and speed in decision making and adaptation to the different contexts that the market can bring is fundamental.
Therefore, we will seek to understand how the main benefits of Agile Methodologies and how Growth Hacking incorporates them to enhance a company’s results.
The Scrum Methodology has, as its main premises, the following four points:
1) Iterative deliverables: these are incremental deliverables, made in defined stages so that employees are always delivering value little by little;
2) Just do what makes sense: amidst so many resources, tools, functionalities, and practices, keep in mind that only what makes sense for your culture, your organization and your context should be used;
3) Team organization: cross-functional and self-managing teams that manage to motivate and direct themselves independently, autonomously, integrated, and with multiple visions;
4) Transparency and community: all employees must know the company’s objective and the path to be followed towards it. The information must be transparent, available, quick, and clear.
Growth Hacking makes integrated use of these pillars within its way of thinking and acting to continuously improve processes.
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