If you own a small business, you have a 6th sense about what works in your particular business environment. Over the years, you have adapted your business and gradually built up a loyal customer base. Business isn't always consistent but it's predictable and you can handle the seasonal ebbs and flows.
But suppose you are looking at your fixed labour costs or your excess inventory and you see an opportunity to turn your spare resources into generating more revenue. Will you be venturing into a new market or expanding your existing business into a non-traditional customer segment? Will you be making a big push into the online marketplace?
If you are facing a roadblock in your mission to grow your business then it's time to work with a business consultant who gives you insights into the latest marketing trends affecting your industry.
You know what your business can deliver and the conversations you have with your existing customers confirms what you understand about their needs. What then, do you need to do, for your business to expand? You already meet the needs of your current customers, so where do you find more customers? Who are these customers? Can you get them to to find out about your business and are they interested in your existing services?
If you are chasing new market segments, then you want to make decisions with the best available information about the people you are selling to, their interests and unfulfilled needs.
Traditional advertising through print, radio and television reaches a lot of people, but it's hard to know if your message is enticing to the audience and it's tough getting through to the right people.
In the business of growth hacking, the practise of acquiring new customers is call 'lead generation'. A potential customer is call a 'lead' and each lead is someone who has identified themselves as being interested in your service. 'Lead Conversion' is the process of turning potential customers into paying customers.
Data analysis of customers, real or potential, is a definite necessity in the digital advertising industry because customers can be identified and targeted according to their opinions, traits and interests. If you can target the precise demographic for your specialised product or service, the better value you will derive from your advertising because you'll be able to monitor and adapt your advertising spend with transparent metrics like cost-per-click, cost-per-conversion and cost-per-1000-impressions.
Growth hacking is the practise of applying data analysis techniques to product development and marketing.
Growth hacking is popularised in startup business culture and is supported by the tools available to discovering modern marketing and advertising signals. According to Andrew Chen at the venture capital firm Andreessen Horowitz, growth hackers can be defined as a hybrid of marketer and coder, one who looks at the traditional question of “How do I get customers for my product?” and answers with A/B tests, landing pages, viral factor, email deliverability, and Open Graph.
The role of a growth hacker is the response to the accelerated technological changes affecting the traditional advertising and marketing space. Growth hacking is the discipline of applying advanced data analysis techniques to underpin the decisions you make to grow your business.
A growth hacker combines different disciplines of the marketer, the product management, and the technological expert and their primary task is to build the customer base of a business through the latest strategies and methodologies.
To make better calls about the direction your business is heading, you need the data to back up your decisions.
If you are developing a new product range, wouldn't you want information to confirm that there is demand for your product in the marketplace?
Wouldn't you want to do market research about your competitor's products in the earlier in the development stage?
You can find out about market trends in other markets, including other cities or countries.
You could specialise your product and adopt characteristics found in other successful markets, or you could design your product to be different to established products and brands.
Analysis of the data could discover information about the popularity of certain search-terms that people use to find products similar to your product.
Grow your business with confidence using Digital Ally's market analysis and advertising advisory services. Send an email to us to organise a consultation.
Our business is helping you discover new marketing opportunities for your products and services. We are experts in analysing the marketing data that is relevant to your business so you can focus your advertising on the people that are likely to buy your product. We can help you identify which customers and markets will gain you the most sales, locally and nationally.