“Growth hacking is the term used to describe experiments and processes aimed at building and maintaining a company’s customer base. Creative, innovative, and low-cost strategies are used to achieve this growth.” – Niel Patel
While planning our goals for the last quarter we set our objective to increase sales by increasing our conversion rate. We adopted the growth hacking methodology of implementing short and quick experiments on a regular basis on the consumer journey to get more customers to move forward in the buying cycle.
As a growth hacker, you need to be aware that the idea is simple, you cannot precisely predict what changes on your site will optimize the conversion rate, you need to try out various things and measure. Trying out these different things is termed as experiments. Just keep doing quick experiments, retain the ones that move the needle and roll-back the ones that don’t have any impact. You need to implement a number of experiments in a short time for this methodology to have a greater impact on your business.
“Growth Hacking is more of a mindset than a tool kit” – Aaron Ginn
We decided our project will be to implement two experiments a week; all these experiments were small website changes. Also, we made sure all the experiments that we list should be implemented in 2-3 days. This way, we don’t spend days working on a change that will eventually have zero impact on the business.
Following is the process we used for our growth hacking,
1 – Create an Exhaustive List of Experiments
Firstly, we created a list of probable experiments. While creating this list, we made sure there is no pre-judgment towards any experiment. The ideas came from across the team through brainstorming and everyone contribute with maximum ideas. While doing this, we made sure that team members felt free to contribute and were not hesitant to give ideas because of the fear of judgment.
Listing down ideas without any judgment is a principle used by IDEO as part of their design thinking framework, which has helped them innovate products like computer mouse design and laptop design.
We created a Google sheet, shared it with the team, and asked them to mention their experiment ideas. It was optional for them to mention their names.
2 – Select the Experiments that will have a Direct Impact on the Business
Once we had the final list of experiments, we created a new column i.e., expected outcome, where we mentioned the number that we predicted this experiment would have an impact on. For example, an increase in the rate of “Register Now” to “Proceed to Checkout.”
Then we added another column “Expected Change,” where we listed down the percentage increase we expected in the expected outcome.
Finally, we added a column and listed down the time to implement each experiment.
3 – Prioritize Your Experiments
Before making our priority list, we filtered out a few of the experiments. We removed three types of experiments,
a. The experiments that will not have an expected outcome
b. The experiments that have minimal or zero expected change in numbers
c. The experiments that may take more than a week to implement.
Now, we had a limited number of relevant experiments. We sorted the list in descending order for the “Expected Change” and in ascending order for the “Time to implement.” This gave us the sequence of implementing your experiment.
By using this methodology, we improved our conversion rate by 300% and witnessed more than a 3x increase in sales in a single quarter.
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