There are three types of enterprises: the ones who need growth, the ones who do growth, and the ones who close end of the year. This article is for the ones who feel the need for growth.
We do now Growth Hacking, Rainmaking and Market Research. The first two have a magical sounding names, so belief might help us. Market researchers are just applying standard research methods to questions.
Rainmakers are salespeople who use techniques not directly visible to outsiders to acquire new customers. Rainmaking and market research go hand in hand.
The following chart shows how to lift a small enterprise to another level:
Who looks for Growth Hackers and who for Rainmakers?
Usually start-ups. Survival and growth need exponential growth here. That could double weekly sales. Growth hacking also works for more traditional companies that can expand their production fast enough and still grow their market.
Growth hackers are people who achieve such sales growth using methods that are not directly visible and easy to conceive for the environment. This gives their work something magical.
Traditionally Hacking meant using not necessarely legal methods to gain access to data that is not immediately visible or protected. The hacker searches for loopholes and hidden entrances in computer systems. A growth hacker seeks and finds direct ways into the consciousness and perception of potential customers. This are paths the competitor or late-bloomer in the business says: “If I knew that”. Both Hackers use methods that would require too much technical knowledge and creativity from others.
Rainmakers are more traditional. They have an approach to sales not used in the enterprise beforehand, sometimes they also change the product line. This looks like magic to the employees in the enterprise. They may do own market research or user the services of professional market research analysts.
Extraordinary skills of the growth hacker
He sees unfulfilled human needs. She or he tests that in niche markets there it is possible to see how well a product is being received. Market research can test new products with well-known techniques, for example group discussion or sending out samples and questioning later.
According to Henry Ford, market research and customer suggestions were not the impetus for the development of the then revolutionary Model T, which was built in huge numbers. Customers would have wanted faster horses instead of cars they had never seen before. Growth Hackers and Market Researchers need to be visionaries to see the new product in his best shape.
Growth hacking is referral marketing
Inexpensive and fast customer acquisition cannot circumvent recommendation marketing. People recommend a product to others if it has helped them or arouses enthusiasm. Or if they can earn money with the recommendation.
Free trial access, distribution of samples, influencers, trial lessons, presence on social media – a lot helps a lot, like Germans like to say.
Outdated business models – leave it behind
People like to think that things who were once successful may be worth reviving or continuing. Market research finds if there is still a market for the product.
Rainmaking and Market Research work together
Growth hacking is the product of many ideas and numbers. The firm belief in one’s own success is of no use if all market fundamentals oppose it. For example what to do if an analysis of the Totally Accessible Market shows only limited growth opportunities?
The market researcher also knows the penetration and effect of the individual recommendation or influencer channels and can doreliable tests.