Do you want to grow your research company, do you want to get more investors to carry out bigger projects? If so, then you are interested in applying the growth hacking methodology to your business.
The most important thing to make a business grow is to be efficient in every action. Wasting resources on actions that don´t bring profits is a mistake that can kill any business. To avoid this, growth hacking is based on continually experimenting with different strategies to grow your business. Some of these strategies will be effective while others will not. Since the experimentation will be carried out quickly and economically with very few resources, you will have discovered which strategies to invest in and which to avoid in order not to waste time and money.
To find out if a strategy helps us to grow, we must first define growth. To do this we will use the key metrics, those metrics that best define the situation of the business. It is important to differentiate them from vanity metrics, which do not provide real value. To differentiate between the two metrics we will use an example. Imagine that in your company´s social networks you have several thousand followers, it seems like a lot, but if you do not attract any investors or if they serve for something else of importance, they will not be of real use. Examples of key metrics would be new investors for your company, new successful professionals doing research for you, or the progress you have made in that research.
With the most important metrics in mind, it is time to come up with SMART objectives, (specific, measurable, achievable, relevant and timely). Earning 2 million euros in the next 3 months, Achieving certain research breakthroughs per month, or expanding the research centre´s departments by 15% over the year could be some examples.
To achieve these objectives we will have to rely on growth drivers. Initially, we do not know how effective growth drivers are, so we need to conduct experiments to see if they work or not.
Possible growth drivers for the research sector could be remarketing, investment targeting or index advertising. Which one will benefit us most, and which one should we focus on? This is what we are going to test through the growth hacking methodology.
Get investors and professionals to find you. Having investors and professionals in the field is vital to be able to investigate, for this you will have to use good advertising, how will it be and where will we place this advertising?
Showing the advances that your company has can be a great advertising method at a low cost. In order not to lose investors, they must have the certainty that you are really making progress in this field.
- How do we give them this certainty?
- In which media will we show our progress?
- Is it only the specialised media where we should advertise our research?
- Or can we show these results to more mainstream media that reach a wider audience?
- Are there other niches to explore?
- How will the product be advertised?
- Where will it be advertised?
- For which customers will the advertising be targeted?
These are the questions that should guide us when carrying out experiments. In this way we will be able to understand the business comprehensively and generate better and better strategies.
After each experiment, it is essential to write down what we have learned in a clear and concise way. In this way, we will be able to draw on past learning to carry out new, more precise and efficient experiments.
Do you want to apply growth hacking to your research business? Subscribe to Hypertry and request a one-to-one session.