Does growth hacking apply to the broadcast media industry? Can broadcast media actually implement growth methodology and active experimentation framework?

Growth hacking is a relatively new focus in the marketing field, which focuses on a company growth, and can be applied successfully to broadcast media corporations. The goal of its extremely effective methodology is to quickly test ideas that can improve the customer experience before investing a lot of resources, copy and expand ideas that can work, and modify or abandon those that don’t work.

First, we start with metrics to measure growth of our broadcast media company. The key metrics should always be the ones that best deliver growth to your company, like the number of daily active users, subscribers or premium clients. We should always remember to avoid vanity metrics and focus only on these that bring us growth. Once we know which metrics are the most important ones, it is time to set goals.

Goals should be SMART, and these are specific, measurable, achievable, relevant and timely. Getting a two thousand additional premium clients in the next 3 months could be a clients acquisition goal. Think of goals as a desired increment, of decrement, of your key metrics. After we set up our goals, we ideate new or existing growth drivers. Growth levers, or drivers, are hypothetical ways to achieve goals. Digital marketing partnerships, interactive ad units, real-time streaming to activate audience interaction or attracting TV viewers to increase virality could all be potential growth drivers. You could display trend data through real-time visualization or inject social content into TV trailers to see whether it increases movie revenue. A good, clean CRM with strategic communications could be another growth driver. You could treat drivers as types of positioning. For example, you could decide to position everything as an experience instead of product and see whether this positioning brings you better metrics. Cross-promotions to increase revenues, proof-of-performance ads that remind the public about your worth and values could be additional drivers, as long as you can strictly measure performance, sentiments and, overall, key metrics that bring you growth.

Learnings are probably the most important aspects of the methodology. You should always track learnings, not only quantitatively, but qualitatively as well, to remember your lessons and document them for the future.

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