1. Hacker’s Mindset
You cannot hack your marketing, if you do not develop a mind of a growth hacker. What are Hacks? Hacks are Valuable and Repeatable Shortcuts
Why Hacks then? As Entrepreneurs, our ambitions are way higher than our resources. Either the ambitions must come down or we find a new way to get to our ambitions. A smarter way to still get to our ambitions with our limited resources requires us to hack them.
So what’s Growth Hack Marketing? Growth Hack Marketing is a proven non-traditional approach/ (extremely creative & ingenious path) to increase the adoption rate of one’s product or service by “hacking” something together specifically for growth acceleration purposes by leveraging best practices from across industries.
In simple words, it’s about designing the shortest and fastest path to higher paying clients. So as a growth hack marketer you constantly need to ask yourself- is there a way I can get to my goal ‘faster’ using non-conventional methods?
Most Coaches & Consultants are busy focusing on getting Likes & Shares for their Social Posts & Blogs. Nothing wrong in it; but it does not get you quickly to your goal of finding the ideal paying clients. Likes, Shares and Blog Posts are good to have, not a must have. So instead of keeping yourself busy with ‘good to haves’ get busy building a ‘Must Have’, may be a compelling offer that converts. You don’t want their claps alone; you want their money!
2. Differentiated Insight for Differentiated Growth
While all Small Business Owners (including Coaches) seek to grow their business or practice, most of them are stuck in the ‘improvement trap’ leading to ‘incremental results’ only.
So, what’s an improvement trap? ‘Taking what is a usual approach in your category and aiming to improve (better) it’. In other words, striving to be ‘better’ than the competition.
I also call this Insanity, which is trying to do the same thing that your competition is doing but hoping to have a ‘differentiated growth’. The problem is, the rules of the game in any category are created by the leader and for the leader.
The Key then is ‘do NOT follow the leader’. Seek to be usefully different rather than trying to improve (Better) the current approach.
How do you do that? Begin with an Insight! The Heart of Differentiation is an Insight. We also call this a Differentiated Insight!
A ‘Differentiated Insight’ is a New Approach to an Old Problem (Category Complain) that Unlocks Value; challenging the stereotypes in your industry
If you Don’t Differentiate, You Die! You end up playing the Price Game. The person with the lowest price wins; you end up with lower profit margins which means slower growth.
The Most profitable businesses have loyal clients’ vs one time customers. Loyalty is created when people have memorable experiences. These memorable experiences are positively surprising. The Key to being positively surprising is a Differentiated Insight.
Building your Small Business or Coaching Practice Based on a ‘Differentiated Insight’ will help you Create Compelling Offers (Value Proposition), offers that allow you to Win With Customer and Win Against the Competition.
No Differentiated Approach = No Differentiated Growth
3. Profiling the Right Customers
Yes, you would have read and heard about creating customer personas and customer profiles, but did you know that everyone who fits into your customer profile will not buy from you today? So, who will buy from you today? – The Early Adopters.
Who are early adopters: An individual or business who uses a new product, service or technology before others do. These are the ones experiencing the most amount of frustration and are on the lookout for a change. You should be right there engaging them with your unique insight.
So who in your customer profile is experiencing the most amount of pain? Where do they hangout online & offline. How do you identify them?
They are risk takers; they have a desperate need to change. They are the ones open to change, they are innovators. Your sales and marketing campaigns should be designed to target them. They are the ones that open the way for the Early Majority and Late Majority etc. Of course, you have to keep in mind that an Early Adopter today may not be an Early Adopter tomorrow. So dominate a niche before you go mass market.
So target your services to your Early Adopters, they will help you take your message to the rest of the market.
4. Trip Wire Offer
Ok, the term may sound a little sinister, but what it commonly means is turning a lead into a customer by making them a low-cost, relatively painless offer, then having the opportunity to upsell them once they are in your sales funnel.
This means that instead of first up asking someone to invest in your more expensive products or services, you can repurpose or repackage parts of your more expensive items based on a certain more detailed solution, that delivers value and also “teases” what else is in store.
The idea is that once people have bought even an inexpensive item from you, they are more likely to purchase something else. Why? Veteran online marketer Frank Kern explains it well when he says that with a free offer, people will often be suspicious and wonder “what is the catch?”, whereas with a low-cost offer it tends to convert better because it helps to alleviate that suspicion.
Plus once someone goes from lead to buyer they now justify their purchase with you and are more emotionally connected to what you offer next. It also allows you to sell many of these inexpensive items across different topics to test what your market wants and then customize targeted follow-up communication.
Creating a trip wire offers, help you sell more and sell them fast. Trip Wire Offers work much better than Free Consultation Calls. Coz even when you offer a free demo of your service or product you still are selling and the customer still remains a customer but the moment money (even $1) exchanges hands the dynamics of the relationship changes. You are no more a sales man to your client but a trusted advisor or consultant. Now if you sell a higher ticket product or service, there is a 90% chance that your client will end up buying your new product or service. Most Coaches & Consultants are busy struggling to sell high ticket services with the hope that clients will buy into their offer even without trying them out. This is a successful sales model that businesses like McDonalds, Starbucks etc., apply it to their daily sales activities.
5. Borrowing Brilliance
Most Coaches and Small Businesses are constantly trying to experiment and re-invent the wheel every time they are trying to solve a problem, either for themselves or for their client. It’s not only just a waste of time and energy but it is also a poor use of your intelligence. One of the best Hacks for Growth and Problem Solving is to Borrow Brilliance. Which means every time you want to launch a new program, a new campaign or a new lead magnet look around you and see who else has mastered this. This could be someone within the industry or even outside. Borrow what they already know and customize it to fit your need. You will be surprised to see how it generates some fabulous results. This looks to be contradicting the previous principle of ‘Do not follow the leader’. Do note you are not copying but modelling a methodology which may at times be even from a different industry.
At times, it is not necessary to invent everything yourself – there are a lot of great ideas out there which you can borrow and build on. Creativity experts will tell you that it is possible to derive new value by borrowing, combining and enhancing the thousands of business ideas out there.