Growth hacking mistakes: 7 things that are holding back your growth (i'm sure you're doing the 4th one!)
Posted: Tue Dec 24, 2024 8:46 am
See if this scenario sounds familiar…
You’ve been with your company for a while…
You set several goals:
Increase your company's revenue ….
Increase your lead base ….
Convert those leads…..
Retain them ...
But nothing seems to be working….
You then search for hacks and end up finding the job seekers database blessed “miracle hack” and hope it solves your problems overnight…
But that doesn’t happen guys…
The mistake is not even applying certain hacks, but not understanding how they work ...
To help you, I decided to bring you 7 things that you may be doing wrong and that are harming your company's growth.
Keep an eye on #4, I'm sure you've already done this! lol
Let's go…
1 – Leave retention for the end
It is very common for people to pay more attention to the top of the funnel than to the middle of it, in this case, Retention .
But understand that even if you do a great job in the other stages of the funnel, it's all for nothing if you can't retain your customers.
Many prefer to launch other products rather than retain their leads in a product that is already established.
This is crazy!
As many Growth Hacking Experts have said , retention was a trend in 2018 and continues to be a trend in 2019.
Why leave aside something so important?
2 – Where is your focus?
This reminds me a lot of that episode of Game of Thrones ... The one about the war against the Night King, you know?
Jon Snow and the other characters spent unnecessary energy to defeat the undead army, only for them to rise again…
However, Arya Stark took a different path:
Read also: Google Indexing and SEO: Understand the Fundamental Relationship for Online Success
Why do all this?
Since killing the Night King solves this whole “problem”?
Many marketing and sales professionals run after unnecessary things and have no focus.
A good Growth Hacker works with an excellent channel diagnosis , and only then applies actions and tests on those PROBLEMS in the company.
Be able to find the main bottleneck in any business.
Increasing like this:
Leads
Sales
Retention
In short, any company objective !
3 – Does not give value and attention to your analyses and data
You run a campaign, or test an ad, until finally it’s time to see your results …
I believe everyone has been through this…
So tell me which of the two you identify with:
Do you actually analyze all the data and information you received from the campaign?
Or just take a look and see if there was any revenue or not ?
If you identify better with the second one, I have something to tell you:
It's time for you to pay more attention to your data and invest more time in your analysis .
Think of it as something that will help you improve your future business.
4 – Test? Experiments? I've never seen...
Do you want to apply a Growth culture in your company…
You study to acquire a Growth Hacking mindset …
But only do ONE test (sometimes even NONE) and stop there…
Keep in mind that:
To solve problems, there is no better way than to carry out a process of experiment and analysis.
To give you an idea, Hubspot has carried out more than 1015 experiments since 2014.
There is a Principle, Pareto, which assumes that:
20% of what you do generates 80% of your results .
So instead of doing 1 test per week, do 1 test per day . This will further increase your chances of success.
Also Read: YouTube Best Practices: Achieve Success with Your Videos
5 – Don’t study your mistakes
Part of the process of growing up is learning from your mistakes .
As previously mentioned, it is generally during the analysis phase that we are able to identify what went right and what went wrong.
There's no point in doing a bunch of experiments if you don't understand the result of each one and why this or that happened.
If the experiment went wrong, it's because something didn't work out (of course). But that's no reason to be discouraged, but rather to be excited and pursue new results.
6 – Difficulty in adapting
In this technological world we live in, not adapting is certain death.
Do you remember Blockbuster ?
It is a great example of a company that has not adapted to new technologies.
The result? His bankruptcy .
Netflix, on the other hand, took the opposite path.
It started as a company that sent movies by mail to the largest movie and series streaming service in the world.
And this didn't happen overnight.
Several analysis tests were carried out to get to where it is.
Amazon is also another example and today it is a market giant.
Many business owners are hesitant to innovate.
But know this:
All these companies that have grown in recent times have not been afraid to innovate.
It’s your turn…
7 – Product is NOT EVERYTHING
It seems like the saying goes that product is everything in a company.
After all, many professionals believe that it is the essential part.
But in many cases, this premise only causes companies to create more and more products.
Without even improving what they already have .
Also read: Understanding KPIs: Definition, Benefits, and How to Use Them Effectively
And I tell you, creating products DOES NOT CREATE growth.
If you keep creating products and more products, your marketing team will be overwhelmed with problems.
You’ve been with your company for a while…
You set several goals:
Increase your company's revenue ….
Increase your lead base ….
Convert those leads…..
Retain them ...
But nothing seems to be working….
You then search for hacks and end up finding the job seekers database blessed “miracle hack” and hope it solves your problems overnight…
But that doesn’t happen guys…
The mistake is not even applying certain hacks, but not understanding how they work ...
To help you, I decided to bring you 7 things that you may be doing wrong and that are harming your company's growth.
Keep an eye on #4, I'm sure you've already done this! lol
Let's go…
1 – Leave retention for the end
It is very common for people to pay more attention to the top of the funnel than to the middle of it, in this case, Retention .
But understand that even if you do a great job in the other stages of the funnel, it's all for nothing if you can't retain your customers.
Many prefer to launch other products rather than retain their leads in a product that is already established.
This is crazy!
As many Growth Hacking Experts have said , retention was a trend in 2018 and continues to be a trend in 2019.
Why leave aside something so important?
2 – Where is your focus?
This reminds me a lot of that episode of Game of Thrones ... The one about the war against the Night King, you know?
Jon Snow and the other characters spent unnecessary energy to defeat the undead army, only for them to rise again…
However, Arya Stark took a different path:
Read also: Google Indexing and SEO: Understand the Fundamental Relationship for Online Success
Why do all this?
Since killing the Night King solves this whole “problem”?
Many marketing and sales professionals run after unnecessary things and have no focus.
A good Growth Hacker works with an excellent channel diagnosis , and only then applies actions and tests on those PROBLEMS in the company.
Be able to find the main bottleneck in any business.
Increasing like this:
Leads
Sales
Retention
In short, any company objective !
3 – Does not give value and attention to your analyses and data
You run a campaign, or test an ad, until finally it’s time to see your results …
I believe everyone has been through this…
So tell me which of the two you identify with:
Do you actually analyze all the data and information you received from the campaign?
Or just take a look and see if there was any revenue or not ?
If you identify better with the second one, I have something to tell you:
It's time for you to pay more attention to your data and invest more time in your analysis .
Think of it as something that will help you improve your future business.
4 – Test? Experiments? I've never seen...
Do you want to apply a Growth culture in your company…
You study to acquire a Growth Hacking mindset …
But only do ONE test (sometimes even NONE) and stop there…
Keep in mind that:
To solve problems, there is no better way than to carry out a process of experiment and analysis.
To give you an idea, Hubspot has carried out more than 1015 experiments since 2014.
There is a Principle, Pareto, which assumes that:
20% of what you do generates 80% of your results .
So instead of doing 1 test per week, do 1 test per day . This will further increase your chances of success.
Also Read: YouTube Best Practices: Achieve Success with Your Videos
5 – Don’t study your mistakes
Part of the process of growing up is learning from your mistakes .
As previously mentioned, it is generally during the analysis phase that we are able to identify what went right and what went wrong.
There's no point in doing a bunch of experiments if you don't understand the result of each one and why this or that happened.
If the experiment went wrong, it's because something didn't work out (of course). But that's no reason to be discouraged, but rather to be excited and pursue new results.
6 – Difficulty in adapting
In this technological world we live in, not adapting is certain death.
Do you remember Blockbuster ?
It is a great example of a company that has not adapted to new technologies.
The result? His bankruptcy .
Netflix, on the other hand, took the opposite path.
It started as a company that sent movies by mail to the largest movie and series streaming service in the world.
And this didn't happen overnight.
Several analysis tests were carried out to get to where it is.
Amazon is also another example and today it is a market giant.
Many business owners are hesitant to innovate.
But know this:
All these companies that have grown in recent times have not been afraid to innovate.
It’s your turn…
7 – Product is NOT EVERYTHING
It seems like the saying goes that product is everything in a company.
After all, many professionals believe that it is the essential part.
But in many cases, this premise only causes companies to create more and more products.
Without even improving what they already have .
Also read: Understanding KPIs: Definition, Benefits, and How to Use Them Effectively
And I tell you, creating products DOES NOT CREATE growth.
If you keep creating products and more products, your marketing team will be overwhelmed with problems.