Lead your digital revenue growth always business-first
How to generate digital growth? A crucial question in business. Traditionally, the solution has been to invest in new digital services and features with high price tags. However, in our experience, the achievable low-hanging-fruit solution is to operate and launch your digital businesses in modern ways. Here’s our illustration of the rationale behind our claim:
From leadership's point-of-view, growth hacking is a state-of-the-art approach for operating and developing your digital services business-first. Simply put,
Growth hacking is the universal best practice for getting more revenue and more customers in digital channels.
But my digital sales are growing nicely with an old-school approach!
The sales of traditional businesses are run with, for example, numerous retail stores or huge teams of sales representatives, which are supported by a marketing team. In that setting, digital sales typically consist of an IT platform (owned by IT, run by vendor) which is supported by digital marketing (owned by marketing, run by agency). Often an ecommerce manager is responsible for driving sales, but is forced to work inefficiently by handling a multitude of vendors and having to continuously negotiate with internal stakeholders about budget, resources, products etc.
Is this kind of a setting optimised for reaching snowball-effect-like revenue growth? Not really. Your digital sales may be growing, however, in many cases it’s not because you’re doing a great job, but due to a rapid change in the market or in customers' buying behaviour. In fact, your digital sales numbers might be somewhere just behind the industry’s standard for share of revenue from online sales.
Growth hacking is a method for focusing on continuous digital revenue growth
When applying growth hacking methods, you replace all traditional structures with a team of data enthusiastic developers, UX designers, and digital marketers who have a full profit-and-loss ownership of your digital sales and related customer journeys — including a shared budget. Instead of focusing on their own silos, each individual of the team collaborates in every touchpoint of the whole customer journey in order to meet or exceed a shared business goal.
Growth hacking is the common denominator for practices and processes through which this team should optimally operate.
Now, you might be wondering if that’s really the case. At least the first huge digital success stories, such as LinkedIn, Zalando, Amazon, and Spotify, continue to operate their digital businesses this way. More importantly, we have recently seen numerous clients adopt these operating practices as well — and reap the rewards.
Keen on learning more on growth hacking? Join our Growth Hacking Crash Course for Corporate Leaders and Managers and learn how to install a growth hacking mindset throughout your organisation. Sign up to one of our upcoming courses in Helsinki or Stockholm!