Once the Funnel is mapped and the Analytics are available, it is time to activate the Bullseye Framework as well known as the Growth Hacking Cycle.
This framework was first presented in the book Traction: How Any Startup Can Achieve Explosive Customer Growth by Gabriel Weinberg and Justin Mares.
The starting point was the investigation about how the biggest companies invested their budgets.
The outcome was that they all used a multi-channel strategy where most of the resources were invested on the channel with the highest ROI.
Furthermore, these companies used a selection of channels out of 20 types:
- Viral Marketing: it is about having the customers to refer and sell a product/service
- PR (Public Relations): it is about managing the communication channels with the stakeholders to create a good reputation for a product/service
- Unconventional PR: it is about creating news for having mass media talking about a product/service
- Search Engine Marketing (SEM): it is about increasing the visibility of a product/service in Search Engine Results Pages (SERP) primarily through paid advertising
- Social and Display Ads: it is about targeting the latent needs of potential customers by using Social Networks or Web Banners
- Offline Ads: it is about advertising a product/service outside the web using channels like physical banners, TV, radio and such
- Search Engine Optimization (SEO): it is about increasing the visibility of a product/service in Search Engine Results Pages (SERP) primarily through optimizing the use of keywords that target contacts use
- Content Marketing: it is about using content like posts, videos or podcasts for creating an audience that represents a target of contacts for willing to purchase a product/service
- eMail Marketing: it is about sending commercial messages about a product/service by using email
- Engineering Marketing: it is about developing a hook (i.e. a tool) that is related to the core product/service the company is selling. The hook is usually a life-hack for the user that highlights latent needs of the Buyer Persona. The aim is to generate awareness and to drive him inside the funnel
- Target Blogs: it is about guest posting on blogs that target Buyer Persona reads
- Business Development: it is about promoting and selling a product/service by cultivating partnerships/commercial relationships or identifying new markets
- Sales: it is about contacting the potential customers and trying to sell them a product/service
- Affiliate Programs: it is about hiring webmasters, as affiliates, to place advertisements of a product/service on their websites and get their referral
- Existing Platforms or Other People Network (OPN): it is about using someone else’s network for selling a product/service (for a deep dive follow this link)
- Trade Shows: it is about participating in exhibitions at which businesses their products/services
- Offline Events: it is about using events like conferences, expos, seminars, lunch-and-learns, classes and such to promote a product/service
- Speaking Engagements: it is about giving public speeches to promote a product/service
- Community Building: it is about creating or enhancing a community with a common interest to raise awareness over a need with the aim of selling a product/service
- Acquisition as Marketing: it is about buying other companies to access their contacts to then promote a product/service
These are called Traction Channels.
Once defined the target metric, it aims to maximize the available budget by:
- Brainstorming (to generate ideas based on the 20 Traction Channels)
- Prioritizing (using Impact-Confidence-Ease methodology)
- Testing best ideas
- Implementing the 3-5 ideas with best ROIs
- Analyzing the implemented ideas
- Systemizing the idea with the best ROI
The target is to find the channel with the highest ROI to invest in it.
Channels get saturated over time and the signal of this is an increase in CAC.
When the CAC is too high, it is time for running another Growth Hacking cycle.
Growth Hacking Use Cases
And with this, I think it is everything I had to share.
” ‘And what is the use of a book,’ thought Alice, ‘without pictures or conversation?’ “
Alice is right, there are still a lot of Growth Hacking Use Cases!
Business Strategy | Product Marketing | Executive Master eCommerce Management | Business Innovation Master | MSc
I am driven by my personal growth and of people/contexts that surround me.
I followed a professional path in Valentino Fashion Group and Luxottica during which, thanks to the ability to understand different businesses and interests, I was able to succeed in Operations, Merchandising and Retail.
These organizations have exploited my ability to mediate and translate needs/constraints into practice, assigning me to Project Management roles.
Luxottica relied on my ability to analyze, to anticipate things and to imagine/implement solutions by appointing me in Supply Chain Management department and assigning me to the Product Management of IoT solutions for Anti-counterfeiting and Retail digitalization.
During this professional path, I also developed my leadership by managing teams to build Processes, Organizations, Systems and Governance Tools.