In this week’s Wicked Wednesday, we had the privilege to invite three guest speakers, Eugene Ng, Nathaniel Yim and Matthew Spriegel, to share their experiences growing their start-ups and give us tips on how we should go about growing our businesses. Eugene Ng is the Co-Founder and Head of Growth at StaffAny; Nathaniel Yim is the Co-Founder of Janio Asia; Matthew Spriegel is the Founder and CEO of ATIOM.
What is Growth Hacking?
Growth hacking is an umbrella term for strategies focused solely on growth. The objective of Growth Hacking is generally to acquire as many customers as possible at the lowest cost.
What are some characteristics of a good Growth Hacking Strategy?
- Keep it simple and measurable
- Be bold and creative, try something out of the ordinary
- Do not be afraid to fail. Failure indicates learning and growth
- No one-size fits all approach
- Always be Growth Hacking
What is your favourite Growth Hacking technique?
As the speakers come from B2B businesses, their growth hacking techniques involve a more targeted audience as compared to B2C businesses. Some useful techniques include leveraging on partnerships, being persistent, thinking creative ways such as going down physically to talk to employees of businesses.
How do you determine success rate of growth marketing?
One of the most important metric to measure should be customer acquisition cost. It is very important to constantly measure and evaluate your marketing strategies. You should always think of new ways to reduce customer acquisition cost, and whether the current strategy should be replaced.
How do you choose your metrics?
It would depend on the nature of your business. Some examples to consider would be customer engagement and growth revenue. If your business is attempting to attract Venture Capitals, revenue would be the metric which they value. the most.
How do you determine your pricing strategy?
A few ways to determine your pricing could be to do experiments on your customers, draw proxy from other competitors or what they are currently using. Get feedback from your customers to see if your pricing is reasonable and whether they would be willing to pay such a price for your product or service.
When do you decide whether to prioritise feedback from initial adopters or the mass market?
It is important to find out who your key target audience is. Your product and marketing strategies should be focused on targeting the group of audience that makes up the largest proportion of your business revenue.
Lastly, we would like to once again extend our gratitude to the three guest speakers for sharing their experiences and providing meaningful insights on how start-ups should go about approaching Growth Hacking.
