As the supply chain industry undergoes a digital transformation, how are the small to midsize ...Read More
From Paper to Platform: What the Supply Chain Industry Can Learn From Growth Hacking with Sean Ellis
ZUUM Transportation hosted the webinar, From Paper to Platform: Adopting Logistics Technology Through Collaboration & Partnerships on March 11th, 2021 where they invited industry experts, venture capitalists, executives, and founders to share their insight. Watch the full recording on-demand here.
Author of Hacking Growth, Sean Ellis took a moment out of his day to share how companies can rethink growth. Oftentimes, when businesses think of growth, they think of revenue growth. However, the concept of growth hacking is based on delivering more value for your customers.
He shares a few examples of companies who have incorporated growth hacking into their corporate strategy; a commonality among these companies is that they have also notably disrupted traditional industries.
So how exactly does a company drive growth? Ellis shares that companies should be looking to make an impact on their customers’ lives. The first step is to view each area of your operation as an opportunity for improvement and run rapid experiments. By integrating the initiatives that have made minor improvements, companies are positioning themselves for sustainable growth.
Ellis also advises companies to assign a North Star Metric to a KPI that truly equates to delivering more value for your customers. He warns that while revenue can be utilized as a North Star Meric, if your team focuses on growing revenue instead of value, it's likely your revenue growth will crash as it is not sustainable.
The last thing to keep in mind is that companies can apply growth experiments across all stages of the customer journey, not just in customer acquisition.