Personally I love a good brainstorm. I find that a well-managed brainstorm with a group of people, all working toward a similar goal, can create some amazing ideas.
It comes down to “the whole being greater than the sum of the parts.”
As part of growing your business faster, it would probably serve you to think about a mastermind and to let that mastermind lose on the problem of “Growth Hacking.”
The term growth hacking gets thrown around a bit these days, but it's because it's become a major feature of fast growth companies.
Silicon Valley companies that are creating massive growth have dedicated growth hacking teams… and to prove that they work:
There are companies (and the number of them is growing all the time) who are getting to billion dollar valuations as companies in a matter of 2 to 3 years.
What took Commonwealth Bank 90 years to achieve is not getting done in 90 days by a handful of these growth hacked companies with the right team and the right financial backing.
Never before has such an enormous amount of wealth been created – ever. And never before has such an enormous amount of social change happened.
History is literally being rewritten, because of the internet but also because, I believe, that there is a dramatic change in thinking that has come with the new technology.
So where do you start with growth hacking?
What if you're not some big startup – can you still hack your growth?
The answer is ‘of course'. Growth hacking is really just trying things and seeing what works and what does not.
It's like that old game Battleship:
You guess at a position and if it's a miss you put a white marker, if it's a hit you put a red marker. Over time, you form a picture of what works best and what does not work.
In your business, you test different ideas, different strategies, different communications and because of the amazing tools and metrics you can get from the internet now, you can very quickly work out whether it's been a hit or a miss, and where it fits into the big picture you're forming.
That's where brainstorming comes in. Sean Ellis, the founder of Growth Hackers.com, claims that a weekly brainstorm is critical to rapid growth, as is a weekly critique of the results from the previous weeks strategies.
There's a new age platitude around wealth attraction that the universe likes speed and certainly when you look the way many of these high-growth start-ups grow, it certainly seems that speed of implementation is a big factor.
Speed to market, fail fast and regular iterations are all key principles that are defining the way these companies operate. In fact, the rule of thumb for most of these companies is to specify a specific number of tests they do every single week.
For instance Twitter does ten tests a week, Growth hackers do three tests a week… every week.
Tests are devised at weekly meetings, where they have to comes up with the tests, why they think it will make a difference and what the parameters of the test are. The next week they check back to see how each test did.
In every case, whenever regular, systematic testing was implemented, profits increased and growth accelerated.
The faster new tools, products or iterations were rolled out and tested the faster the business grew.
How many times have you come up with a brilliant idea, but not acted on it, only to see that someone else comes out with the exact same (or very similar) idea six months later?
It happens all the time.
That's why time to market is so important. That's why quickly working out what works and what does not as fast as possible makes such a big difference in the success or failure of an idea.
If you want your business to grow, forget about getting it right. Forget about having your product perfect before you launch.
Just get something out there to start testing the waters.
Ready – Fire – Aim