Growth hacker, Growth enabler, Growth manager, Growth marketer……….
Growth is the term that has swiftly moved from being part of responsibilities in the job description to be a vital part of job designations.
Early-stage start-ups(IT/tech) across the globe use growth as a unique role, associated predominantly with marketing, sales, and affiliated strategies. The term ‘growth hacking’ originated with Sean Ellis, an entrepreneur, and marketer who has worked with Dropbox, Xobni, LogMeIn, and Uproar, back in 2010. He was a driving force behind the accelerated growth of these companies. For example, Dropbox also rewarded users for signing up. Instead of paying them, it gave users and their friend’s additional storage space. This resulted in new users and to Dropbox, growth meant onboarding more users.
Similarly, any start-up, whether its B2C or B2B needs to, quickly acquire new customers, generate revenue, get feedback, improve the product, and build upon it. This growth pattern can be observed majorly in investment-backed or VC funded start-ups to justify their projections.
In the above scenarios, the GOALs are user acquisitions, customer growth, etc., while the MEDIUM taken is common – marketing. Growth marketers or Growth Hackers were responsible for identifying the marketing channels, strategies to achieve accelerated growth.
But, what if the organization’s goal is not just to achieve new users/customers?
The context we discussed so far majorly relates to tech-based applications. In industries like manufacturing (non-tech based) which have multiple business lines, achieving new customers, and customer acquisition is not the only goal.
So, the ‘growth’ strategy does not apply for Non-tech, core manufacturing enterprises?
Through our experience of working on 300+ strategic projects with C-level executives, business heads, VPs, partners of our Fortune 500, global 2000 listed clients, we have realized that ‘growth hacking’ strategy does exist in large organizations as well. Large enterprises with several business lines, multiple in-house technologies, global market presence also strive to ‘grow’, but the goals/objectives of growth is not just limited to user acquisitions. The definition of growth varies from start-ups to large enterprises.
How ‘Growth’ differs in Large Enterprises?
There are plenty of examples, which reinforce the fact that the top companies(non-tech) of the world, have seen growth through market diversification, moving both vertically and horizontally in the value chain. Consumer-centric companies like P&G, Lo’Real, Nestle, etc. grew by entering new markets, with customized products and portfolios. Whereas Electronics & Components giants such as Samsung, Panasonic, Intel, Fujifilm built their empires but penetrating not only into consumer electronics but also leveraging their technology expertise into B2B business as well.
These companies have seen immense business growth through various mediums – external collaboration, developing internal capabilities, adopting digital strategies, diversifying into new markets, introducing a new product, or a combination of any of these, to name a few – and are not solely dependent on marketing/business development efforts alone. Growth is considered specific to a specific geography, in-house technology, or a business line, etc.
On contrary, in IT/Tech start-ups where there are designated ‘growth hackers’, large enterprises do not identify them with such titles. High-performing individuals such as partners, VPs, senior managers, etc. who have proven track records are moved from operational roles and promoted to lead the growth. These growth leaders identify growth opportunities, build strategies, work with multiple stakeholders to achieve growth for the department or business unit or technology or market they are associated with. They are responsible for driving the ‘growth’ of their respective business lines either by using a single strategy like external collaborations, digital transformation, or a combination of multiple strategies.
Large enterprises have started realizing the importance of identifying, grooming these growth leaders across the organizations to seed continuous growth initiatives. Rapidly changing market scenarios, technology advancements, fading geographical boundaries, resulting in cross-industry business opportunities. To become a global leader or to preserve that, enterprises need to evolve and keep growing into the new business, new markets continuously.
After years of experience helping #growthleaders from varied industries, geographies on Ideapoke has categorized them as below, considering the growth objectives, professional background, department/function, roles & responsibilities:
- New Market/New Business
- Research & Development
- Digital Transformation
Ideapoke is launching #Growthleaders Each of the above growth leader categories has a different goal, skill set, and strategy to follow. In our upcoming article series #growthleaders, we will discuss each of these growth leaders in detail. The articles will discuss evolution, key attributes, technologies & tools for the success of #growthleaders with examples.