Growth hacking: it’s become a buzz word which might seem vague and complex but in reality comes down to a simple concept. It’s part marketing, part product development and sales, and all experimentation. Growth hacking has been popularized in the tech industry, with giants like Facebook, Dropbox and LinkedIn making use of growth hacking techniques in order to grow their engagement and user bases.
If you’re looking to raise capital and scale your company effectively without the kind of resources afforded to the giants, consider using a blockchain-based approach with ICO’s (Initial Coin Offerings).
ICO’s: Cost-Effective Way to Raise Capital
ICO’s offer blockchain companies an opportunity to raise capital from a global pool of investors, costing only a fraction of other more traditional fundraising methods. For investors, ICO’s offer access to diverse investment opportunities internationally, with only minimal investment amounts needed to get started. This is a powerful combination which allows blockchain companies to effectively gather capital for the next round of funding. Growth hacking, while currently associated with startup culture, is on the brink of becoming an industry standard for internet companies. With the proper application, setting up ICO’s could be the right scaling method which pushes your growth to a new frontier.
While blockchain has taken the media by storm, the technology is still in its infancy. Very few entrepreneurs have considered where blockchain will be in five years. Some of the ideas you come up with might not be applicable right now, but they might fill an important gap in the future.
Build a Business the Blockchain with these “Growth Hacking Principles”:
The first principle to consider when growth hacking is adaptability. Being able to realize that an approach is failing is essential in order to be able to pivot your product to achieve product-market fit. Staying adaptable gives you a competitive edge which will keep you stable during rapid growth, a factor that becomes more important when working with a technology like blockchain.
This might be the most underrated, but also the most important. Simplify, simplify, simplify. Complexities peppered with jargon and a need for technological know-how alienates potential investors. Try to keep use cases simple to bolster your contribution numbers – both the business and technology sectors should be able to easily understand your mission and vision.
#3: Harness Your Vision
The next essential principle is to be able to create and understand your vision. One of my all-time favorite business books is Vivid Vision by the author and CEO coach Cameron Herold. Reading Vivid Vision gave me the tools I needed to make my visions a reality and made the process of knowing what I really wanted more accessible. I highly recommend giving it a read to help you craft the idea you have into an achievable vision.
#4: Master Problem Solving: Break Down Challenges into Smaller Problems
The last principle comes from a learning experience I had while I was building one of my previous companies – ComputerSupport.com. We had a complex scenario concerning a customer who had geographically dispersed data centers with 100% uptime requirements. While we were frantically trying to come up with solutions and getting frustrated at the complexity of the problem, my partner at the time said: ”Kirill, it’s just another computer.” That phrase really stuck with me – the problem with which we were so frustrated could be boiled down to one simple statement, and that made finding a solution so much easier. When you come across problems like these, it’s best to break them down into the smallest possible components. This makes the impossible possible.
With these basic principles in mind, launching an ICO for your blockchain can be the growth hacking strategy you need to be able to scale your company rapidly. While daunting at first, the process becomes easy once rendered down to its most basic components. Then, of course, the key is to iterate. Achieve growth and increase it consistently – part of an entrepreneur’s approach includes not only the adoption of a strategy, but also the internalization of said strategy to become both a progressive and successful mindset.
Have you used growth hacking tools for your company?
Kirill Bensonoff is a successful entrepreneur with multiple exits, blockchain investor and advisor and host of the Boston Crypto Meetup. Follow him on Twitter @prankstr25.