The Hiatus growth methodology
When we first started working with small to medium-sized enterprises, we found there was a large gap in the knowledge of certain customer segments. So, we decided to codify the methodology of how we grew in the hope that we can help others to scale with lessons we’ve learned from many clients in different sectors of the business environment:
Step 1: Understand the Customer
The first step in building long-term growth, is gaining a deep understanding of your target customer. This is researching and analysing their needs, preferences, pain points, and behaviours, through an online interaction, but also in person. You can conduct market research, surveys, interviews, and customer feedback analysis to gather some valuable insights, however, do remember, some customers aren’t able to verbalise what their problem is, so you’ll need to speak to them for a while before they will actually drill down into what is really frustrating them. This information will help you tailor your products, services, and marketing efforts to better serve your customers' requirements.
Step 2: Understand the Environment
To really succeed, your brand must be truly aware of the broader business environment it operates in – the nuances, subtilties, and all the hidden traps. This includes understanding the competitive landscape, industry trends, technological advancements, regulatory factors, and as many of the other external forces that may impact your business, as you can.
We recommend conducting a thorough analysis of the market to identify opportunities and potential threats using any of the management tools out there (such as the PESTLE tool, for instance). This knowledge will enable you to make informed decisions and stay ahead of the competition, and importantly ahead of innovation (which will also be nipping at your heels!).
Step 3: Understand the Problem
Clearly define the problem your organisation aims to solve. This involves identifying a specific pain point or unmet need in the market and developing a solution that addresses it effectively. Avoid assumptions and rely on data-driven insights to ensure your solution is relevant and valuable to your target audience, but also don’t be afraid to take a little risk if you have a hypothesis.
Step 4: Understand the Solution
Once you've identified the problem, work on developing your compelling solution. This involves creating products or services that align with the needs and desires of your target customers. Test and iterate your offerings based on customer feedback to continuously improve and refine your solutions.
Step 5: Implementation and Measurement
After thoroughly understanding your customers, environment, problem, and solution, it's time to put your strategy into action. Develop a well-defined marketing and sales plan to reach your target audience effectively. Track and measure the performance of your growth initiatives to assess their effectiveness. Ideally, utilise key performance indicators (KPIs) to evaluate progress and make data-driven adjustments as they’re needed.
Step 6: Iterate and Optimise
Growth is an ongoing process. Continuously monitor the market, customer feedback, and performance metrics to identify areas for improvement. Adapt your strategies and tactics accordingly to stay relevant and competitive. Regularly iterate and optimise your approach to ensure sustained growth over time.
By understanding our methodology, and using it as a basis for your own, your brand can build a solid foundation for sustainable growth by basing decisions on a comprehensive understanding of your customers, the market, and your unique value proposition. And remember, understanding is the driving force behind the most successful growth strategies!
