The idea of Market Hacking is developing steam in the business community. It’s not magical, mysterious or illegal. It’s about opening new markets using creativity, new tools and analyzing the results.
Businesses have more access to the world and the specific customer they wish to reach. Many businesses are doing fine without formally using market hacking techniques. Although, I would suggest successful businesses use many of the same principles and philosophies found in market hacking.
How do you know if you should employ market hacking? Below is a list of five considerations.
- You are losing market share: It’s common for a business to grow for years while ignoring the changes around them. Then, one day, it becomes obvious. The company has lost a lot of ground and is in danger of losing money.
- You’re trying to cut your way to profitability: There is nothing wrong with a good house cleaning and improving accounting practices. Cutting unnecessary fat is a good move to keep a company well-run and strong. Unfortunately, there is a point of diminishing returns. At a certain point the more you cut; the more you hurt the possibility of growing the company to its former glory. When cuts hurt the company’s ability to function and support the customer — you have a problem.
- Technology is making your product or service obsolete: Your product or service may not stand the test of time. That does not mean your company has to go down with it. If you know your industry well, there is no reason you shouldn’t be a leader for the next generation of technology or ideas.
- Your current marketing doesn’t work anymore: It’s possible the yellow pages, radio, TV, newspaper or magazine advertising grew your business to it’s peak greatness. Unfortunately, these traditional methods of advertising don’t work the same way they did in the past. In some cases, they don’t work at all. Today the business owner has many more modern options at their finger tips.
- You are afraid of the new business environment: entrepreneurs and start-ups are everywhere. They seem to have all the cutting edge ideas that seem light-years from your understanding. There is nothing to fear. The reality is most start-up business owners are just as confused as you. Knowing how to code and having a Facebook page, doesn’t make you a superior business person. The new business environment requires you to be open-minded, try creative ideas, embrace technology, test your ideas and review the results. You can do that!
Established businesses have many advantages over start-ups. Don’t fear the new opportunities and tools available to you. You don’t need to try them all at once. Take small steps. Test a few ideas (many you find here at market hacking) to open the new markets and opportunities you know are out there.