Strategies that are solely geared toward growth are collectively referred to as “growth hacking.” It is frequently applied to early-stage startups with tight budgets and a need for rapid growth. It has long been hailed as a “unicorn” marketing technique that may send a business’s sales skyrocketing in no time. Gaining as many users or customers while spending the least amount of money is typically the primary objective of growth hacking tactics.
But does growth hacking still effective a decade after the term “growth hacker” was first used? Growth hacking is the ideal approach, according to consultants, marketers, and business owners, and some even refer to it as “the future of marketing,” but what does that term actually mean? In this post, we’ll define growth hacking in detail and explain what it is and how it works.
What is Growth Hacking?
Growth hacking is a brand-new discipline that only focuses on growth and is built on a data-driven methodology. This marketing strategy, also referred to as growth marketing, uses scrappy, affordable tactics to significantly increase a company’s revenue in a quick time.
A growth hacker is a person who develops innovative, low-cost tactics to assist organizations in attracting and retaining clients. Growth hackers can be product managers, engineers, or anyone else who works on a product or service. In any stage of the customer journey, from awareness via marketing to brand ambassadors by optimizing the product, a growth hacker carefully investigates new growth potential and opportunities for business growth.
Growth Hacking Approach
A growth hacker uses a wide range of skills and knowledge to put the end objective above the means. Growth hacking for rapid business growth requires:
Speed vs Perfection
Instead of developing something from scratch just to learn that you misunderstood your customer, it is preferable to rapidly determine whether something has potential. Through the tests and the less-talking, more-doing approach, you can see this come back.
You may significantly increase your effectiveness by utilizing data. Where should you concentrate your efforts to achieve the greatest impact? Based on the results of our studies, what improvement would result in the most growth? Which users are the most valuable? Answers to these questions will help you quickly implement your growth strategies.
Be Constantly Improving
There is always a new growth obstacle for your company to address. Additionally, you develop a high level of “Learnability” in yourself, which teaches you to simply start Googling things you don’t understand to figure out how they function. Growth hacking is something that requires continuous attention to detail while learning new ways to improve outcomes in the long run.
Use Social Platforms that our Competitors Don’t Target
There is a high chance that your competitor would be targeting only popular social platforms like Twitter or Facebook. Unknown to the fact that there are many smaller social networks like Profit.ly or the-dots.com that can also increase your brand awareness.
Apart from increasing organic traffic, if you are able to dominate a social media platform over your competitor, you gain access to a larger audience.
Become Partners and Share the Audience
Another great technique to increase your customers is to join hands with other companies. For instance, you have an audience of 30,000 members, and a similar company has 50,000 members, together you both can reach 80,000 members.
Instead of focusing on a direct competitor, we recommend concentrating on locating a company that will benefit your own. Send an email or give a call to potential partners.
Try A/B Testing
A/B testing is a research method where two versions of a web page are shown to the same audience. The goal is to find out which version performs better.
A/B testing is used in digital marketing because it can help improve conversion rates and increase website traffic. It’s also used with email marketing, social media marketing, content marketing, and many other types of marketing.
The A/B testing process starts with the creation of two variants or “versions” of a web page or email message that you want to test. You then send one variant to 50% of your visitors (or recipients) and the other variant to the remaining 50%. You then track which version has more conversions and engagement over time, so you can determine which one is performing better.
When it comes to Growth Hacking, A/B Testing is the best way to test and check how the different areas perform. It is best to start with landing pages, the homepage, the contact us page, the blog post, or the sales page.
Remember, if you alter multiple factors, you won’t be able to determine which had an impact on the result.
You can rely on some free or paid tools to set up A/B tests and track user behavior reports.
The majority of growth hacking techniques fall into three categories – product marketing, content marketing, and advertising. Product marketing tactics include ways to increase the appeal of your product and expand the user base. Content marketing may be a low-cost method of spreading the word about your product, depending on the strategies employed. Additionally, growth hackers might advertise their company using pay-per-click (PPC) and social media.
You can definitely come up with inventive strategies to market your business for little to no money if you have a creative mind and are ready to try new and data-driven methods.
Implement your strategies as soon as you have them planned out. Don’t question your actions. Just Act.