Growth hacking is the new buzzword that everyone is talking about. Although it is spoken of quite often, it is still not straightforward for many individuals. You don’t have to worry if you are amongst such an individual, as we’ll cover it here in this article.
Before we get into an explanation or discuss the tactics for the growth hacking, let’s discuss what it is.
What is growth hacking?
Growth hacking is another name for growth marketing. The concept relies on using different hacks to bring in the growth you have been longing for, for your businesses. It is the use of cost-effective marketing techniques to generate the maximum value. The result of this principle is usually in the form of a boost in business sales and customer base.
For whom is growth hacking suitable?
The large companies are already spending their huge budgets on gaining more market share or generating increased revenue. However, the startups or small businesses, which have just entered the market, have difficulty optimizing their expenditures to get extra cash for advertising purposes. This is where growth marketing can play its role.
It lets the small business owners and even the marketing agency dealing with small businesses spend on the techniques that would have a massive impact on increasing sales and retaining the customers.
So, all the businesses can get an equal playing field where the customers can decide which product or service is the best.
How is growth hacking different from traditional marketing techniques?
One of the confusing things about growth marketing is its resemblance with traditional marketing. A growth marketing agency uses nearly the same techniques to bring in more leads than conventional marketing in growth marketing. Still, the ultimate aim here is to bring in the guaranteed leads.
As this technique is directed explicitly for the new business owners, the lack of resources triggers tactics that would bring immediate effects, just like subscription forms and push notifications. However, it does not only rely on these tactics. If your business has a high budget, you can spend on other marketing tactics while optimizing the resource usage to fall under the definition of growth marketing.
How can the growth marketing technique benefit you?
There are multiple benefits of this technique. We’ll share a few of them here to convince you about the results you can generate by putting in the effort:
The use of growth marketing tactics relies on strategies where the performance of the hack can be traced to the last click made. This means that the resources pulled off to gather the results are evident.
Suppose one of the methods has not proved beneficial. In such a case, it is easier for the marketer to stop that strategy and continue with the next one to optimize resources. You can continue the process till you get the results.
Implementing a growth marketing strategy for any business does not require a team of individuals who will handle different marketing aspects. It can be done with a single individual who understands the concepts and knows the critical tactics.
Even the implementation of the strategy itself does not require much budget. You can kick off your campaigns with low budgets and then increase your spending with time once you start seeing the optimized results.
Focus on growth mentality:
While spending on the marketing efforts, you are not always spending for growth purposes. There can be different goals in mind; however, the ultimate focus is growth when using the growth marketing strategy. Such spending triggers the mentality of the businesses and associated people, resulting in holistic benefits.
You no longer would be using marketing as a reactionary tactic. You’ll learn to use it as a proactive measure where you can help your business while making it a worthwhile effort for yourself. Such a mindset will give you more opportunities to grow and earn.
Identify the growth loops:
This strategy isn’t only to help individuals or businesses to achieve growth. Suppose your business is not capable of development or the process that you have employed hasn’t worked. In that case, you can also identify such problems using this strategy. As most tactics and implementation measures depend on the data, you can search for the non-performing methods and put them on hold. A deeper analysis of this data can help you in finding the loopholes. Thus, you can fix them to get all the advantages of this strategy.
Works for all the stakeholders:
One of the other benefits of the growth marketing strategy is that it works for every individual, business, or company. You don’t have to be a startup venture to gather the advantages. You can be in any industry and at any business stage to adopt this mentality.
You can benefit from this strategy when you are willing to change the product offering, services, or the existing operations on which you operate your business. Only then, you can get the benefit from the data and implement it to get the most help.
Development of new products and business ideas:
While you are busy growing your existing business, growth marketing allows you to fill in the gaps identified with the analysis while pursuing the growth strategies. You can cater to the identified gaps with the help of introducing new products or catering to new segments.
Even if you want to introduce a new product already, the data collected from these tactics would tell you to find the feasibility of the new products with greater ease.
Who can help you with the implementation of this strategy?
When you are into traditional marketing, you either have an in-house marketing department or a specialized marketing agency to help you get through the technicalities and achieve the objectives. The same marketing agency is responsible for reporting and presenting you the data highlighting your spending and the return. So now, the question is the executor of growth marketing, and who performs it?
Is it the same marketing agency? Or are there particular businesses involved?
The growth hacker specifically manages growth hacking. You can also call them growth marketers. These people specialize in techniques that can provide specific results without requiring much of your budget in the marketing efforts.
They can help you acquire more customers and retain the existing ones, making your business grow smoothly without you spending your extra time and effort in the process.
Like traditional marketing agencies, you can find the growth hackers as individual experts or the special growth hacking agencies. Their role is to utilize their creative strategies and bring in the best results for the businesses.
While selecting the growth-marketing agency, you can be sure that the resources dealing with your businesses would be fully trained and capable of managing your business’s marketing with great ease.
A few growth hacking strategies:
Suppose you don’t want to hire growth hackers to implement the growth marketing strategies. In that case, going through this section will give you an idea of the type of marketing strategies. Even if you are going to hire one, you’ll know the strategic options you have to discuss the goals accordingly.
So, let’s discuss a few growth strategies here.
This is one of the prominent techniques that a growth hacker can utilize. In this technique, you have to make your product alluring for the customers. It can be done by creating a different usage for the existing product, using a video to highlight the benefits, and even changing the packaging to something that grabs the user’s attention. With all these tactics, your company’s product will become noticeable, and there would be a high chance of the purchase.
Another essential technique that growth hackers can utilize for the businesses pursuing the growth marketing strategy is content marketing.
In this strategy, the creation of content around the company and its products is the primary goal. The content can be in any form, i.e., images, videos, and blogging. All these content types are to provide the potential user with the solutions to their existing problems. Once they land at your website or company store, they’ll be in a position to be hooked o your businesses for a long time.
With the high competition in the online industry, you cannot even leave minor issues in the user interface or website optimization that could drive potential customers or sales. Thus, growth marketers focus on this aspect very closely. They ensure that your website is loading within seconds and the UI/UX is friendly enough for the users to keep them to the website. Besides, setting up the signup forms and push notifications to help them bring more quality leads than the other marketing forms.
Moreover, setting up the email campaign also becomes a part of this strategy when they have many email subscribers.
Before pursuing any strategy, a growth hacker will conduct the data analysis. This step will identify many opportunities where your business will be able to improve by putting in a little effort. So, your growth marketer will highlight these potential ways of increasing revenue to ensure that you get the customized growth opportunities ad not the general ones.
Companies using growth hacking strategies:
Growth hacking is a relatively new process, but companies utilize these techniques to get the most benefits. One of the companies using this growth strategy model is Airbnb. Now what we know as the one of a kind company. Back when it was launched, people did not know about it.
The company utilized the bots technology where the crag list was integrated into the existing platforms. The result of this effort was a massive success for the company. This strategy isn’t amongst the ones that we have discussed above. But the growth hackers analyzed the company and identified a customized opportunity to bring the business to the top, and they did it. They managed growth by tapping into the targeted market segment, and they were successful. Now you can find them using various other marketing strategies as well, focusing on gaining an increase in market share and sales.
The growth hacking or growth marketing strategy is relatively a newer strategy that focuses on taking measures that would impact the growth of your business. Being workable on small budgets, this strategy is optimal for startups and small businesses. However, there is no restriction, and large companies can also utilize this fantastic strategy to grow further.
All you can expect from this strategy is steady growth, better ROI, identification of product gaps, positional of business in new markets, and the analysis of all your data.
Suppose you have liked the concept and want to implement this strategy for your business, too. So, you must look for a reputable growth hacker who can bring in the best results.
Do you want growth for your company?
Great! Unleash the top 10 Nordic Steps to help your business grow profitably by clicking the button down below!