No, Growth hacking doesn’t literally mean hacking. Growth hacking is comparatively a new field that determines the best way of marketing focused only on growth.
Growth Hacking is basically a buzzword for start-ups and it basically encompasses around solid strategies which is focused completely on growth. And the implementation of Growth hacking is used for an early-stage start-up community that need enormous growth within a short span of time and that too having limited capital.
Growth Hacking works by combining optimization, marketing, and business development skills to go for automated marketing on a restricted budget. In simple terms, it is strategizing your business goals in such a way that you can reach maximum users or potential customers with the help of small funds.
For instances. It could be automated email notifications, sign-up driven pages, making the signup process smooth for new customers, attending community events, creating a social media community, application of referral marketing and there are many to go on with.
And Growth marketing is the reason due to which we are witnessing a few start-ups each year with massive growth rates. Despite being around for only a few years, it has already made it clear how much importance it keeps for start-ups and even for brands with great visions.
What is Growth Hacker?
Growth Hacking first was invented by Sean Ellis, in the year 2010 who is the founder and CEO of Growth Hackers and since he has brought this idea in life, it is being used by growth hackers to bring greater returns within a limited budget.
A Growth Hacker is someone who uses his skills to churn out the most productive output form a business. The job of Growth hackers is to innovate low-cost strategies to help start-ups or a business to make new clients and retain previous customers.
You could also use the term” Growth Marketers” instead of the word “Growth Hackers”. A person who is involved with products or service that includes project managers or engineers who is contributing to low-cost strategies and focusing solely on growth can also be said as a growth hacker.
Growth Hackers seems to be obsessive, curious, creative, inexpensive and analytical
- Growth hackers purely prioritize on growth-related strategies to bring greater return on investment.
- They come up with solid innovating strategies and then hypothesize and prioritize it to reach maximum customers.
- Growth marketers also examine and determine to see which strategy could bring fast changes and good results within a decent company budget for marketing channels and then apply it.
An expert growth hacker will first set specified goals. Then they set growth priorities and look for various channels through which they can acquire more customers, once they apply a particular strategy, the next thing to do is measure results and scale company growth.
What are the benefits of Growth Hacking?
Huge Return on Investment –
Growth hackers use data and metrics to take every decision more or less and then track performance based on planned strategies. It is to see which growth strategies will work out for your business and which will turn out to be productive. Keep the one which actually has enough potential to great huge return on investment and eliminate those not working for your brand.
Growth hacking is mastering to use resources in an economical way to reduce cost but bring decent results. Optimization plays a very important role here, as an online website should be built in the guidance of search engine optimization and it is the only thing that can skyrocket your site rank in search engine result pages. SEO is quite an effective method that takes fewer resources compared to other marketing channels. It helps in creating and sharing useful and unique content for your audience, and most importantly you can audit every aspect of your website to know where you stand among your competitors and what you need to improve to get to the top.
This profession doesn’t need a huge team to run and maintain your business, as a growth hacks and marketing strategies are basically developed and used by a single person or two. So, the fewer member you have, the fewer resources it takes to run. But when you are on a search for a Growth hacker, make sure you hire someone who has expertise on this subject.
Now let’s discuss the major growth hacking strategies for your business
Strategies of Growth Hacking that could boost your business potential
The mainstream strategies of growth hacking is encompassed by a few main marketing channels which have the potential to grow your business and get valuable returns.
- Product Marketing
- Content Marketing
You could always go for content marketing in the first place to let your potential customers know your purpose and that too with very low expense. Content marketing is inexpensive yet the most useful strategy and many big and small businesses often give it the first preference. What could be absolutely useful?
- Starting a blog and creating valuable and shareable content.
- Make useful social media content to attract and convert more customers.
- Influencer Marketing
- Create Podcasts Experiences
- Boost visibility of content with the guidance of SEO
- You can go for email marketing to build a stronger connection with your potential users.
Product marketing includes
- Making good use of the fear of missing out(FAMO) and do it by using an invite-only signup system.
- A referral incentive program that benefits the referee along with the users.
- Take the help of affiliate marketing which helps in the growth of content marketing as well.
Growth hackers can also go for pay per click (PPC ) along with social advertising according to the business need to further promote their business.
Few Growth Hacking Instances can be
We have illustrated a few examples of successful growth hacking campaigns to help you understand better.
- Hotmail – You can get a free Hotmail account with a direct link to the sign-up page added to the user’s signature.
- Dropbox – It offers rewards to the existing users for inviting new ones with additional storage.
- Twitter – It helps in an automated notification.
- Airbnb – Helps in cross-posting all new listings on craigslist for free.
- YouTube – Had made it very simple for people to upload and share videos on their site by providing embed codes.
Wrapping it up
You know how much competition is out there in the real world of businesses. Coping and pacing up with other dynamic business would necessitate Growth Hacking and its strategies. If you want to grow your brand and get recognition in the market as well to your potential customers you need a growth hacker that can determine the fastest money-making marketing channel and implement it.
Now when you know What Growth Hacking is and how Growth Hacking works it will not be that tough for you to hire someone with years of expertise and knowledge in this field.