Growth Hacking – What is the concept and how to get started?
Growth is one of the main pillars of success for all businesses
but how do you get it? What steps you should take to get your company moving
towards a bigger, brighter future? This is where the definition of growth
hacking comes into function.
Meaning of Growth Hacking
Growth hacking is a term for strategies focused on huge, rapid business growth.
Likewise, the term growth hacker refers to experts who use low-cost strategies that drive customer engagement and retention.
They are also defined as a growth marketer, but you don't have to be involved in marketing to be considered a growth hacker.
There's a wide range of professions which can encompass the role of a growth hacker.
How does Growth Hacking work?
Growth hacking involves some kind of reverse engineering. First, you will have to define how your company currently experiences growth, then determine how to take action that gives rise to more intentional growth. It's all about describing a path for more conscious, active efforts for fueling growth.
A common formula for growth hacking is AARRR:
How to start Growth Hacking?
Before beginning growth hacking, you first have to know a few core pillars that compose the framework of any significant growth strategy.
Full marketing Audit
First and foremost, you need to build a full audit of your current marketing efforts, so you can recognize what's working and what isn't. You need to decide where your leads and traffic are coming from and which marketing components are resulting in empty dead ends.
Setting a goal
Once you have a complete understanding of your marketing channels and the ROI they’re producing, you can begin to think about what you want to attain for the future. Do you want to create more traffic? Increase conversions? Increase your retention rate, or improve your social channels?
Set realistic and achievable goals, so that you can take active steps toward meeting them.
Come up with several strategies that might be an effective tool for meeting your targets, and test them out. You’re going to get different results because some will be good while others aren't. It is an essential step in the process, as it will help you better shape more impactful, advantageous plans and strategies in the long run. Letting your experiments run for a considerable amount of time, but for an equivalent amount of time will indicate that you have more completed, reliable information from which to work in the future.
Documentation and sharing
After your campaign tests run their course, you will have extensive data to work with.
Bring together a report that explores the successful campaigns and hits upon the unsuccessful ones.
Providing this information to your team will help you identify the best approach for campaign strategies moving forward.
For marketers who never experimented with growth hacking, this could feel like a massive undertaking. But within the domain of marketing, it's inescapable that everyone will have tested, measured, and shared what they learned through their efforts.
- Content marketing: using content to educate buyer personas
- Paid advertising: promoting your company via ads
- Product marketing: promoting your product and service
Following are some of the most effective growth hacking strategies
1. Building incentives into your onboarding
Providing incentives to your customers is a good way to encourage them to become brand advocates. Reward new customers for using your product and service and extending referrals and generating word of mouth.
2. Offering learning paths for your audience
While your audience might not yet be at a stage where they’re ready to make a purchase, they probably still want to learn from you. Creating free online courses is a great way to drive leads and expand brand awareness immensely.
If your audience finds value in educational resources that you provide, there’s a good chance they’ll turn to you when they decide they’re ready to make a purchase, as they trust your knowledge.
3. Running contests
This is a great way to spark enthusiasm for your products and add to your base of followers for a greater audience reach. Prizes are great incentives for people to share and participate in your contests.
These kinds of contests boost engagement and can help you acquire a mass quantity of contacts who could be potential leads interested in your products.
4. Rewarding social sharing and user-generated content
Incentivizing your audience to share your content and create and share their own content showcasing your products will boost your social media engagement immensely. This can lead to more followers and raise awareness.
Leveraging user-generated content can be a hugely beneficial strategy, as consumers trust the word of other consumers more than they trust your company. User-generated content shows real people are using and being delighted by your products, and this not only builds trust in the quality of the product your company provides but also creates a greater demand for it.