Take a look at the “Start-ups” of the day, one minute they are in a one room apartment , next thing they are valued at billions of dollars, all in the span of a few years. How did they grow so fast? Well there’s lots of reasons but the main reason, is they focused on a new philosophy and buzz word taking the tech world by storm called Growth Hacking.
Growth Hacking is the process of Acquiring Customers with unconventional strategies and an out-of-the-box approach to increase revenue and be in a better competitive position. It encompasses the entire process, from product to marketing. Growth hackers can be the product designers, engineers or even the marketers that specifically focus on building and engaging the user base of a business.
The major goal of growth hacking is usually long term retention of customers, because generating leads is one thing, keeping them part of the process in the long run is a whole ‘nother monster.
Specializing in growth hacking usually involves rapidly testing persuasive copy, email marketing, SEO and virality to achieve quick growth in users.
Remember though, growth hacking is a mindset and doesn’t require you to be a programmer, but it does help to have one on your team.
A growth hacker is different from a marketer though, while a marketer has to deal with a traditional product, the internet has dramatically changed what a product actually is. Now Facebook is a product, so is Instagram and Uber. This new kind of product required a new kind of thinking and a narrower focus on growth exclusively.
Easy explanation, Growth Hacking meets at the middle of marketing, programming and data analysis.
Growth hackers focus on innovating and getting the business bigger and really only care about one metric, are we growing? You can call Jeff Bezos, a growth hacker, as his motto for Amazon is grow, grow, grow. Twitter, Facebook, Dropbox, Pinterest, YouTube, Instagram and Google are all companies that used and still use growth hacking techniques to build brands and improve profits.
Hackers are usually seen as geniuses, although the word had negative connotations before, nowadays people are proud to be seen as hackers, and life hackers have also become a buzz word. In its essence, it’s an ingenious person who thinks creatively to provide a solution. Growth for companies are not always seen in plain sight, it takes a growth hacker to find out paths not clear to others. Although Growth hacking has been associated with start ups, larger companies with bigger resources will be hopping on the band wagon.
Here’s 5 steps to effectively growth hack
Attract, engage, acquire, maintain and analyze
(1) Attract- Use great content, however you must first define your audience. Find out what they think about, what influences them and what they talk about. Use visuals and infographics, guest blogging and forum marketing will also get your cause out there.
(2) Engage:Get your visitors interested enough and convert them to leads. They most likely Email marketing is still an effective way of engaging, as people rarely change emails.Using tools such as exit-intent popups and subscription bars can increase the number of subscribers. Don’t try to sell or promote your product in those boxes and popups. Instead, offer them exclusive tips, promotion codes and something that appeals to your visitors and triggers them to exchange their email.
(3) Acquire Customers: Search Engine Marketing, this is when your target customer searches for certain search terms (e.g., “smartphone”), your SEM ad will appear at the top of their search results. Social Media Marketing is another way to grow your customer base.
(4) Maintain Customers: Now that you have acquired customers, your goal should be to keep them. It helps to listen to them, put them first, value their feedback and give them free stuff whenever you can.
(5) Analyze: Focusing on analytics lets you know what went right, so you can do more of it. You can use split A/B vibes to determine page conversion rates. If your run ads, then make sure you use analytics available on Facebook and Google to determine your targets and create promotions to suit that audience, also targeting them at the optimal time. Through doing this, you are engineering the ideal circumstances for growth.