Growth Hacking is a technical term for strategies that focus on growth for a business. This term is often used for startups in the early stages of development, and that needs maximum growth in a short amount of time and on a small budget.
The growth hacking strategy’s goal is generally to attract as many users or customers as possible with the smallest budget. The term Growth Hacking was first mentioned by Sean Ellis, founder and CEO of GrowthHackers.
This article will give you the best overview of Growth Hacking and why it is considered a secret to the business’s miraculous growth.
Portrait of a Growth Hacker?
A Growth Hacker is anyone who uses innovative and cost-effective strategies to help a business get more customers. Some people equate Growth Hacker with Growth Marketer. However, anyone involved with products and services, from product managers to engineers, can be a Growth Hacker.
Growth Hackers are usually creative and have analytical skills:
- Growth Hacker focuses on business growth strategies.
- They create, focus on, and test different growth strategies.
- They analyze and evaluate the effectiveness of strategies.
- A good Growth Hacker will know how to set goals, choose channels to attract customers, promote strategies, measure effectiveness, and scale-up growth.
How does Growth Hacking work?
For each company, the most important thing when implementing Growth Hacking is to answer why businesses need growth and find every possible way to grow.
Many startups use the AARRR funnel model as a formula for growth. Dave McClure’s model includes the phases: Acquisition, Activation, Retention, Referral (referral), and Revenue (revenue).
Some other businesses claim that the most important part of Growth Hacking is increasing brand awareness. Regardless of the point of view, however, the overall goal of implementing Growth Hacking is to bring more traffic, turn potential customers into real customers, and satisfy them to become customers and brand loyalty.
How to start a Growth Hacking strategy?
Here’s an example of how a business can get started with Growth Hacking.
First, create a product and test it again to make sure it’s useful to customers, and they’ll be willing to pay to buy it. This will help you collect more data about customers to understand the target customer portraits better, thereby setting the right goals and tactics for Growth Hacking.
Update user data and feedback regularly, and constantly listen to customer feedback to make sure you’re on the right track. At the same time, promote your products for continued growth, and track the results' success. Using A / B testing or other conversion optimization tools is essential when implementing Growth Hacking.
Growth Hacking Strategy
Most Growth Hacking strategies are classified into three groups:
- Content marketing
- Product marketing
Content marketing can be a cost-effective way of branding based on the specific tactics used. Typical content marketing activities include:
- A blog to share valuable content
- A blog for other sites (guest blogging)
- Content creation on social networks
- Writing ebook and other documents
- Produce podcasts
- Organize online seminars
- Contests and giveaways
- Invite bloggers to review your product
- Join groups, forums
- Influencer marketing (invites celebrities to market the product)
- Email marketing
- SEO optimization (search engine) growth hacking with content marketing
Product marketing is the strategy to make your product more attractive, thereby increasing the number of customers and users, including:
- Create fear of missing out (FOMO - fear of missing out) by registering, only if invited
- Making the process of using the user’s product more enjoyable and enjoyable
- Create incentives and rewards for customers to introduce products to acquaintances
- Affiliate marketing
- Growth Hacker can also use social networks and PPC (pay-per-click) to promote the business.
Growth Hacking Examples
Some examples of successful businesses Growth Hacking include:
- Dropbox: Offer more storage space for old customers who refer to new customers.
- Hotmail: Add ads calling people to sign up for a new account in every outgoing email.
- Airbnb: Use Craigslist to find and promote to people looking for accommodation.