There is a new revolutionary name “Growth Hacking” taking place in the world of new and established business growth and we want to help people to understand this new phenomenon. This new phenomenon is especially for business entrepreneurs; business development leaders, new business founders or anyone else who is looking to give growth to business setup as acquiring new customers and retaining the existing ones is imperative task to your business growth.
If strong & reliable groups of customers are an essential part of your business strategy then you must think about growth hacking principles. Let’s begin.
What is Growth Hacking?
Growth Hacking is a new concept in the field of marketing which is mainly focused on business growth. It starts in relation to early stage of business setups who are aspiring for massive growth in a short period of time on small monetary budget. The reason is very obvious that everyone wants to grow incredibly fast and acquire large platform of users which in turn generate big revenue. A growth hacking team consists of expert marketers, growth hackers & engineers and product managers who specifically focus on building brand name and engaging the users towards their variety of products & services. A marketing engineer or manager can be a growth hacker who often has to use analytical, low cost, creative and innovative methods to generate exponential customer base for business. Growth hacking process actually focuses on lowering down cost per customer acquisition along with long term sustainability. The typical growth hacking also focuses on finding smarter marketing ways e.g. using social media, viral marketing or targeted marketing, instead of buying advertising through radio, news & television media and newspaper ads. This is the all process which any growth does.
Can we Implement growth hacking process benefits for our business setup?
Yes, we can implement it. Whether you’re a start-up or large organisation, B2B or B2C, this process can be customised and incorporated into a successful growth strategy.
- Make Your Product Perfect:
Try to analyse the precise needs and preferences of your customer base and use this data to enhance your product. Growth hackers call this process as “market required products”. It is important to make sure your product offerings are as strong as possible before using it as a channel for growth.
- Set Your Goals:
A growth hacker’s success always lies in defining product based & user oriented precise actionable goals which will feed into the overall company’s growth, helps to broaden their objective to focus and maximize the amount of time to spend on testing and refining marketing approach.
- Test Your Marketing Approach:
Growth hacking is underpinned by creativity and experimentation. Testing part is essential for this process of experimentation to determine what will work and what won’t work for your marketing strategies. Always keep testing on the marketing strategies and record the relevant data outputs so you can implement the best combinations to enrich the company’s growth.
- Work on Analytics Performance:
Working on analytic effort always an essential part, as to stay on the path of success by following precise marketing goals. As you record down your progress chart, this data can also be beneficial to make & adapt right strategies in other relevant areas of process accordingly, based on products.
- Process of Optimization:
Whether this involves implementing an entirely new approach or refining a previous effort, there is value in the “learning-by-doing” concept. Success, like most things, will come with a little bit of patience and practice.
- Viral Marketing:
Viral marketing is one of the most commonly used methods in growth hacking in form of referrals. Dropbox and Uber are great examples of this of using good referrals tactics which has already been expanded their user base in the market.
Other viral tactics include by showcasing your brand when users use your free version of brand. Platforms like WordPress & Wix has done it very effectively by showing their brand name on free versions and on free email tracking software.
Another viral tactics involve piggybacking on different platforms which has already successful like; Youtube created embedded codes to easily share their videos on popular sites like Facebook.
- Paid Marketing:
Paid advertising can also be a very useful method for the growth of business as long as your CAC (Customer Acquisition Cost) is sufficiently less than your CLTV (Customer Lifetime Value) and leaves you with a good margin.
Conclusion:
Now you must have an overall understanding of what growth hacking is? With the help of following growth hacking process, one can easily find a proficient growth to help unlock your product & website visibility to start developing large scale marketing activities further. It also helps to focus on right skill sets of growth hacking & hiring expert growth hacking people that complement your weak spots of business and you will be able to scale a lot faster.
