Understanding Growth Hacking
Traditional methods can’t always achieve the rapid growth businesses need to stay afloat and succeed. Growth hacking uses creative and analytical techniques to help a company scale and achieve exponential growth.
Growth hacking explores different strategies to enhance conventional marketing methods and turbocharge expansion. If you need to grow your business fast, check out our guide to growth hacking for optimal success.
Sean Ellis, an entrepreneur, and startup adviser coined the term “growth hacker” back in 2010. A growth hacker is a marketer who concentrates on experimenting with and implementing marketing or promotional strategies geared toward efficient and rapid business growth. Growth hacking often involves accelerating product development and marketing cycles to get new products out to customers in the shortest possible time.
Growth hacking took off because it allows businesses to achieve results quickly, with minimal expenditure.
Small and large companies can use growth hacking to experiment with various marketing and product development methods. Here’s what to consider in your strategy.
Who are your customers, and what do they want? Look after the product-market fit, which essentially boils down to having a superior product in a high-demand market that meets your customer’s needs.
To accomplish this, you’ll need to know the following about your customers:
- Age, gender, education, and demographic data
- Where they go for information
- Values, goals, challenges, and pain points
Every company will have a unique reason for implementing a growth hacking strategy. For example, your goal may be to reach $1 million in sales if you’re in commerce, or a content-related site may hope to get a million page views per month.
While these goals are attainable, it’s important to break them down into a series of shorter steps to monitor your progress and make quick changes accordingly.
Growth hacking is highly data-driven. Once you start implementing marketing strategies, it’s time to learn what’s working. Aside from increased product sales, there are a few other ways you can keep tabs on your marketing efforts.
For example, you can use social media to monitor and measure shares, likes, and feedback. Another way to measure metrics is by using an exit-intent popup. These pop-ups can track when a browser is about to leave your site and offer a coupon to persuade them to stay. Whether you have a small online clothing boutique or a local coffee shop, utilize analytical tools to monitor your content.
What better way to determine what’s working and what’s not than by asking your audience directly? Customer feedback could be through online reviews, emails, pop-ups, or surveys. This feedback (even if unfavorable) will give you more insight into your customer’s issues so you can focus on giving them a better experience.
There will always be room for improvement, and asking your consumers how you can do better can drastically boost your sales.
Most customers read reviews before making an online purchase. Surveys have shown that up to 84% of consumers trust online reviews and testimonials. Let your audience know how fantastic your product or service is. Show social proof directly on your website with reviews or comments from satisfied customers. Adding a social proof can help build trust and drive visitors to make a purchase.
Having a solid social media presence is another way to earn your audience’s trust. It’s OK to ask your followers to do something for you on your social media accounts. Simply asking your audience to complete a small task like sharing or liking a post can increase your social media engagement. You can also direct customers to your website by asking them to join your mailing list or sign up for updates.
Tip: Always make sure your call-to-action is simple, easy, and straightforward. It’s not about asking your customers to jump through hoops. It’s about taking a couple of seconds out of their day to like, share, or provide their contact info.
Scale your business the smarter way. Use these growth hacking tips to improve your sales and increase your bottom line no matter your niche.
A meeting room where your team can map customer needs, break big goals into short steps and review what the data says is working.
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