If you live in today’s world, then there’s no way you haven’t heard the word “Growth hacking” being thrown around. Whether in a blog, a podcast, conference or anywhere else, this is the latest buzzword being used by many people. But the question that everyone asking is “What is growth hacking?”
Consultants and marketing gurus are calling growth hacking one of the best ways to grow your business, especially if you are a startup. So, what is it actually?
What is Growth Hacking?
Growth hacking is the newest field in marketing and it is a combination of marketing, data and the latest technology.
A growth hacker uses insights driven from data to run various types of experiments based on a process to increase a business’s number of customers. Growth hacking is the perfect solution for startups as they have to compete in the market with big businesses but don’t have the resources or the capital to spend as much on marketing as the giants.
Instead of using a single strategy, growth hacking offers various strategies to a business so that it grows rapidly and without the need of extraordinary resources. So, basically, growth hacking helps you acquire as many customers as you can by spending as little as you can.
Origin of Growth Hacking
So, why did growth hacking come into being? Growth hacking was first introduced to the startups at Silicon Valley but it rapidly evolved and spread and now can be seen at work around the globe. This was the startups’ way to beat the competition, no matter how big the competition was. There used to be an order in the industry. The giants would have the most number of customers and the most sales and the startups would have to stay at the bottom, but now with growth hacking, there’s nothing a startup cannot do as good as or even better than the giant of the industry.
Growth hacking is leveling the playing field.
Growth hacking provides new and non-traditional marketing strategies to businesses so that they can attract more customers. Growth hackers are not only the master of marketing strategies but also other skills such as SEO, content marketing, social media, email marketing, and others.
Here are the skills you can use to growth hack your business at a fraction of the budget that you would have used otherwise:
Growth Hacking Techniques and Tips to Boost Conversions
Now that we have a good idea about what growth hacking is, let’s see how you can use these strategies to your advantage and start using growth hacking right now.
Piggyback on Other Companies’ Audiences
This is one of the fastest ways of getting new customers without using a lot of capital or any other resources. For example, if you have an active audience of 10,000 on your social media channels, you can join forces with a similar yet non-competing company in your industry. This way, they will be able to reach your audience and you will be able to reach theirs. This way, not only will you get the short term benefit of the additional audience for your business, but you also avail the long term benefit of developing relationships with the companies that you work with.
You could make the following suggestions:
- Tagging each other on social media
- Offering bundles of products
- Offering discounts for purchases on both sites
- Recommending each other to existing customers
Growth hacking is a strategy that uses multiple disciplines to create marketing strategies for a business and help it expand. Even though it can be haphazard work, it actually is the opposite. Growth hackers pay a lot of attention to every little detail about the strategy and make sure that everything correlates to everything else.
One of the ways that you can use multiple hacks is to use A/B testing to find out which ones are working and which ones aren’t.
Every company should constantly evaluate its strategies but most of all startups. That is because they don’t have the capital or the resources to carry on with marketing strategies that are not up to the mark and not producing the results that were expected of them.
You can run A/B testing on all sorts of elements of your strategy, but most of all the following elements:
- Home page
- Service pages
- Contact forms and page
- Product pages
- Blog posts
A/B testing will tell you how your customers are interacting with your website and what their behavior is when they are on your website. This way, you can gain insights into your audience and generate more customers based on those insights.
Create a Free Tool
Nobody says no to free stuff. Everybody likes freebies. But the thing that people like more than freebies is a freebie that they can use immediately. That doesn’t mean you can offer just anything. The freebie that you are offering must be relevant to your target audience and they need to have a use for it.
The best way to attract customers is to offer them a free tool that they can use anytime when they visit their website. Now what you have to do is to think what kind of a tool would be in line with your business and the customers will want to use it again and again. Once you have that, you will see your conversion rates skyrocket.
Neil Patel offers a free tool that you can use to conduct SEO analysis. Similarly a real estate agency can offer its visitors a mortgage calculator or something like that. The best part is that tools are easily available in the market. You can easily purchase a tool and offer it to your clientele. You don’t have to be a software wizard to make your own tool.
Studies have found out that customers trust brands that are referred to them by a friend, relative, or a colleague who has used it before. One study shows that people are four times more likely to buy your product if a friend recommends it. More than half of your target audience will buy your product if their friends or family have shared it on their social media pages or channels.
Growth hacking can help you by building referral strategies that will make your customers share their experience and testimonials with their social circles. The best example of this is Dropbox. They offered additional storage space for every user that a person referred to Dropbox. Another example of using referral schemes is Uber that offered credit to people each time someone used their referral code.
Nowadays, with cutthroat competition in almost every industry, in every niche, growing your business becomes a very difficult task. You need to use innovative and creative strategies to break through the noise and present your brand to your audience in a way that will make them interact with you. Growth hacking can offer you this opportunity in an affordable manner.
Sarah Jay is a marketing expert as well as an animated video developer. She uses the power of videos to propel brands to the forefront and help them garner more customers and increased visibility. Her love for marketing is only matched with her love for reading and sharing her experiences and knowledge with the world.