Sean Ellis came up with the term “growth hacking.” To paraphrase, he thinks businesses should focus on marketing strategies emphasizing experimentation to identify rapid expansion prospects. Expanding and growing is the primary focus for any business, especially for a new one. It could be a while before a new company sees any signs of product advancement or expansion. And here is where growth hacking comes in.
Isn’t it intriguing that maybe you won’t have to wait as long as well-known companies before you see any results? But what if you could try new things out more quickly and get a leg up on the competition? It’s hard to believe. Growth hacking is the key to getting there. If you want rapid business expansion, you should consider incorporating growth hacking into your strategy for business development.
A Definition of Growth Hacking.
Do you know what is growth hacking? Growth hacking is a strategy for rapidly iterating your product and marketing strategies in response to feedback and new opportunities. With growth hacking, there are no rules or regulations to follow. Instead, you get to call the shots and determine how best to service your potential clientele. Growth hackers try new things in product and marketing development to win over customers and position themselves as leaders in their fields.
The term “hacking” in the context of “growth hacking” raises more questions than answers. The vast majority of the population incorrectly equates the phrase with the actions of computer hackers. As a result, many people rightly consider growth hacking immoral and even illegal. Because not all forms of hacking are inherently unlawful and unethical, this is not the case.
The growth hacker’s job is analogous to that of a computer hacker in that both seek out and exploit vulnerabilities to increase a company’s success rapidly. Ultimately, they want to locate channels that will allow the company’s expansion to proceed lawfully and ethically.
Given the striking similarities between the methods used by growth hackers and those of computer hackers, it is safe to say that the science behind growth hacking is rooted in computer science, mathematics, and technology. These plan components are utilized because they are the norm for providing quick and practical answers. In contrast, the idea is more concise and encompasses more general commercial tactics. A growth hacker is a skilled marketer whose primary focus is expanding an existing company.
Useful Growth Hacking Examples
Facebook’s recent success in attaining 2.3 billion monthly active users is due to its growth hacking ethos since its founding. When it became public, the company had to figure out how to attract new members and keep the social networking platform busy. Facebook’s first growth hack was widgets and badges. Thus, visitors were encouraged to join Facebook and “like” the site. Facebook utilised a huge user retention growth trick. Studying heavy social media users can do this. Facebook’s growth hackers and growth teams found that individuals who consciously add seven friends in the first ten days are more likely to become active. Keeping this exploit in mind, they created clever tools to help first-time users easily make their first 7 mates. Any friend can suggest new friends. This great feature shows a lot for friends, which makes new users more likely to stick around.
LinkedIn defied corporate sceptics when it launched. Then, social media was mostly for teens and young people to share stories and photos. LinkedIn was created by its founder to help professionals communicate, tear down boundaries between large and small organisations, and connect job seekers with potential employers. LinkedIn “growth-hacked” its way to the top of professional social media. Money wasn’t the first goal. It prioritised quick user growth. LinkedIn became professionals’ preferred social network, and its premium edition has generated significant cash for its developers.
Methods of Growth Hacking
- Viral Growth Hacking
Most people are familiar with a “viral” post on social media, in which one’s audience proliferates as more and more people enjoy and share their content. In viral growth hacking, you use the same concept to increase sales rather than the reach of a social network post. Take the hypothetical situation of five new clients. It’s possible that if each buyer tells five of their friends about the product, those people will tell five of their friends, and so on. A “viral loop” describes this phenomenon.
Developing a product that people will want to talk about and recommend to their friends is the first step in setting up a viral loop. For instance, if a user downloads the messaging program WhatsApp and starts using it, they will likely encourage their friends to do the same so that they may communicate with them. However, referral schemes and other incentives can be used to boost word-of-mouth even if your product doesn’t have inherent viral potential.
- Sticky growth hacking
The goal of “sticky growth hacking” is to increase the number of users who continue using your product. You must focus on retaining your current audience rather than constantly expanding your user base. The “stickiness” of social media platforms like Facebook and Instagram can be measured by their low churn rates and the high levels of user interaction they inspire.
- Paid Growth Hacking
Growth hacking for a fee is based on more conventional advertising methods. Though paid social media, content marketing, promotions, and freebies can provide results, they all need to be funded immediately.
A few simple growth hacks to implement for faster expansion and increased success.
- Content Marketing
In the realm of growth hacking, content marketing is one of the best bets you can make. If you’re a business owner or marketer, you’re probably already taking advantage of it. However, if you believe that content marketing consists solely of penning a few blog posts, you’d better think again.
The first step in using content marketing to expand your business is ensuring your material is helpful to your target demographic by removing any obstacles they may face on the path to success. If you can pull that off, you’ll have an easier time bringing in new customers and keeping old ones. Start providing real value to your audience with every post you make.
However, publishing is useless if no one reads your work. So, it would help if you planned how to get people to visit your website. The most effective strategy is providing the material that search engines favorably index.
Make sure to market your content heavily across various social media channels after publication. With any luck, you’ll increase interest in your brand and attract new customers by doing this. You should also use hashtags to broaden your audience and get more people interested in what you’re posting.
- Email Marketing
Using email marketing effectively is another powerful strategy for expanding your company’s customer base. The success of email marketing stems from the permanence of email lists. When using an email list to advertise your business, you will never need to rely on a third party like you would with other forms of promotion. You may communicate more effectively and efficiently with your target audience using your list. Since you can reach them by email, your chances of capturing their attention are also higher.
This way, you can rest assured that your message will reach its intended audience. The most valuable aspect of email marketing is the ability to customize messages sent to each recipient. This ensures that your message gets over to the intended receivers. As a result, you’ll see a spike in conversions.
- Influencer Marketing
influencer marketing are on the rise, and it’s a great strategy for new businesses looking to expand quickly. The explanation behind this is straightforward. A large number of people tend to follow influential people. In other words, when they promote your company, it is immediately shown to a massive, already-existing audience that you would need months, if not years, to cultivate yourself. As a result, more and more people will recognize your brand and want to follow you. They should probably give your company a shot since their favorite influencer is endorsing it. So your conversion rate and the number of followers both increase rapidly. Plus, the greater your rate of conversion, the more money you will make.
It may take some time to notice the results of growth hacking, even though the method is intended to speed up the expansion process. Don’t give up if it turns out to be the case for you. It could be a while before you see results, but you’ll get there eventually.
Conclusion:
While rapid expansion is the goal of growth hacking, you may have to wait a while before seeing any tangible benefits. Don’t give up if it turns out to be the case for you. It could be a while before you see results, but you’ll get there eventually.