What is growth hacking?
To survive in the digital market, you need a solid strategy. If the people do not know you and your product or service, chances are you won’t survive. Growth hacking is not just another buzzword – it is a concept. In growth hacking every decision you take, every plan you implement, and every tool you use, is done with one goal: GROWTH. Moreover, the key to its success lies in its flexibility.
Marketing agencies pride themselves in being able to come up with creative marketing ideas, no matter what the budget or the size of the company. In this competitive market, growth hacking is the only way forward.
Out with the old?
Growth hacking is not going to replace your conventional digital marketing. It is no way a substitute, but instead, the two complement each other. They share the same values of creativity, experimentation, and measurement. Even more so, the two also share the same metrics. These include increased conversion, retention and engagement.
However, there is one key difference. The focus of digital marketing is general brand awareness. This is not the case for growth hacking. Growth hacking sets defined and achievable targets focused entirely on growth. Say, for example, increasing social sharing by 60%.
5 Ways to Implement Growth Hacking
The beauty of growth hacking is in its flexibility. There is no discrimination between B2C or B2B. Growth hacking will work for you.
- Perfection is key: Analyse the demands and requirements of your customers, and then make a product that suits those needs. This is called “product-market fit.”
- Set attainable goals: The key to success is setting up realistic goals for your business. Try not to be tempted by setting unachievable goals. Instead, focus on refining your marketing strategy.
- Experiment: The key drivers of growth hacking are experimentation and creativity. Therefore, the only way to know if an idea works is to test it — trial and error with various combinations to find the strategy that works for you.
- Analyze: It is essential to analyze your performance, as analytics are necessary to know if you are staying on track.
- Optimize: Optimization is just trial and error. Fine-tune your strategy, and success will come to you. All you need is some practice and patience.
To be the best in growth hacking, you need to acquire knowledge about search engine optimization, content marketing, website analytics, and A/B testing. Moreover, your user data is an excellent tool for analyzing the latest trends and then giving your customers what they need. The aim of a growth hacker is not just to get more customers, but also to retain customers. Growth should be both sustainable and long term, and ultimately, you must focus on keeping the costs low.
Start-ups have small budgets and need huge growth in a short period. As a result of these targets and expectations, growth hacking is best suited for such companies. Moreover, growth hacking is not just a fad; it is here to stay. The future of growth hacking looks bright. It should be interesting to see how it would revolutionize marketing.