Growth hacking has become one of the buzz words in marketing. But what is it? Is it something that you need?
The term was coined by Sean Ellis, the Founder, and CEO of Qualaroo. He posits that a growth hacker is a person whose true north is growth. By true north, he means any person whose heart and abilities lay in creating rapid growth and development of a business.
Consequently, growth hacking is a complex mixture of marketing activities, brand and product engineering, and data analysis. Growth hackers program these activities to achieve rapid growth in one or multiple areas of a business at the cheapest possible expense. As a result, this generally occurs at the beginning of a business but can be, and has been, successfully utilized in long-established organizations. When undertaking growth hacking, every activity that you undertake should be based on your desire to grow.
Additionally, growth hacking is not a substitute for any other marketing activity. In fact, growth hacking should be a key component of all your other activities. It is a mindset that impacts everything within your business. It even uses the same metrics that marketing activities do; such as increased engagement, conversion, and retention. The difference is in the goals.
What Are Key Growth Hacking Strategies?
Growphasis utilizes three primary tactics within our growth hacking program. These include:
- Analytics – this includes looking at results of tests and available analytics (think A/B testing, etc.) to improve conversion rates.
- Paid acquisition – where we use paid tools such as online advertising to draw attention to your business and your products.
- Viral acquisition – this involves encouraging your customers to utilize word of mouth advertising. The customer receives incentives to share your message.
The balance of which each tactic will work for you varies. It is never a one size fits all scenario. This is why you need experts on your side with a proven track record. If they lack expertise then the result will rarely be what you hope it to be. To be successful you require a professionally tailored program that is constantly adjusted. Thankfully, when you get the balance right it produces magic at a level rarely seen in the business world.
Why You Need Growth Hacking
Unless you already have as much business as you can handle you will benefit from growth hacking. Growth hacking enables you to perfect your product, to set and achieve measurable goals, test different approaches, to analyze your performance and finally to optimize it. These are key business and marketing functions that are vital components of growth hacking.
The anticipated result of growth hacking is that you will rapidly expand your business. This leads to:
- Increase brand and product awareness — getting more eyes and ears on your product
- Rapidly improving sales — a demonstrable impact on your bottom line
- Increase in brand and product reputation — more credibility leads to new customers
- Increase in word of mouth advertising — when people delight in your work they want their friends and family to know about it too
- And much more success in your marketing mix
Growth Hacking – A Recommendation
If you are interested in learning more, I suggest reading Quicksprout’s definitive guide to growth hacking. This is certainly the most comprehensive material that I have ever read on the subject and is well worth the time investment to understand it.
GROWPHASIS Can Help
The Growphasis growth hacking program has proven results. We have worked with over five hundred companies from a range of industries. Let their success be the beginning of yours.