Growth hacking is a concept in digital marketing and simply refers to all strategies focused majorly on business growth.
Growth hacking is alway implemented by early startups or small businesses with their major intention of massive growth. This is because early startups and small businesses have low budgets to be spent on massive marketing and advertisements hence adopting the growth hacking model.
The main intention of growth hacking strategies is mainly one :-
To capture as many clients or customers as possible but spending small budgets on marketing strategies.
Growth hacking is a new marketing concept and very few businesses have come to understand it in detail. The concept growth hacking was invented by Sean Ellis, the founder and CEO of GrowthHackers, in 2010.
Being a reputable digital marketing agency , Baw Digital has explicitly covered the Growth Hacking Uganda, what is Growth Hacking? How to implement growth hacking and what are the benefits of growth hacking?
Who is a Growth Hacker?
A growth hacker is a professional and smart marketer who uses creative, low-cost strategies to help businesses acquire and retain their old clients or customers.
On several occasions, growth hackers are always referred to as growth marketers, but understand it today that growth hackers are not mere marketers but they are professional and smart marketers.
People involved in product or service marketing or branding, including product managers and engineers, can be considered to be growth hackers.
One of the main characters of Growth hackers, they tend to be obsessive, curious and analytical in whatever they do:
What makes Growth Hackers better than ordinary marketers?
→ Growth hackers always tend to be focused on strategies related to growing the business with less spending.
→ They always consider, prioritize and implement innovative growth strategies intended to capture overwhelming clients or customers.
→ They always analyze and identify which growth strategies are best performing, by doing this, growth marketers are able to spend on result prone strategies.
Note: A professional and successful growth hacker who is result oriented always knows how to choose priorities, identify channels for customer acquisition, measure success, and scale growth.
How does Growth Hacking work?
The biggest question has always been, how does growth hacking work? For each company, it’s about finding out why you need to grow, and looking for ways to make that happen on purpose.
Many startups and small businesses implement Dave McClure’s “pirate funnel” as a recipe for growth. These are acquisition, activation, retention, referral, and revenue (AARRR). Others include raising awareness as a key part of growth hacking. Either way, the point is to get traffic and visitors, turn visitors into users, and retain those users as happy customers.
How to Start Growth Hacking
Here’s how any business can get started with growth hacking concept. First of all, create your product and test to make sure people want it, and are willing to pay for it. This will help you in gathering relevant data so you understand your potential client behaviours and can target growth marketing tactics accordingly.
Update your products or services at defined intervals, and keep getting customer feedback so you always know if you’re on the right track or not. At the same time, market your product to foster continued growth, and track the success of those results.
Example: In this case , the A/B testing and other conversion optimization tactics are the most important tools for effective growth hacking.
Growth Hacking Strategies:
Most growth hacking strategies fall into three main areas:
→ Content marketing
→ Product Marketing
→ Professional Advertising
Depending on the tactics used, content marketing has remained a low-cost way to get the word out about your product. Typical content marketing activities include the following:
a). Starting a blog and creating valuable, shareable content
b). Guest blogging
c). Creating social media content
d). Writing ebooks and white papers
e). Running webinars
f). Running contests and giveaways
g). Getting bloggers to review your product
h). Improving content visibility with SEO
Getting listed in relevant marketplaces and sites, such as Product Hunt
Product marketing includes techniques for making your product more appealing, and building the user base. They include:
→ Leveraging the fear of missing out (FOMO) by using an invite-only signup system
→ Gamifying the user onboarding process to make it more enjoyable, and offering rewards
→ Offering incentives for referrals that benefit both the referrer and the new user
→ Affiliate marketing, which will also use content marketing growth tactics
Growth hackers can also use social advertising and pay per click (PPC) advertising to promote their business.
Examples of Growth Hacking:
Some well-known examples of successful growth hacking campaigns include:
→ Dropbox, which rewards existing users for inviting new ones with additional storage
→ Hotmail, which appended a line to each outgoing email encouraging people to sign up for a new account
→ AirBnB, which used Craigslist to find and market to people looking for affordable accommodation
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