What is Growth Hacking?
About 65% of businesses struggle to generate website traffic and leads. Without a strategy, you'll miss growth opportunities. Instead, you can develop a growth hacking marketing strategy to set yourself up for success.
What is growth hacking? How can you develop a growth hacking strategy for your business? Keep reading to find out!
In this guide, we'll provide you with the tips and tricks you need. As a growth hacker, you can prime your business to grow as quickly as possible. Accelerated growth can position you ahead of competitors for years to come.
Ready to get started? Keep reading to discover how to use growth hacking as part of your marketing strategy today!
What is Growth Hacking?
First, let's answer the question that's likely on your mind: what is growth hacking? Growth hacking envelopes various strategies that can prime your business for accelerated growth. Usually, growth hacking is synonymous with early-stage startups. You can experience significant growth within a short period, regardless of your budget.
The main goal of growth hacking is to help you acquire as many customers as possible while spending as little as possible. Then, you can develop a substantial ROI as you expand your business.
As a growth hacker, you'll use low-cost, creative, results-driven strategies.
Growth hackers aren't solely marketers. Hackers are anyone involved in providing the product or service.
To become a growth hacker, you'll need to remain curious and analytical.
Your curiosity can help you find new ways to grow. Your analytical mindset can help you test and analyse strategies. Then, you can determine which methods will set your business up for success.
With the right strategies, you can acquire customers and retain them long-term.
How Does Growth Hacking Work?
Now that we've answered the question "what is growth hacking?" let's discuss how it works.
Your company is unique. With that in mind, you'll need to develop a unique strategy for your business.
What entices your customers? What helps your business grow?
Answering these questions will help you develop a strategy to grow on purpose. You can use a combination of growth hacking strategies, including:
- Product marketing
- Content marketing
What is Product Marketing?
Product marketing is a strategy designed to help drive revenue. Much like traditional marketing, product marketing aims to attract potential customers to your product or service by creating content that helps them understand why your product is valuable. However, product marketing doesn’t stop there. After a potential customer decides to purchase a product, product marketing is equally crucial in the after-sales process by helping your customers become repeat customers, advocates, and influencers, which all help contribute to a larger bottom line.
If you’re a Product marketer, you can expect to oversee the stages needed for a product to go from idea to marketed product. You’ll work to identify target audiences and demographics to develop strategies for reaching these markets. Product marketing involves: thorough market research, strategic pricing analysis, and extensive consumer insight. Product marketing can include:
- Thorough market research
- Strategic pricing analysis
- Offering incentives
- Affiliate and Promotion marketing
What is Content Marketing?
Content marketing is promoting your business through things that add value to your target market. Content marketing isn’t just about posting on your blog and social media accounts. Content marketing is a strategic marketing approach that draws upon the value of content to connect and engage with your target market. If successfully executed and scaled correctly, you can achieve tremendous results, as many well-known brands have.
Content marketing can include:
- Creating a blog and share-worthy content (ebooks, white papers, podcasts, etc.)
- Guest blogging
- Influencer marketing
- Email marketing
- Search engine optimisation
- Use of 'Big Data'
- Social media marketing
What do we mean when we say advertising?
Advertising can sound like a scary word, but it can be a great way to scale and accelerate your revenue generation. Some have said that running a business without advertising can be the equivalent of winking at someone you like in the dark. It's a great way to get a feedback loop. A great way to start advertising is through pay-per-click (PPC) advertising or Facebook Ads.
Once you create your product, you can A/B test it to make sure it appeals to an audience, and they are willing to pay for your product, too. Then, you can use the data to acquire a better understanding of your customers.
You'll need to update your product regularly and continue generating feedback. Feedback will help you make more informed decisions in the future.
How to Become an Expert Growth Hacker
What is growth marketing for your business? Here are a few strategies that can help you get started.
1. Create Buyer Personas
First, you'll need to gather customer research. Who are your customers, and what are their key pain points?
Segment your target audience into buyer personas based on psychographics and demographics. For example, consider their:
- Pain points
- Buying behaviours
- Household income
Segmenting your audience will help you create a marketing strategy with each group in mind. Personalising your content can make it easier for you to draw them in.
2. Understand the Customer Journey
How do people act at each stage of the customer journey? Understanding their journey will help you choose the correct strategies for each step.
For example, in the awareness stage, consumers don't know how you can help. You can educate your audience with an informative blog post.
At the evaluation stage, consumers are comparing solutions. You can create content to help them find your unique value.
Make sure customers have access to the information they need before they convert.
For example, you can add case studies and customer testimonials to your website. This content will improve your credibility and help build brand trust.
3. Stay SMART
SMART goals are:
Set SMART goals for each of your growth hacking strategies. Then, set a key performance indicator (KPI) for each goal. You can use KPIs to track your progress along the way. For more details, feel free to check out our Smart Goals blog.
4. Update Your Website
Does your website offer consumers ease and convenience? If people struggle to use your website, your growth hacking marketing strategy could fail. Visitors will leave without clicking around.
They might grow frustrated, impacting your brand's reputation. Unhappy consumers might spread the word about their experience.
Instead, update your website with the user experience (UX) in mind.
Almost 90% of visitors won't return to a website after a bad experience. 94% of people say lousy design is the primary reason they don't trust certain websites.
You can use UX design trends to improve your website.
First, make sure your website is fast. Slow websites lose $2.6 billion in revenue every year.
Make sure you're mobile-optimised, too. Mobile devices account for nearly 70% of all internet traffic. Google also uses the mobile version of your website to determine your search ranking.
What if a social media follower decides to visit your website from their phone? Will they have an easy time clicking around and exploring your content? If they struggle to see your content on their smaller screens, they'll leave.
The people who stay might struggle to fill out a form. You could lose a conversion as a result.
Work with an experienced marketing agency. They can improve your website with lead generation in mind. Then, you can maximise conversions and improve your bottom line.
Meanwhile, improving the UX can help you retain long-time customers. People will remember the convenience you offered. They'll come back for more, enabling you to generate repeat sales.
5. Hack Your Email List
Email marketing can help you convert subscribers into customers.
First, make sure to add a lead magnet to your website. Lead magnets encourage people to exchange their email addresses for downloadable content.
Then, use exit intent. When are people about to leave your website? You can prompt a pop-up to appear right before they go.
A pop-up can help you gather subscribers before you lose them.
6. Start Running Contests
Get more customers involved with your business. Consider adding contests to your marketing strategy. You can run a competition to boost brand awareness and draw in new customers.
Create a competition on Instagram, prompting people to share photos while they're using your product. Ask them to use a branded hashtag.
Now you have user-generated content (UGC), which can help you build brand trust!
Here are a few other ways you can improve online customer engagement.
7. Offer Free Tools
People love getting something for nothing. Can you offer freemium content? Freebies can help you draw in customers.
They can see the value of your business without having to spend money.
Try creating free tools, too. For example, you can create a free mortgage calendar or toolkit. People will see you're able to help and start choosing your business in the future.
8. Reward Your Customers
Reward the customers who already love your business. For example, you can prompt followers to tag their friends in your posts. Then, add them to a raffle for the chance to win a prize.
Offering a reward will incentivise people to spread the word about your business.
Add a sense of urgency, too! The FOMO can help you compel people to take immediate action. For example, you can offer beta access to a service for a limited time.
9. Get Listed
Try to get your business listed in relevant marketplaces. For example, you can join Product Hunt and start networking. You can add your product to the site and promote it online.
10. Stay Social
Social media can help you connect with your target audience. Use social listening to determine when people mention your brand. If they have comments or concerns, respond right away.
Quick responses will show people you care. It can improve the customer experience, too.
Don't forget to use social media pay-per-click ads. You can also "boost" Facebook posts to reach a broader audience. NB: Make sure you follow FB's advertising guidelines.
11. Work With Influencers
About 90% of marketers believe influencer marketing is effective. Meanwhile, 42% of marketers see influencer marketing as their top ROI-generating strategy.
With influencer marketing, you can:
- Generate a positive brand image
- Drive online sales
- Reach new audiences
Try working with influencers in your industry. You can leverage their existing audience to promote your business. Influencers can talk about all the reasons to love your product or service.
Consumers who trust these influencers will then decide to trust your brand, too!
What is Growth Hacking?: Your Guide to Marketing Success
To recap, what is growth hacking? It's your chance to set your business up for accelerated growth! With these tips as part of your marketing strategy, you can expand your reach and boost your business.
You'll grow quickly enough to leave competitors in your dust!
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