What is the growth hacking strategy? In digital marketing, growth hacking means trying different things to grow a brand. You might try to get more people to visit your website, or you might try to get more people to sign up for your mailing list.
Or maybe you want to get more people to buy your products or services. Whatever it is, growth hacking is all about trying lots of different strategies. The outcome is that the growth marketing techniques will promote business growth.
A core growth hacking principle is when you see your customers having a great experience. If so, you’ve nailed your growth, marketing approach.
Growth Hacking Techniques
The basic concepts include market research, experimentation, data-driven decision-making, and gamification. We will briefly discuss some of the key elements of growth hacking.
You can also combine multiple techniques to create your growth strategy. Which method you choose depends on your brand and team, as well as your budget and resources.
01. Market Research Strategy
One of the biggest advantages of growth hacking is the ability to adapt what a brand offers. Products and services to meet the needs of the target customer. This way, you can create a product that works for many people.
Market research is a way for businesses to learn about their customers. They do this by asking customers questions about their needs and what they would like. This helps businesses to create products that people will want to buy.
A solid market research strategy will help you customize your growth hacking strategies. This enables you to learn about the needs of your users and your customers.
Market research will also help you determine what advertising platforms work best. Growth hackers know which platforms their customers use most and what they like.
Long-term customer relationships are more likely to result in a brand-loyalty program. This favors the acquisition of new customers and the retention of existing ones.
Consider Dropbox’s growth hacking example. For instance, Dropbox gave away free storage to people who bought Samsung phones.
Observation of customer behavior is a core growth hacking principle. For instance, Airbnb observed its audience use Craigslist to list accommodations. So they tested using email marketing to convert them into customers. By testing, they could increase conversion rates and make customers’ listings on the Airbnb platform more attractive.
02. Experimentation
When growth strategists want to learn more about something, they do experiments. That means they try different things and see what happens.
Sometimes they may try to find a new way to advertise a product. Or they might try to figure out what makes a competitor’s marketing concept work.
It’s a lot of serious chess play because online marketers get to choose what they want to test, and they can change their minds whenever they want.
Growth hacking strategies incorporate technical skills into every aspect of a business. You’ll have to set up marketing experiments that are most effective for your goals.
Growth hacking is about testing and analyzing marketing ideas. The key is to have a well-defined template for each experiment.
The template should include your hypothesis and the variables you’ll be focusing on. Once you’ve established your template, it’s time to test your growth hacking strategies. After your experiment is complete, you’ll need testing and data analysis tools.
Through growth hacking experimentation, you can create a coherent idea of value delivery. It helps you strengthen your brand’s self-understanding and bears many fruits.
03. Data-driven Decision-Making
Using data to improve a business is a powerful growth hacking strategy.
Data-driven decision-making requires a culture of data analysis. Developing a data-driven culture requires more than a data scientist. It requires adaptability and a commitment to change when needed. Companies with a data-driven culture grow faster than companies that don’t.
Insights gained from data can show what changes can increase growth. While identifying what works well for the target audience.
Growth hacking approaches should improve to meet the needs of the target audience. They should be quick to implement changes. Based on data and analytics to provide continuous improvement.
Often, data-driven decisions are the best way to ensure success. Ultimately, growth hacking data helps to create sustainable expansion.
04. Gamification
The growth hacking process involves incorporating gamification into a business’s overall marketing strategy. Gamification is a fun way to encourage customer engagement.
It involves creating a gaming atmosphere where customers can earn points. Or rank themselves against others.
Gamification strategies are effective when they’re applied to business. But they need to be well integrated into the larger marketing strategy.
Despite the buzzword, gamification has several benefits for businesses. It is one of the fastest growth hacks for SaaS and eCommerce. Also, it has worked very well for professional B2B platforms.
A great example of gamification in business is LinkedIn. The assessment of users’ level of accomplishment depends on how much information they upload to their profile.
Gamification is a win-win situation for companies. It’s also an effective way to collect data and build brand loyalty.
Closing: How Growth Hacking Can Help Your Business?
Growth hacking is a process of managing and marketing a product in such a way that the product’s user base grows. It is mainly used for products that are free or have low cost.
There are various ways a business can use this online marketing method to help its bottom line. Such as A/B testing, creating content, social media marketing, and SEO.
Growth hacking increases not only the number of users but also helps in increasing revenue.
A good growth hacking strategy should begin with understanding your goals. Research is critical to set objectives and goals, so do your research. Then, plan experiments and come up with ways to achieve your goals.
Take the time to review your current marketing initiatives. What sources of leads, traffic, and channels have proven most effective? What areas do you have room for improvement?
Define the growth hacking experiment’s objectives. You should also write a hypothesis about what you expect to see from the results. If the experiment is successful, you’ve validated your hypothesis. If it doesn’t, ask yourself whether you experimented correctly. Or if you should have chosen another approach.
Creating a culture of experimentation within your business is integral. The culture of failure goes hand in hand with experimentation. So make sure you set the right tone from the start.
Employees might feel uncomfortable about taking risks and failing. But you should encourage experimentation as part of the culture to encourage growth.
