The Latest Industry Buzzword: Growth Hacking 101
New trends keep emerging in the business world and now the latest one is “Growth Hacking”. It is a hot topic or a trending buzzword for the startup world now. This is the reason you witness a lot of startups booming every year and the rate at which they are growing is just mind-blowing.
Now, every startup is trying to embrace the secret of growth hacking. Well, to be honest, it is not completely new. It has been around for a while but all of a sudden, this dude is taking off. It is like you went viral overnight.
Truth be told, everyone is looking for a shortcut to growth and get rich within a short period of time. The solution to all these seems to be growth hacking.
But, what is growth hacking? It is time to clear the air about it for once and for all.
The glossiness about growth hacking
Growth Hacking is a term that was coined by Sean Ellis in 2019 and it means coming up with strategies that give you the maximum results with minimal effort.
To put it even simpler, it includes coming up with brilliant, out-of-the-box ideas for promoting your business across various platforms. This also allows you to experiment with different strategies and come up with the most feasible way resulting in your business growth.
What’s the secret potion for growth hacking?
Honestly, growth hacking has no continuous process or a particular trick. It all comes down to how unique and effective your marketing strategy is. This is because the more you market your business, the chances of conversions increases.
This kind of marketing is oriented towards growing the business and acquiring as many clients as possible in a short period of time without having to invest a lot of money and the majority of startups are focusing on this now.
Well, It is very much different from basic marketing.
Use case examples of growth hacking
You will get a better understanding of growth hacking, once you check out these amazing use case examples.
Airbnb
The most famous example of growth hacking is Airbnb. Surprised? Well, let me shock you even more.
Airbnb was originally founded in 2008 and within such a short span of time, everyone around the world is aware of it.
Nowadays, whenever you think of traveling, Airbnb definitely pops up in your head. In fact, a lot of people consider Airbnb over any other staying options and what did they do to grow so much?
They opted for what we now call the Craiglist hack. Also, they started posting really attractive pictures and that just took their game to the next level.
The most ingenious example of Growth Hacking is Facebook and the social media giant hosts about 2 billion users.
What led to this success was that they came up with a product that promotes itself. Besides that, there are several other growth hacks that gave Facebook the success it has today.
This proves that your marketing strategy need not be complex. Sometimes simplicity does wonder.
Dropbox
Dropbox is another startup that embraced growth hacking and now it is a $4 billion company and their clever marketing tactic is responsible for this growth.
No, it did not spend a huge amount on ad campaigns or anything but it launched a plan that rewards former users free storage when they accomplish certain tasks such as linking their account to social media and so on.
Now, this is a win-win situation for both parties as the users get free storage and the brand gets exposure. This is what growth hacking is.
Implementing growth hacking for your business
Well, for the starters, you need to ask yourself,
- How your product or service or new business idea solves your consumers’ existing problems
- How it adds more value to their lives
It can be anything that makes their daily lives a lot easier or just serves a normal purpose. Whatever it is, it is important that you validate your business idea first and then proceed with the further steps.
Once your business idea is about something that already stands out, implementing growth hacking to ensure bigger success becomes a bit smoother.
Now that you are familiar with growth hacking and some of the big names that used it, let us see how you can implement growth hacking into your business.
Know your audience
A business is all about finding your target audience and understanding their interests. It does not hurt to know why your consumers are investing in your products and not your rivals. Not only that, but it also helps in understanding the business game.
So, try and conduct surveys to accumulate as much information as possible about your customers’ needs.
Keep updating and improving your products. Take feedback positively and acknowledge it. This information can also come in handy while ideating marketing strategies.
Come up with convertible strategies
You need to articulate your marketing strategies to
- Increase organic traffic
- Boost conversion rates
- Generate more sales
So first, set your objectives and goals and then figure out what should be your priorities.
Most growth hacking strategies consist of content marketing, paid marketing, and email marketing. However, the most cost-effective forms of marketing are content marketing and email marketing.
All you need to do is create great copy and reach out to your target audience in such a way that influences them to act upon your CTA.
Confab the conversion rates
The root of every growth hacking is experimentation, analyzing, and tracking the statistics. In order to ensure that your strategies are working, you need to analyze the analytics as well.
If you want to work on your marketing game, use the right tools and accumulate data first. Use this information to curb out your next plan.
Reward your users
It is always fruitful to reward your users. You can come up with a referral program that benefits both the existing users and new ones.
This is a great way to use your existing users to gain more leads and it also gives you more exposure. You can also keep upgrading your new products.
Although, this might look like a tiny hack but trust me it works wonderfully. Just take the example of Dropbox.
Wrapping up
Well, you need to understand that there’s no fixed growth hack. It is just a hit-and-trial method and you need to find out what works for you the best and what doesn’t.
For more such hot-goss about the business world and business hacks, keep following us at Klizo Solutions and show us some love!
