What is Growth Hacking and How It Can Benefit You

David
Laura Angelica updated on 2020-09-25 16:26:16

There is a lot of buzz in the startup world around the term "." Many companies, in fact, have taken advantage of the popularity of growth hackers and are looking for passionate growth hackers. If you are not familiar with the term growth hacking, then you are probably wondering what it means and why they suddenly talk about the city. Here's all the information you need to know about growth hacking and the benefits of growth hacking.

What is growth hacking?

Growth hacking really works with a different set of problems and sometimes different tools to work with. Startups or new organizations are highly uncertain. At the start, you may not know who your main customer base will be, why they buy your product, which marketing channels will work best.

Startups don't have access to maximum resources or affiliate brands. So, you have less money and you are less known at the start than the already established company. Thus, in terms of explosive growth, marketers "hackers" of this growth use analytical thinking, end-product-like engineering, and creativity to dramatically increase the size of their company.

growth hacking

Growth Hacker Definition

A growth hacker is someone in the marketing sector whose job is to use little tricks to increase the company's growth. A growth hacker focuses on these 5 steps in customer acquisition and retention:

  1. Customer acquisition: people are led to the website
  2. Activation / conversion: Visitors should register
  3. Loyalty: Encourage users to take action
  4. Monetization: encourage active users to buy, i.e. convert leads into customers
  5. Recommendation: Motivate customers to recommend

Growth hacking techniques

  1. Viral distribution of the product through gamification and interactive videos;
  2. Using the existing audience to attract a new one;
  3. Simplified registration through integration with social services (Facebook, Google, Vkontakte, etc.);
  4. Providing benefits such as free content or space for inviting new users (Dropbox);
  5. Implementation of the product on other popular services, for example, by embedding ( embed ) your player on third-party resources (YouTube);
  6. Promotion of the brand by creating additional applications and software for well-known programs ( in-app purchases );
  7. Creation of a single platform that can be used by other popular sites and manufacturers (payment systems, game portals, etc.);
  8. Experimenting with calls to action, original phrases, and language on landing pages;
  9. Development of a simple and intuitive interface, accessible to most users, far from development (deliberate simplification);
  10. "Guerrilla" marketing, which allows you to promote the company through user ratings, thematic reviews, hidden advertising;

In other words, this is not only identifying potential customer needs but also promoting an existing product by playing on modern technologies, which requires engineering skills and understanding of the technical side of the issue from marketers.

growth hacking meaning

What are the benefits of growth hacking?

Growth hacking convinces with an easily verifiable ROI. In doing so, it helps to use data to make decisions and closely track the hack's performance. This makes it easy to see which hacks are working well and should therefore be followed up. In addition, growth hacking saves some costs. Even if the testing process takes a little longer, growth hacking does not cost as much as other marketing methods such as content marketing or advertising.

At the end of the day, a single person on the technology or product team is usually enough to take care of growth hacks and implement them. Growth hacking is also often criticized because instead of in-depth marketing strategies, only quick hacks are used. This reduces the acceptance of this procedure.

growth hacker definition

Flexibility

The flexibility of growth hacking makes it a viable and valuable process. Be it a one-man operation or a multinational company; Growth hacking works equally well in all situations. The reason for this is that the process is basically nothing more than a growth mindset. If you adopt this mindset and implement it across your company, the size of the company itself is of little concern.

Generate qualified leads

One of the critical benefits of growth hacking is that it can produce a large number of qualified leads. But as we said earlier, growth hacking is more of a mindset than anything else. This means that there is no one-size-fits-all approach to the problem. The advantage of this, however, is that growth hacking can fit into any company, regardless of size or industry.

Building a brand reputation and identity

Growth hacking meaning is building, managing, and engaging your company's user base. However, to be effective, your brand's story needs to be clearly presented. However, the best way to do this is to identify and address your customers' vulnerabilities in a way that your competition has not yet figured out.

Cost-effective

The whole point of growth hacking is finding accessible, efficient, and inexpensive channels that no one has seen before. Perhaps the best example of growth hacking in action is the rise of Airbnb.


Product prototype tool you need to know

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