Have you been surprised with just how some small tech companies and lean startups became titans in their markets within a short while span? How they have managed to achieve that unicorn status?
Do more with less, this is exactly what Growth Hacking is popular for! Another reason for the popularity is “It actually works” ;.Regardless of if you’re a startup or eCommerce store, Growth Hacking tactics can help your business to attract more customers and boost conversion rates with the smallest amount of amount of resources.
First thing first!
So what growth hacking is? Why it has fanfare followed by way of a long parade of startups, eCommerce stores, and even government institutions?
Growth hacking utilizes creativity to generate leads, increase online traffic, and optimize marketing processes. It is a procedure that involves trying out marketing and Best Darknet Carding Forum and Hacking forum product development strategies to assess what works best for your business, which ultimately helps you in managing and expanding your business on a substantially larger scale in a portion of the time.
What typically a startup aim for? What are there make or break metrics? GROWTH! This is exactly what growth hackers too aim for. Using analytics, creativity, and innovative solutions to grow exponentially the customer base is an ultimate goal of a growth hacker.
Growth Hacking Steps.
Wondering can it be applied in your business? What’s promising is, yes it can be. Here’s the simple process to take action:
1. KYC: Know Your Customer
Traditionally getting away with an average product was possible if you merely marketed it enough, nevertheless now it’s very difficult, the planet knows about your product even faster than you imagine. What if anything goes wrong together with your brand? How will you protect your brand from bad PR? Getting feedback is imperative. Get your product out, start gathering feedback, validate it, and keep modifying your product-market fit regularly.
2. Hit the goal
Before achieving the target audience, your product is initially required to successfully go through innovators and early adopters. So target these small groups and communities explicitly who would get the most benefit from your product. Turn to pirate metrics to measure a few key growth-drivers and ignore everything else at this point.
3. Scale Customer Acquisition
Determine what works best for your product out of three work engines: Going viral, sticky growth, or paid campaigns. While all three of these work but the amount to which they work is dependent upon the merchandise you are selling. Here going viral and word-of-mouth category identifies earned media and includes social networking, the sticky growth includes channels such as se optimization (SEO), public relations (PR), and content marketing, while paid channels can contain offline or online ads, affiliate, and influencer advertising, sponsorships, and retargeting campaigns.
4. Create that “Aha-moment” through Activation
The core intent behind the activation step is to offer the customer their first “aha-moment or experience” of the newest product or service. To offer such moments it is essential to link the merchandise or service features that reflect the worthiness for the customers and matching the customer’s needs and wants with the merchandise or service. Here a growth hacker will map out the customer journey in to the activation phase with the help of a well-defined road to ensure customer activation advantages of high conversion rates and a great customer experience.
5. Benefit from customer loyalty-Retention
Acquiring new customers is expensive in comparison to retaining customers and benefiting from their loyalty. So at this stage of the funnel, it is important to go through the churn rate. Growth Hackers track why customers are using your product or why they drop-out based on the collected data from tracking systems, or by directly interviewing the customers.
6. Grow with Referrals
A referral is whenever a current customer or user identifies the company’s offerings to their family, friends, colleagues, or network. It is one of the most cost-effective ways and works through recommendations and promotions. Growth hackers use key metrics like Net Promoter Score (NPS) and Viral Coefficient to measure the willingness of promotions and referrals.
7. Revenue: The best goal
The main intent behind awareness, acquisition, activation, retention, and referral is always to generate revenue by combining all stages of the funnel and this stage is important when it comes to pricing and costs. It is essential to optimize the pricing strategy that fits customers’ expectations and matches the worthiness which the merchandise or service brings.
Growth hacking isn’t merely a technique, it is an ambition of developing your business, in this way that it becomes one of the most powerful in the world, that too with fewer financial resources. It is the power to promote your business differently, in this dynamic business world. So how to complete it right? The listing of growth hacking tactics is long but the most famous strategies are:
o SEO: A proper content creation alongside accurate and unique titles, meta-tags, load times, responsive design, etc. can generate traffic and ultimately growth.
o Blog: Customer Studies, Market Studies, Company Insights, etc can help promote thought leadership and brand exposure.
o Webinar: Learning-focused and Marketing focused Webinars is another growth hacking technique to generate traffic.
o Email: Newsletters, Referral, and Reactivation mail can increase brand exposure. Among all growth hacking plans, email marketing is became one of the best hacks and never gets old as people rarely change their email addresses.
o Social Media: Sharing relevant content via social support systems can help in generating traffic and enhance brand exposure. But handling too many platforms can be cumbersome. There are several tools available that could bring synergy between your company’s blog, e-commerce site, email campaigns, and more by syncing different platforms.
o Search Engine Marketing: Google Adwords, Bing Ads, etc can immensely help in generating traffic. If you want to pay attention to your core business and do not need time to appear into it. You can form a company partnership with another digital marketing company which will advertise your product in exchange for a particular cost.
o Paid acquisition: Display ads, Social ads, Quantcast Ads, Adroll, Premium Publishers takes your traffic to next level as they are easily visible and hard to ignore. Guest posting and influencer marketing is also a popular hack of growth hackers for using other bloggers’ or influencer’s audiences alongside raising the reputation or influences of their start-ups on other sites.
o Affiliate programs: Content-based, Coupon-based, & Price Comparison Affiliate Websites are perfect samples of affiliate programs. You can even think of leveraging on the client’s recommendations.
Certain hacks can work well for one company but might become ineffective for another, which is why A/B test (conversion rate optimization) is recognized as one of the most amazing techniques because it helps in conducting different experiments on landing pages for optimizing the conversion based on viewer’s responses.
Measure what clicks
It is essential to measure and track how successfully or badly your growth hacking campaign goes. Besides customer satisfaction and experiences, growth hackers use metrics that measure both the growth of products and company alongside customer satisfaction such as daily net changes, core daily actives, and cohort activity heat map.
As soon as you find out what is useful, which tactics to follow along with, and just how to measure them regularly, acknowledge your competitive landscape, because it is essential to showcase why your company features a competitive advantage in virtually any respective market. Avoid the changing factors in your competitive landscape. This can position your brand for quickly adapting and leveraging its strengths. Following your competitors without any action plan will fail to drive desired outcomes. Hang out at the exact same platforms where your target audience hangs out and keep watch on your competitors to keep informed.
There are a host of growth hacking strategies; however, not one hack can address all pain points or is fantastic for all businesses. Growth hacking offers a fresh new accept the traditional marketing ideologies and is a cost-effective means of realizing a new marketing strategy specifically applicable to startups and smaller businesses. To be able to have a solid platform for growth hacking, certain conditions must certanly be met, like having an internet site and social networking marketing presence, integrating the marketing communication through one channel, creating a ubiquitous corporate message across all platforms, and streamlining the marketing communication. Leverage on the proper tactics and wonder the difference right away!