Growth Hacking 101
Technology and buzzwords go hand in hand and for those out of the loop it can be hard to keep up with all of the new lingo and jargon. As we move into 2015, it seems that growth hacking is one of this year’s buzzwords, but despite its unique daunting name, its meaning is simple.
A growth hacker is a person who has the skills in starting as well as growing a business from scratch, although they don’t necessarily have to have been involved with a business since day one. Basically it’s someone you want working with your company because their job is to grow your company, but how will they do that? You do want to see effective growth, right? So how do you apply the skill set of a growth hacker effectively?
Firstly, it’s good to remember that your growth hacker is not a short-term solution. Instead they can actually drive your business forward in a sustainable manner. Something that has long term benefits.
So what is Growth Hacking? Is it worth the attention?
Growth Hacking is when a marketing person or rather a business has thrown out the playbook of traditional marketing and replaced it with the only what is trackable, testable and scalable. Tools such as e-mails, pay per click ads and blogs are commonly used instead of the typical advertisements of commercials, publicity and money. Whereas their marketing brethren are busy chasing vague notions such as branding and mindshare, growth hackers relentlessly pursue users and growth. If done correctly then those users beget more users, who later beget more users and the chain continues. Think of the way you were taught to approach marketing in business school and erase it. What’s interesting is that growth hackers are inventors, operators and mechanics of their own self-sustaining as well as self-propagating growth machine that can take a start up from nothing to something. Who wouldn’t want that?
How Can I Growth Hack my Business?
The best way to growth hacking is by asking your valued customers a few questions. Why do you prefer our products and services? What is holding you back from bringing other people to us? What product or service do you love? And many more. Ensure you don’t ask your friends or random people. Be strategic about it and use tools such as SurveyMonkey, Wufoo or even Google Docs, which make it very easy to offer surveys to some or perhaps all of your customers. Invite business contacts to use this service. The best way to get people to do this enormous favor for you is by making it seem like it isn’t a favor. Just make it the kind of thing that is worth spreading.
Top 5 Benefits of Growth Hacking: Why Use Growth Hacking to Grow Your Business?
Here are the top five benefits of using the techniques of growth hacking for your business.
At times, growth hacking can be a pain in the ass. Therefore it can be a very cost effective way of promoting your brand. Rather than the traditional TV commercials, print advertising and billboards, growth hacking concentrates on new cost effective and measurable techniques to promote your business. Collecting adequate information on the success of the growth hacking strategies using real time data allows you to determine the success rate of each and every plan. Strategies used by growth hackers are relatively low cost therefore they have more room to fail without costing the company lots of marketing dollars.
Builds Customers Relationship
When you position your company as an expert with lots of relevant and informative content, you will certainly build your network and make past and current customers experience a positive feeling from working with your company. Customers always want to feel good about their purchase. If your clients have a positive experience with your company they are more likely to interact with your new content and praise your expertise in the digital domain. It is without a doubt, the most terrific referral source to tap into and a unique way to stay in touch with past and current clients. Social Media is connecting everybody, let it become the new “magnet on the fridge” or rather a “business card in your wallet?” Make use of this invaluable connection to stay in touch and ensure you interact with past and current clients.
The number one goal for a growth hacker is to grow the visibility and following of a business. Diverting the focus to this goal makes them constantly try new avenues, platforms and strategies to reach the online consumer. Basically they will sign up for anything that can help achieve the goal of online visibility. The good thing is your online presence begins to grow organically through channels, content and comments used by the growth hacker. The more you are actively participating on them, the more likely your business will organically grow with time.
Focuses on the Big Picture
More times than not we are busy focusing on the day to day, hour to hour and minute to minute tasks and responsibilities of the business operation. What most of us don’t know is that this does not focus on the big picture goal of every business. Using a growth hacker or growth hacking marketing strategy to guide your marketing keeps someone focused on the growth of the business. Businesses are either declining or growing, there is no middle ground. Ensuring someone is focusing on the growth of the bigger picture ensures you are focused on the main goal of growth.
Increased Online Visibility
Growth hacking somewhat of a volume game. However a growth hacker will not try to appeal to the masses, but rather he/she will attract those who already expressed interest in your offering. The more relevant and useful the content your growth hacker shares online, the more likely it will attract current and new clients to your online presence, creating a receptive audience. The more useful and relevant your content is, the more value your online presence has to potential or existing customers. Good content and information positions your business as an expert. Most people want to deal with experts and will seek the advice of an expert when they are in need of help as well as keep their current business and referrals with that expert. Positioning your company as an expert will build a network and also make past and current customers feel good about their experience.
Beauty of Growth hacking
Okay, so you’ve done it. You’re site is successful, users are bringing friends and generally your concept has become a household name. What next?
Do It Again! You can apply all of the above to whatever business concept you have. If it has legs, you will hit the ground running. Start now!
Well, well, well. There you have it. Growth hacking works because of its huge reliance on its users. An understanding of who really wants your product greatly improves your chances of it being a great success. Continuing to analyze as well as understand the target audience basically means your business will continually grow with your initial users while giving them what they want. What’s more is you should also retain a buzz around your products using social media to really drive up the results and further growth.
Ready to Growth Hack Your Business?
Be on the lookout for Growth Hacker Radio. It’s scheduled to launch in the beginning of January.