Growth hacking is a type of marketing especially used for web, social media, and technology companies and start-ups. In fact, you might even call it a more direct, focused marketing approach that zeroes in on growing a business through its user base.
According to CMO, it’s a process of “rapid experimentation” that plumbs the depths of product development and channels for advertising and connecting with a user base in order to initiate growth. This is in regard to users who are engaged with your company, not sales. The logic is that more growth will eventually lead to more sales.
Of course, as is the case with many off-beat and totally new strategies in business, the term “growth hack” has gotten a bad name. CMO says it’s mostly associated with start-ups and “charlatans” who are selling bad marketing advice. However, an incredible number of successful, online-based businesses and companies have used growth hacking techniques in order to get noticed and get big very quickly – this includes such names as Facebook, Instagram, YouTube, Twitter, Dropbox, Airbnb, Pinterest, and LinkedIn.
Growth Hacking 101
According to Forbes, there are techniques you can use in order to leverage the potential of growth hacking. The main points to keep in mind, however, are that you have to think outside the box, be creative, and pour some resources into the endeavor up front.
One technique deals with spending money on creative content that will engage users and, eventually, pay for itself. This includes ads. Ads that have something funny, witty, or sharp to say while also promoting your business are instantly shareable, which is the aim. This kind of engagement is a hallmark of quick growth.
Of course, you can’t rely on one great ad campaign to cruise you to where you want to be. Instead, Forbes says that you have to keep producing fresh, shareable content. You can’t sit on your laurels.
Another technique is to use social media to best advantage. This means paying attention to your competitors, seeing what works for them, and then using this knowledge to do it better and attract their users and customers. However, this must be undergirded by a strong digital marketing strategy, according to Forbes.
Finally, consider taking another look at leads that were lost. These are people who may have opted out of marketing emails, clicked away from your website, or essentially turned away from your business. Use strategies to get them back into the fold, like presenting them with ads that are tailored for them, or working with companies that already call these lost leads their customers.
The stages of business growth can be a rollercoaster, but with this focused strategy, your business can gain growth very quickly, and climb a hill steadily instead of dipping into valleys. Growth marketing is a non-traditional way of growing your reach and engaging users, not necessarily making a sale. In truth, the most successful growth hackers are flexible, creative, innovative, and quick on the draw. If one strategy isn’t working, they know when to call it quits and when to focus on endeavors that are potentially more rewarding.