Top growth hacking techniques
Growth hacking is inherently extreme marketing tactics. A good growth hacking strategy can better a company’s reputation, enhance its SEO and enormously increase its profits. Growth hacking is different from traditional marketing in that growth hacking strategy are designed to accelerate rapid business growth with much less effort; they’re almost business shortcuts; hence the name. However, this does not mean that anyone can use them without research, innovation, or tact, and expect results. Since growth hacking has such potential, many other companies are already doing it, and have been for years, meaning, if you want your growth hacking strategies to make an impact, you’re going to need to get creative. Here are some of the most popular growth hacking strategies and ways to build off of them to come up with your own.
How is Growth Hacking Success Measured?
Before you begin growth hacking, it’s important to know what results you are aiming for and ask yourself, ‘what do I want to achieve with my growth hacking tactics?’ Traditionally, the growth hacking metric for success has been based on five pillars: Acquisition, activation, retention, revenue, and referral. Here are some details about each.
Every customer that has ever bought from a company was once just a person whose interest was sparked by a sign or social media ad. When a person visits the web page of a business, the business has made what is called an ‘acquisition.’ You may only make one returning customer out of every 10,000 acquisitions; however, this is where growth begins.
Activation is similar to an acquisition. When a visitor on a site has a positive reaction to anything he or she is seeing, this is an activation. Because there’s no good way of recording a person’s emotional state while on a website, how many users are activated is open to speculation, however activation, while difficult to measure, is essential.
Thousands of people can visit a website for a couple of seconds out of curiosity, though, when some of these customers are returning multiple times, that’s a great sign. This means that whatever you’re offering on your site is captivating enough to have people coming to your website numerous times, to buy, browse, or research. Studies show that it is much more expensive and trying to find a new customer than to retain one you already have, meaning that no matter how many acquisitions you have, if they are leaving after the first visit, you’re doing something wrong.
Both history and plain common-sense show that people are much more likely to trust a friend, family member, or coworker about the benefits of a product or service more than an advertisement paid for by the company in question. This is a good thing and a bad thing. It’s a bad thing because it means that no matter how much you rave about the quality of your business, the words mostly fall on deaf ears. However, it’s a good thing because it means that with the right strategy and a useful product, you can turn your customers into free advertisers who continue to praise your company perpetually without any more effort on your part. Once you have customers talking about your company of their own volition, long-lasting success is not far off.
For many business owners, revenue is the first thing on their minds. After all, making money is the ultimate point of most businesses. However, before figuring out how to make a profit from your product, you first need to focus on building backlinks, acquiring leads and increasing your SEO. Then, once you have developed a solid reputation and customer base, it’s time to come up with a monetization strategy to bring in some revenue by lowering your acquisition cost and increasing customer value through sales funneling.
How are Others Doing Growth Hacking?
Now that we’ve covered the different categories that growth hackers can focus on, it’s time to take a look at some of the most popular and utilized growth hacking techniques. Hopefully, you’ll be able to take inspiration from these and come up with your methods by combining existing ideas with your new techniques.
Blogs are far from an original SEO tool. However, they are still instrumental. First of all, at this point, customers are going to be expecting your company to have a blog, and second, there are many diverse ways to use blogs in unique and exciting ways. Blogs are the best way to convey useful information to your customers. Writing helpful content about your industry continually and sharing it through your blog is critical for acquisitions and activations. Furthermore, you can also comment on other blog post and forums, engaging with the community and possibly creating opportunities to build backlinks. Alternatively, you can guest blog for another blogger, which is an excellent way to funnel customers towards your site.
Brand building is doing whatever you can to associate your brand name with a particular product so that whenever people hear or see the said product, they subconsciously associate it with your company, and vice versa. Of course, there’s the possibility that your brand name can become entirely synonymous with whatever your business offers, canceling out any marketing benefits. This happened to copyrighted brand names such as ‘Popsicle,’ Trampoline’ and ‘White-Out,’ all of which are brand names of products which are now canonized words in the English language. Though, if your brand ever becomes popular enough to reach this status, your growth hacking strategies are most likely working so efficiently that this might not be a massive problem.
harvesting email addresses.
Despite what many say, email yields more fruitful results than every social media outlet combined. Though one of the oldest digital marketing tactics, it’s still one the strongest. Once you have an email address, you have instant access to that person’s attention and can send articles, offers, and deals continually. Of course, first, you have to know how to harvest email addresses. You don’t want to corner people and force them to give you their personal information before they even take an interest in your services, so instead, one way of getting leads is by offering them a discount on their first purchase when they sign up and create an account.
How to Combine Growth Hacking Techniques or Create New Ones
Of course, if we tell you what innovation or growth hacking strategy you should create, it wouldn’t be your invention or creation. The point of creativity is that you are the one coming up with new ideas and making them your own. Still, we can give you some advice on what you should be aiming for when building a personal growth hacking strategy. Here are some points to keep in mind.
1. Growth Hacking technique: assess your data.
First things first, before you start creating new ways to hack your growth, you need to understand some details about your company and industry first, namely, ‘what is your target demographic?’, ‘What about your website is working and what isn’t?’ and ‘Who are some trusted local industry influencers that you can develop a relationship with?’ This information is going to give you insight into what your company should be focusing on to generate activations, referrals, and ultimately, revenue. Remember, every business is different, meaning even if a particular strategy has worked wonders for one company, that does not guarantee that it will bring you the same results.
2 Growth Hacking technique: start small.
The key to any creative endeavor is to keep our expectations in check. If you don’t take action on anything until you’ve found the most original idea in marketing ever thought of that will yield overnight global success, you may be waiting for a while. However, coming up with simple designs, or even doing your take on current ideas might be what it takes to grow your business. For example, if you own a cooking website, you could have a contest where users send in, say, prawn recipes, and the best one gets featured on your site. Alternatively, maybe you could start a charity and fund it with a percentage of your revenue. These might not sound like groundbreaking ideas, but it’s certainly a start and could lead to something more.
3 Growth Hacking technique: find out what works.
Once you’ve tried out a few different growth hacks, it’s time to figure out which hacks are working, and which are falling behind. For example, if the backlinks on your blog are getting a good number of clicks, but customers are not staying on your website for an extended period of time, then maybe you need to redesign your web page to activate and retain more users. Over time, you’ll start figuring out what growth hacks are best suited for your business, and you’ll be able to detect and correct problems with your strategies at a much faster rate.
Bottom-line For Top Growth Hacking
Growth hacks are the fastest routes to success, yet they require finesse, determination, and above all, creativity. Mastering growth hacks and using them to your advantage is how to make your business thrive. For more information or to find professional marketing services, visit us at our site today.