Growing your business is one of your top objectives as a business owner, but as a small-business owner, you know how difficult it can be: you may lack the funding for large marketing efforts or the time to focus on growth when you have so many other things to worry about.
So, if you’re a business owner in this situation, how do you increase sales and expand your company?
Growth hacking is the answer. The practice of trying with marketing, product development, sales segmentation, and other areas to identify the best method to grow a firm is referred to as experimentation.
What is digital growth hacking?
Growth hacking is a type of digital marketing that focuses on growing or expanding your consumer base. When you use growth hacking as part of your digital marketing plan, you’re using more “conventional” digital marketing methods and repurposing them to captivate and grow your audience in new ways.
Growth hacking is a relatively new topic within the discipline of marketing that focuses on a company’s growth. A growth hacking team consists of marketers, developers, engineers, and product managers who work together to expand and engage a company’s user base.
Success Stories :
Airbnb is the perfect representative for growth hacking—the online property rental marketplace having grown from 140,000 visitor arrivals in 2010 from over 100 million in 2017 by employing unconventional marketing strategies like allowing users to post property listings on the massively popular Craigslist website.
GoPro is another firm that has had remarkable success with growth hacking tactics. Customers were encouraged to share GoPro movies of their sporting activities and adventures on YouTube, thus creating free publicity for GoPro products, and the company’s revenues surged to $250 million in only their second year.
Why is it needed to use:
Growth hacks are a cost-effective way to develop your small business quickly without spending a lot of money on paid social, paid search, high-end marketing tools, or other high-cost marketing methods. It enables small firms to compete in the marketplace despite the fact that they lack the massive resources of large organizations.
To scale your firm while keeping costs low, you must rely on innovation and originality rather than the massive amount of budget.
How Does It Work?
Growth is the primary goal of growth hacking. It also makes no difference where or how you achieve growth as long as you do. The growth hacking approach can be applied to a single person (the growth hacker), a growth team, or the entire firm, often known as a startup.
And growth hacking is all about being resourceful, innovative, and analytical with a single specific purpose: to grow.
The goals always drive how we approach growth hacking in business, allowing us to focus on a particular goal we want to attain for the whole company’s benefit. Growth hacking is a marketing approach that uses analytics to determine the most effective way to reach a company’s goal and circumstances in order to get awareness.
Growth hacking is also an important part of your company’s development. Because the goal of growth hacking is growth, you can find yourself optimizing for growth without monitoring the impact of other important metrics like profitability or product-market fit if you don’t do good business development around it.
The benefits of Digital Growth Hacking:
- Growth hacking and digital marketing
- Generating high-quality leads
- Developing a strong brand image and identity
- perfect for any goal
Growth hacking is a practical and effective approach because of its adaptability. It works in all settings, whether it’s a one-man show or a multibillion-dollar corporation. Because the approach is really nothing more than a growth-oriented attitude, this is the case. The size of your company has no impact if you accept this way of thinking and implement it throughout your company.
Growth hacking and digital marketing
Higher conversion, retention, and engagement rates are among the measures and principles shared by both. As a result, there is a common misperception that growth hacking is a replacement for digital marketing. However, the reality is that they are closely related and complementary to one another. Growth hacking is primarily focused on extremely defined and short-term achievable goals, such as boosting social media post sharing by 30% in six months, whereas digital marketing focuses on the overarching goal of developing brand awareness. To put it another way, each of these activities aids the other in attaining their goals in a more timely and effective manner.
Generating high-quality leads
One of the most important advantages is the ability to generate a huge quantity of quality leads. The benefit is that growth hacking can be incorporated into any company, irrespective of its size or industry.
Developing a strong brand image and identity
By definition, growth hacking is the process of increasing, maintaining and engaging your company’s user base. However, in order to be effective, it must tell your brand’s narrative in a distinctive way. However, the most effective approach to do so is to discover and solve your consumers’ pain points in a way that your competitors haven’t yet worked out. Keep an eye on Twitter or LinkedIn Groups to observe what people are expressing their dissatisfaction with. Then consider how your company might be able to tackle those issues.
The primary objective of growth hacking is to identify channels that are accessible, efficient, and low-cost that no one else has seen before. The basic philosophy of growth hacking allows us to be more creative with cost-effective techniques to boost return-on-investment (ROI). Because it was developed out of the necessity to grow without spending a fortune on traditional advertising, PR, and other high-cost approaches.
Growth hacking’s most important component, as well as its most valuable advantage, is analytics. It would not be possible without analytics. To figure out what worked and what didn’t, you’ll need analytics, data, and measurement. Otherwise, we’d keep guessing in the hopes of succeeding.
Perfect for any goal
Growth hacking can be used to achieve any goal, as long as the goal is to grow. It doesn’t matter what you’re measuring technically. That said, it’s important to ensure that you’re pursuing growth in areas that matter and have an impact on your company.
- What is Digital Growth Hacking?
- What Is Growth Hacking and How Does It Work?
- The benefits of Digital Growth Hacking