Growth Hacking 101
More than just a buzzword, Growth Hacking is a strategy often employed in the startup world (but applicable everywhere!) that focuses growth above all else – and often growth alone. The general idea is to use technology and data hand-in-hand with creative marketing tactics to maximize audience reach as cost-efficiently as possible.
Growth hacking requires outside-the-box thinking and a willingness and ability to consistently hypothesize, analyze, measure and test, and adjust tactics as needed to meet the singular goal of scaling growth, fast.
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It’s well worth the effort – some of the most recognizable companies today, like Twitter, Facebook, YouTube, Dropbox, Airbnb and Paypal employed growth hacking strategies (masterfully) to exponentially increase their growth and revenue in their first few years.
We are operating in a Brave New Marketing World and there is ample evidence proving that many traditional marketing techniques are dead. Consider that about 20% of small businesses fail in their first year, and 50% of small businesses fail in their fifth year, according to the Bureau of Labor statistics.
This isn’t just a tool for new businesses either. As the marketing world grows ever more competitive, growth hacking becomes important even for established companies who need to remain ahead of constant competition. (Who, rest assured, are diving into things like Growth Hacking!)
Growth Hacking Tactics to Implement Today. Capitalize on Tech, Metrics, and Automation
A successful Growth Hacking strategy relies on constant experimentation, measuring and testing. Use all the metrics that tech has made available – and the ease of synthesizing the data that new tech brings – to your full advantage. Test everything and anything until your site, your processes and your products are as sleek and efficient as possible. Ask, “How can these be better streamlined to increase GROWTH.”
This includes creating more exact customer profiles or “personas.” The more precisely you understand your customer, the better you can target them.
Just as data collection and analysis have been made more simple by technology, as has email automation. Email marketing is one of the most cost-efficient and effective forms of digital marketing: Smart Insights estimates that you get $40 in revenue for every dollar you spend. Try setting up an Exit Intent Campaign with a lead magnet for an explosion in email list growth.
Master Your Content and Delivery
With the data now at your fingertips, you will have a much clearer idea of who your customers are, and what sort of content they are looking for and are likely to engage with. Create that content, and create lots of it. Content that achieves high engagement and share rates is a key component of “activating your audience.” (See below)
Consider running a user-created content contest, or other online sweepstakes that drive user engagement with a reward. Active participation in the contest will get you a lot of attention AND provide you with a wealth of content from enthusiastic customers to share across your channels.
**All for little to no cost… Creativity is key to Growth Hacking. How can we achieve huge results, with minimal spend? Think..
“Activate your Audience” with “Double-Sided Referrals”
Companies like Facebook and Dropbox have achieved exponential growth in part by turning their customers into brand advocates, using growth to beget more growth. You want an army out there heralding the qualities of your brand. One way to kickstart this is through “double-sided referrals” or referrals that benefit both parties involved, like offering new customers an incentive or reward for sharing information about your business, or getting friends to sign up.
Make Onboarding Fun
An excellent, and well-proven, way to activate your audience is by making your onboarding process a fun one. Use games and challenges, with rewards, to make engaging with your business enjoyable. For instance, you could make frequent users/sharers “ambassadors” or create a milestone system that increasingly rewards users who share or engage with your business.
Team Up With Bloggers
Using the reach of bloggers is a great way to hack your growth. Get in touch with bloggers and outlets that cover your industry and encourage them to review your business/product. Make their life easy: provide them with all the content and info they need for a substantial review. You can even sweeten the deal by offering them a free trial or service, just be sure any such exchanges are disclosed to readers.
Design your Site for Conversion
As you hack your growth and start to see an exponential growth in traffic, it’s critical to make converting as easy as possible.
Take steps to improve the design of your site in ways that make up your conversion rate including: Making important information easy to find and digest, Providing opportunities for lead engagement, Eliminating bottlenecks, Showing off your status as a local or industry leader via reviews, testimonials, user numbers, etc.