Growth hacking can be defined as follows according to Wikipedia:
The field of growth hacking is relatively new in marketing. Initially, it was designed for startups looking for massive growth on small budgets but has since expanded to larger corporations as well. Growth hacking strategies aim to acquire as many users or customers as possible at the lowest cost.
Growth hacking isn’t prescriptive in nature. It’s results-driven and solution-focused. Successful growth hacks can help you acquire more customers, boost revenue, or hit a similar benchmark faster.
For small businesses in the B2B space that need to maximize financial and human resources, growth hacking strategies can be an essential tool.
[Source: https://en.wikipedia.org/wiki/Growth_hacking].
Pillars of Growth Hacking!
As a guide to your own growth hacking strategy, your company can use these five major growth hacking pillars.
What you need to do is:
- Take a look at your current marketing initiatives, such as leads, traffic, and page views.
- Analyze how you can improve your company’s process.
- Discover new ways to achieve your goals.
- Identify the data that proves your theories when it is significant enough.
- Share your findings with multiple departments within your organization.
‘Pirate Metrics’
A ‘growth marketing’ strategy focuses on a dynamic, experimental, and data-driven approach to marketing tactics that are designed to increase profits through customer acquisition and retention.
It is achieved by developing tactics aligned with specific metrics (called ‘pirate metrics’ in growth terms, as shown in the diagram below, Dave McClure’s Pirate Metrics).
Growth hacking strategies have three major advantages: a faster time to market, a higher return on investment, and the ability to scale marketing activity quickly.
The 5 most effective growth hacking strategies!
You’ll be on track to grow your company before this year ends if you implement these five growth hacking strategies.
1) Repurposing of Content
Content repurposing is the process of repurposing an old or current piece of content for a new purpose. Existing information can be used to fulfill a variety of new needs.
2) Make Your Online Presence More Effective
Simply put, optimizing your online presence involves aligning your company’s objective with how your customers perceive it. If these two factors are in sync and straightforward to assess based on your web presence, your business is ready to expand.
3) Get Referrals
One of the strategies of pirate metrics described above is referral marketing, which significantly improves your other marketing efforts. Consumers are up to four times more likely to purchase after receiving a referral.
4) Onboarding with Gamification
Gamifying the onboarding process is a guaranteed approach to keep people engaged with your app or website long enough to learn how to use it properly. Gamification boosts retention (another pirate statistic) and encourages customers to recommend your products to their friends and family.
5) Create an interactive community
As a growth hacker, building a community is critical to your success. Writing letters to firms to express feedback is long gone. The easier it is to interact with your ideal consumer and engage with their product inquiries the more you can target them in their natural “online” habitat.
To Conclude:
Growth hacking is a process, and it takes time, just like every other process. Using clever marketing best practices and growth hacking them through repeated trial and error, savvy marketers may shorten this timeline.
Making the most of current infrastructure can be a part of growth hacking strategies for your online presence. Making your website mobile-friendly or improving its SEO is a wonderful example. Optimization is the name of the game when it comes to launching your own SaaS application growth hacking.
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