“Growth hacking” is one of the favorable terms in the world of technology, even though it hasn’t been around more than just a few years. Growth hackers are sought by startups, small and medium-size businesses, whose major goal is achieving growth.
Startups want to grow fast. However, unlike traditional companies who think that they need a marketing department to achieve growth, untraditional ones (such as Facebook), have a growth department. Both new and established brands can learn much from the successes of startups that used growth hacking to achieve massive growth.
If you’re searching the web for growth hacking techniques and strategies, you should know that they have to be implemented the right way. This is how you can use growth hacking and make your business thrive.
Bigger companies should look at case studies and lessons from startups that have successfully used growth hacking to expand. Take Facebook and Twitter for example. Twitter’s product hadn’t evolved so Twitter struggled to attract new users (they have 300 million users, while 600-700 million have signed up for it). Facebook, on the other hand, is completely different today than the college-campus platform launched in 2004.
Facebook now offers a series of additional features and apps. Getting and retaining customers is the main aim, so if your customers are constantly coming and going, there is something definitely wrong with your growth strategy. Therefore, you should try to provide them with solid reasons to stay.
Also, you should protect and secure your business from potential losses that may occur unexpectedly, simply due to the market’s instability. For example, the MSM Loss Management company can provide legal advice, litigation support and economic loss consulting, enabling you to make a steadier path while evolving and growing.
2. Favor audience knowledge over traditional marketing skills
It’s simple – startups can’t spend the same amount of money as traditional marketers can, and don’t have the luxury to think about the same things. Growth hacking is a mix of business and product development, direct marketing and traditional marketing.
It’s an all-in-one strategy, because startups have to do all these things in-house as they don’t have the budget to hire marketing and PR firms. The companies who did all of their marketing themselves make this generation of successful startups and are led by teams of people with little marketing background, but who know their products and audience very well.
3. Avoid division between marketing and production centers
If you’re dividing your business into two parts – here we make the products, and over there they promote them – you should realize the destructiveness of that attitude. Every decision regarding your products has certain marketing implications. Marketers need to help product managers make the right decision, and they’ll do it by bringing data, facts, knowledge and expertise to the table. Companies can create products that fulfill compelling and real needs only by working together. The marketing is easy when you nail the product.
4. Website growth hacking
We’ll suppose that you have a website, as not having one can be a major setback for any startup. There are tools and apps you can use to support your growth hacking strategy on the web. If you run a WordPress website, make sure to choose the best hosting available to you, because that’s where the entire online part of your business is located.
You can use tools to automate and optimize your online efforts regarding traffic acquisition, lead and customer acquisition, selling products (without the need for a full-blown online store), user feedback, market research, marketing automation and inbound marketing.
5. Do one thing well instead of doing it all
Companies need to help their customers to do something better. The community and brand will then come together easily. So, instead of spending your funds and time on multiple platforms, choose and focus on the one where all your customers are, and do your best there. Startups are often constrained by resources and time, so they have to start out where they’ll be the most effective.
6. Focus on acquiring customers
First and foremost, focus on acquiring users. Every startup needs that in order to get the investors interested. Instead of spending money on running media ads, redirect that money flow into adding value to your product. Making a product more addictive and adding virality or social sharing into the whole experience is the best thing a company can do.
The thing is, if you’ve ever used SEO techniques to increase your Google ranking – you’ve been exposed to growth hacking. It’s not a new concept, contrary to popular belief, only the term has been coined recently. Growth hacking includes both business and product development, binding the areas of work within the organization more tightly, enabling startups to do everything by themselves and in house.
Raul Harman’s is an IT consultant and a writer who has a lot of experience about innovations in all aspects of digital technology and online marketing. IoT and the world of mobile devices have been his focus in the previous years. Raul is a passionate runner and adventure seeker. Every spare moment he loves to spend in nature. He is a regular contributor on Technivorz blog.