Growth hacking
What is growth hacking? The growth hacker
Growth hacking is a set of marketing techniques and strategies designed to drive a company’s rapid growth while minimizing resource consumption and effort.
This growth can focus on various aspects, such as rapidly increasing users, attracting external investments, boosting sales revenue, and more.
1. Strategy in growth hacking
To successfully implement a growth hacking strategy, the following key points must be considered:
- Analyze the sector. You must start by making a realistic assessment of the situation in the sector, as well as of your company and the market itself. Additionally, past strategies should be analyzed to establish a well-founded starting point.
- Define objectives. The objectives to be achieved must be clearly defined. Of course, these growth hacking objectives must be SMART (specific, measurable, achievable, realistic, and time-bound).
- Know your strengths and drive action. A deep understanding of your business’s strengths is essential, and you should take specific actions to enhance them even further.
- Measure constantly. You should continuously analyze the effectiveness of implemented actions to enable ongoing improvement. Data-driven results are crucial to determine whether the objectives are being met.
- Optimize the strategy. The results obtained, once analyzed, allow you to make the right decisions for a successful growth hacking strategy. Continuous optimization is essential.
2. Advantages of growth hacking
Growth hacking offers numerous benefits, which is why many companies rely on this marketing technique. Some of its key advantages include:
- It helps you stand out from the competition, since the actions you carry out must always be innovative, creative and distinctive.
- It is an ideal strategy for new or already established companies to grow their user base quickly and retain those users.
- It makes it easier to grow the business at a low cost, working with very small investments in marketing and email marketing. Users and potential customers either enhance their view of the company or discover it for the first time.
- It improves branding, since it gives the business visibility and lets it reach its target audience.
- It improves ROI, since it reduces the costs needed to carry out the defined growth actions.
- It lets you start working with new approaches to promotions and marketing, avoiding getting stuck in a routine.
- It boosts the building of a database that can later be turned into customers through bulk email sending, establishing a relationship of trust.
3. Growth hacking techniques
To carry out an effective growth strategy, you need to know some growth hacking techniques that you can start using almost immediately.
- Content marketing for SEO. Content marketing should be driven by a blog that offers valuable insights for users and, whenever possible, be complemented by SEM campaigns.
- Position yourself as an industry leader. You must become the leading product or company in your sector, positioning yourself as a clear choice for customers. You can use strategies such as offering ebooks, whitepapers and webinars at no cost.
- Email marketing. Mass email campaigns are a powerful communication tool. Segment your audience and craft well-defined messages to improve response rates and strengthen your growth hacking strategy.
- Use pop-ups. Strategically timed pop-ups can be valuable tools for lead generation. With the right CTA, you will attract potential customers to your conversion funnel with minimal effort.
- Digital advertising. Even with a low-cost investment, you should run some kind of digital advertising campaign, generally on the social networks where your target audience is.
- Go viral. Try to encourage your current users to recommend your brand to their friends and followers on social media in exchange for a reward or discount. On top of that, it builds loyalty and strengthens the bond between customer and brand.
4. The growth hacker
The professional in charge of implementing a growth hacking plan is known as a growth hacker. It may seem that the job is not very complex, but nothing could be further from the truth: a growth hacker needs many qualities to do the job properly, such as:
- Agile. They must be skilled enough to test their ideas quickly, so as to determine whether they are worthwhile in the shortest time possible.
- Analytical. They must be able to tell whether or not an action will be advantageous, define the objective and set the guidelines to achieve it.
- Creative. They must seek creative ways to grow the company, keep an open mind to innovation, and work with unconventional concepts.
- Curious. Curiosity is a vital quality for a growth hacker, enabling them to question conventional approaches and explore uncommon paths to find new ideas.
- Multidisciplinary. Their knowledge of digital marketing must be extensive and constantly updated. Only in this way can they respond to ongoing challenges and create successful growth techniques.