Recently, the term “growth hacking” has become a much talked-about phenomenon with the concerns primarily surrounding the doubt — whether it will or perhaps it already has redefined marketing. Some consider it as a revolutionary way of accelerating business growth, while many perceive it as just a buzzword for marketing.
Marketing has been defined and redefined several times in many different ways over the years. However, at its core, marketing has always been concerned with lead generation. In this blog we will attempt to give you a nuanced understanding of growth hacking and as we proceed further, we will comprehend how growth hacking changes the way we market.
Now, let’s dig our hands a little deeper into this new phenomenon and understand what growth hacking really is.
What is Growth Hacking?
Growth hacking is basically a new process for acquiring and engaging users that combines traditional, analytical and marketing skills with product development skills. Growth hacking is not a replacement for marketing, neither is it better than marketing, rather it is just different than marketing. The goals of growth hacking are based in marketing but driven by product instincts.
The term “growth hacker” was coined by Sean Ellis in 2010. A growth hacker builds metric-based strategy within the parameters of a scalable and repeatable method for growth. Growth hackers find novel and technology-based avenues to push the growth of an organization, which sometimes goes beyond the bounds of what is expected or advised.
The Growth Hacking Process
There are definite steps that help a skilled growth hacker to grow their company.
- Defining doable goals: The process begins with focusing on a narrow actionable goal. Instead of focusing on the overall organizational goal, it is important, to begin with, a narrow but attainable goal.
- Implementing analytics to track the goals: Without analytics, goals are vague. Analytics gives valuable data to shape and refine the goals.
- Utilizing existing strengths: Every organization has inherent strengths or assets that can be leveraged to drive growth. It is important to design the growth strategy and plan the tasks based on strengths of the enterprise.
- Executing the plan: Once the goals are identified and a strategy has been designed, it is time to execute the plan.
- Optimizing the plan: Plans are fluid and they are meant to be optimized. It is essential to tweak the plan and re-run the strategy when it is appropriate to do so.
- Repeat: When a plan has been executed and optimized, you need to repeat the entire growth hacking process with newly identified goals and data.
Tips and Tricks
As we must have known by now that SEO or search engine optimization, utilizing the social media and including a call to action (CTA) is an important and undeniable part of growth hacking. However, there are certain tricks, apart from focusing on just these techniques, that can help to enhance the growth hacking results. Here are a few tips to guide you through successful growth hacking:
1. Know Your Customers
Companies that prioritize customer-centric policies enjoy higher revenue growth. Knowing the customers gives insights to create better content and plan appropriate growth hacking strategy.
2. Maximize the Use of Content You Already Have
While marketers emphasize on creating new content, it is also essential to revisit and optimize the content they already have. Enhancing the keywords in your call-to-actions and updating old blog posts with new content certainly keep them relevant for search and draws more audience for your content.
3. Sell Your Story, Not Just your Product
A story always has a better recall value in comparison to your product name. A story enables customers to understand your point of view and the features you incorporated in your product. A good story will stay with your audience and they will start sharing it with others.
4. Think Topics, Not Just Keywords
When it comes to SEO, marketers should think beyond keywords. Search engines attempt to understand the intent of the search and comprehend natural language. Therefore, marketers should consider conversations around topics instead of just focusing on optimizing for certain keywords.
5. Reconsider the Usage of Your Keywords
Checking Google Webmaster Tool and discovering what keywords people use to find your best blog posts can assist marketers to optimize their efforts. Incorporate those keywords in your CTA (both in texts and in images). If there are no applicable CTAs for those keywords, create new types of content like white papers, eBooks, etc.
6. Use Behavioral and Demographic Targeting For Social Media Ads
Aligning user’s search intent with the results they get delivered is essential for an enriched user experience. This helps in ensuring that your ads are relevant to your audience, thereby increasing their likelihood of engaging with your content.
7. Use Analytics Wisely
To accelerate the growth of an organization, it is crucial to diving deep into analytics and look beyond page views. Marketers should be able to use analytics to decide whether widely accepted best practices would work for your company or some innovations would do better. Growth hacking needs marketers to look past the superficial numbers and take the time to analyze those numbers.
8. Engage Influencers
To hack the growth of an organization, one needs to work with influencers while creating and distributing new content. Q&As with influencers and curating insights from thought leaders through blog posts, eBooks and other types of content are some of the ways to engage influencers. You can also send influencers suggested tweets and ask them to share your content at the same time.
Growth is the lifeblood of any business and hence growth hacking is the required fresh oxygen. Growth marketing may not be redefining the goal of marketing, but it is definitely changing the way of marketing. Currently, growth hacking is found in startups, but it is eventually making its way to larger enterprises. If growth hacking can work in startups without resources or established relationships, imagine what it can accomplish in enterprises with resources.