What is Growth Hacking and How to Implement it for Your Business?
Growth Hacking is the latest trend in the series of Internet Marketing developments and is gaining a lot of ground. It is a scientific marketing exercise to identify areas of high growth, branding, user acquisition opportunities and executing creative techniques to acquire users at a lower cost and higher branding. (What is Growth Hacking?)
What is Growth Hacking ?
Some popular brands such as Dropbox, Airbnb have perfected the art and have attracted millions of users. We have tried to decode the strategies used by popular companies to achieve disproportionate growth and mould it into a scientific exercise.
“Growth Hacking is a collection of creative strategies with a sole purpose to achieve disproportionate growth or recognition.”
Here are some steps for lean entrepreneurs to get started with Growth Hacking.
1. Market, Niche Research
Conduct a study of the current market conditions to understand the market potential. In addition, a little bit of additional ground research to identify any potential factors (local, national or international) that can affect your plans and product positioning need to be identified.
Your business’s current industry should be evaluated critically and potential ascertained. Also, look for potential opportunities left out by competitors and strategic gaps that we could fill and win. (What is Growth Hacking?)
(An over Simplified Example would be Social Media Optimization gap left by competitors or LinkedIn Marketing etc.)
2. Consumer Behaviour Analysis
Study the latest psychological surveys and most recent online consumer behavioural patterns and evaluate potential areas to target. This is important to position the brand where the consumer has maximum attention.
(Over Simplified Example: Utilizing Snapchat over Instagram for certain industries)
The current behaviour of users on your website also needs to be studied and this includes but is not limited to all the basic aspects of bounce rate, referrer, duration spent and heat-maps.
Potential UI/UX and any other deficiencies need to be identified.
(Over Simplified Example: Changing font type and size and using pop ups from right side instead of left
Various avenues that are identified are sorted by the ease of reach. Let’s call it ER and rate it on a scale of 1 to 5 with 1 being the easiest to implement. Using the data, unique and catchy ways are identified in order to position the brand and get maximum conversion rate
(Real Life Example: Local Deals Platform Offering a beer for 1 Rs to increase overall profit and conversion by 150%)
4. Opportunities to Target
As we have our ER index ready, bounce off the top hacks that you think may work with colleagues and identify potential fallacies previously unconsidered. After a critical evaluation, the best strategies that make the cut are shortlisted for execution.
The multiple strategies could be an offline branding + website redesign + marketing on social media. An integrated plan with timelines of execution is to be devised in order to ensure there is no drop of the ball. (What is Growth Hacking?)
5. Test, Execute, Analyse, Repeat
Try Various combinations in your dry run to a limited number of customers in order to single out the best performing assets. Here are a few tips to get you started. Choose the assets that emerge as winners from A/B test for final execution.
Constantly monitor results in order to make adjustments to the campaign. Typically, the adjustments take about a few weeks and a proper hack is ready to be taken to a large scale audience.
Breakdown the Divide the steps into processeable stages (4 to be precise). This infographic will give you an insight into how growth hacking works.
Credit: Aquo Digital
Word of Advice:
There is no “magic” solution that fits all businesses. Growth Hacks are all about testing, analysis & experimentation. Use these hacks and test them on your brand. See what works best for you.
If you have enjoyed our series on growth hacking, do let us know your opinion. If you have implemented any growth hacks and have an opinion, feel free to share your experience.
What is Growth Hacking ?
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- What is Growth Hacking and How to Implement it for Your Business? - October 19, 2017