What is growth hacking and how can it improve your business?

Growth hacking is an increasingly popular marketing technique that allows you to accelerate the development of your business. How is it different from traditional marketing? Where will it work and what activities does it focus on? What is the profession of a growth hacker and what skills does it require?

What is growth hacking – table of contents:

• Growth hacking – top questions
• Is growth hacking different from regular marketing?
• Where will growth hacking work?
• What must an effective growth hacker know?
• Lead magnet as an element of growth hacking

Before we start explaining what it really is growth hacking we want to invite you to our community on Facebook. Growth hacking is a relatively new concept of marketing strategy that aims at stimulating business development. Its goal is to achieve growth and profits of the company faster by resorting to unconventional solutions. As a result, the company’s growth is faster than when investing in traditional marketing activities.

The task of a growth hacker is to use scalable actions that allow you to increase the number of customers and generated profits.

Growth hacking – top questions:

1. What is growth hacking?

It’s a marketing strategy designed to make the most of your profits in the shortest possible time.

2. Is growth hacking different from regular marketing?

The goal of growth hacking is to attain growth faster and cheaper than through regular marketing activities.

3. Where will growth hacking work?

Initially, this method was mainly used in startups, today it will work wherever you need a fast, dynamic increase in sales and recognition.

4. What skills should a growth hacker have?

First, in the field of social media, effective content marketing, analytics and optimization.

What is the difference between growth hacking and traditional marketing?

The idea of growth hacking is based on the development of activities cheaper than typical digital marketing. It does not presume the exclusion of existing methods, but more effective use of them. For example, we are talking about marketing automation, monetizing social media presence, or more accurate targeting.

Accurately identifying your target audience and creating lead characteristics (person) is the starting point for further action to help reduce the cost of acquiring a lead.

Lead base – a growth hacking tactic

Regardless of what the company does, customers drive its further development. Meticulously collecting contacts to people who in the future can become paying leads is the overarching goal of the growth hacker. One way to gather the audience involved is to create free content day in day out. To achieve its objective, it should also address the problems that affect the representatives of the target group and describe issues that are attractive to it.

Where will growth hacking work?

Originally, this tactic was eagerly used by American start-ups, which did not have large amounts for marketing activities. For them, it was essential to dynamically increase the group of customers by maximizing the results from their efforts.

Brand awareness activities are replaced by accurate targeting and analytics in the case of growth hacking to target their ads to a more specific audience. Building extensive but inefficient ranges will not provide the same results as reaching the right target audience with a message.

What must an effective growth hacker know?

Effective activities growth hackers are possible by acknowledging:

• social media and methods of reaching a closely matched group of potential customers,
• content marketing, which helps to build the image of an expert in a given field and collect an audience,
• analytics and optimization, thanks to which GH will be able to track the effectiveness of its activities and A/B tests.

What other skills should a growth marketer show?

First – to be interested in technological innovations and to be a good seller. This will allow him to listen to the needs and problems of the target group, and thus – to design methods and communication that will attract customers.

Lead magnet as an element of growth hacking

The successive accumulation of a lead base should be the starting point for any business. How to effectively attract people who can become regular customers in the future?

One such tactic is to develop free materials (eBook, tools, access to video materials), which is a real value for the user. The goal of creating such a digital product is to meet the expectations of a potential customer to some narrow extent – a guide that solves a problem or an online tool. The long-term perspective is to increase the chance of monopolizing such an undertaking through a built commitment on the brand-to-customer line.

Accelerating business growth requires testing and verifying hypotheses

There are no universal hacks that will work for all industries. Copying competition or sales activities of successful start-ups may not produce the expected results. Following the news and trends is good for inspiration, but determining the final course of action in your niche should be preceded by A/B testing and verification of your additions. Developing effective “hacks” takes time and time.