/ Blog / How can Growth Hacking benefit you?
You want to market your business, but you don't have as much money as your competitors. What should you do? Growth hacking is a rapid experimentation process in which you can truly change things within your marketing to grow faster. The beautiful part about growth hacking is, it involves all channels within the organization, not just marketing, it involves the product, engineering, and sometimes even sales. In today's article, we will try to discuss Growth Hacking. At first, we need to know basically what is growth hacking, how can it benefits you etc.
Growth Hacking is a term for strategies focused solely on business growth. It is usually used for startups in the initial stages, whose small budget requires a wider increase in the short term.
The goal of growth hacking techniques is to achieve many customers as possible at as low cost. The word "growth hacking" was created in 2010 by the founder and CEO of Growth hackers, Sean Ellis.
A Growth Hacker is a person who uses creative, low-cost strategies that help businesses acquire and maintain customers. Sometimes Growth Hackers are also called Growth Marketers, but Growth Hackers are not simply marketers. Anyone involved in a product or service, including product managers and engineers, maybe a growth hacker. A growth hacker is too clever and analytical. Growth Hacker always applies various techniques to increase his business. They are studying estimates, priorities and innovative growth strategies. They always analyze different strategies, to see their business growth. A standard growth hacker knows, how to set priorities, channel identification is required to increase customer, a dimension of success and growth scale.
How does works Growth Hacking?
Many startups use Dave McClure as a recipe to increase "pirate funnel". Acquisition, Activation, Retention, Referral, and Revenue (AARRR). Others include increasing awareness as the main part of growth hacking. Its main task is to generate traffic and visitors, convert the visitor to the user and keep all the users as a happy customer.
An acquisition is the first contact way to make a relation between a customer and your product or website. In the acquisition section, the customers see your website homepage or landing page. Then perhaps they visit some pages from your site.
Activation is the stage, where people are actually using your product. It may sound like a short description to new entrepreneurs, "Of course, all the people who fill our registration form will use the product!" But you will be disappointed that the rate of activation rate is <25% in online businesses. This is particularly common with technology like SaaS, but it is equally valid for a mobile application or any other business.
Once you have acquired a group of users and they used all your products (created their first invoice, created their first project) you have to focus on those users to come back regularly.
Referrals, especially 2 people who know each other, will get their maximum conversion rate in your app and your user base is likely to grow faster. Getting users at the referral stage means they just do not like your product, but they think that their contacts and friends can also benefit from that value. Once you start looking at the referral stage, it's important to make sure you have some viral processes. Share buttons, promo codes, approved links, "powered by", invite colleagues etc. If you have a few of your time, you can start the A/B test and monitor the effectiveness of your referrals.
Monitoring revenues are an important part of avoiding vanity metrics at your beginning. It is also important that you set up 4 other layers before the revenues if you are doing work for only revenue then you have to understand, without them you only waste your time in front of customers.
AARRR comes with its simplicity and also AARRR is quite possibly the simplest growth model to increase your business.
How to start Growth Hacking?
At first, create your product and test it to ensure that the customer is willing to purchase it. Update your products regularly and receive customer feedback and be sure that you are on the right track. At the same time, market your products for incremental growth and find out the success of those results. A/B test and other conversion optimization strategies are crucial for effective for growth hacking. Before you apply growth hacking to your business, you need to verify some things about your business. Now, we will discuss two things, which are very important to verify before applying Growth Hacking on your business or startup.
What the type of your business?
What kind of product or service do you offer?
Why would a buyer come to you right?
Who are your buyers? Any person or an organization?
Where are your customers? How do you deliver the product to them?
Is your business idea durable?
Once you find out the business field, then you need to find out the answer to this question (Is your business idea is durable?). That's why you have to analyze the market. Through this, who is going to be the buyer of your product or your business, you can understand whether your business will become a profitable business. You must be aware of your competitors. Then your product/service is going to be different from them for which a customer can come out to you, you can understand it. For this reason, you can also run some small tests that will help you with your product.
How to implement Growth Hacking in your team?
To implement growth hacking in your team, you need to follow some process.
Perfect you’re Product: Analyze your target market needs and preferences and use this information to improve your product. Growth hackers call it "product-market fit". It is important to ensure that your proposal is as soon as possible before using it as a catalyst for growth.
Set Measurable Goals: Include a specific amount of your goals, so that you can measure success. If your goal is defined as "reducing costs", how do you know when you will succeed? If you reduce 1 percent in a month or 10 percent in two years? A Growth Hacker always tries to do it.
Analyze Performance: Analytics is essential to stay track with your goals. As you chart your progress, this information can be used to adjust and adapt to other areas of the process accordingly, from your product to your target.
Optimize: Whether it involves implementing a completely new method or refining previous efforts, there are the values of "learning-by-doing" concepts. Success, like most things, will come with little patience and practice.
If you want to grow up your business with Growth Hacking, you should know all are the information in the above. Because when you working with Growth Hacking strategy to grow up your business, at first you have to know how works do Growth Hacking and most of the Growth Hacking strategy. In the above, we discussed about these topics. Now you need to study about Growth Hacking and also Growth Hacking strategy to find out an easy way to grow up your business. If you understand the above texts with Growth Hacking and can manage them properly for your business, then you can get benefits through Growth Hacking.
In this article, we learned all about growth hacking, what is growth hacking, how does it work and strategy of growth hacking. In another article, we will try to discuss about each and every strategy of Growth Hacking.