Growth Hacking is the buzzword for many entrepreneurs for one simple reason: it is the navel of the business world. But, realistically, there is still a lot of ignorance and confusion about this term. What is it? What is its mission? Why do we relate it to Inbound Marketing?
In this post, we are going to start with its origin, so let's see what it is all about. Are you ready?
Neil Patel, one of the most talked about names in online marketing, and one of the most recognised entrepreneurs under 30, tells us that "a growth marketer is someone who uses analytical, economical, creative and innovative ways to exponentially grow their company's customer base". Now, how do you do that? And what if you are a company with limited resources?
Growth marketers don't make the leap overnight. They research, test and practice until they hit the nail on the head and find something that multiplies their growth by 10, 20, or even more. This is known as Growth Hacking, a concept used to "describe experiments and processes aimed at building and maintaining a company's customer base".
Before you get stuck with a thorn in your side, remember that you can ask us all your questions. We will solve them together.
Now then..
This is the big question that many companies are asking themselves as they move into digital marketing. While Growth Hacking describes experiments and processes to build the customer base, Inbound Marketing is the methodology capable of attracting them through useful, relevant content and adding value at each stage of the buyer's journey. If we take into account that Growth Hacking must be carried out through creative and innovative strategies, Inbound can be the tool that meets all these requirements:
Attract, convert, close and love, but don't give up.
To memorise the first term we need to go back several years, when Sean Allis mentioned it for the first time in the article 'Where are all of the growth hackers? Since then, it has become a very popular discipline in the USA. Its aim has always been to achieve revenue, users and popularity with the least effort and the least expense. It sounds great, but to boost these results you need something else: INBOUND!
Many startups are combining these two disciplines, as they are emerging in the market and do not have large financial resources. By now you have probably realised that both techniques share some characteristics and objectives: they seek to attract users, convert them into sales opportunities and, finally, into customers of the company through the combination of non-intrusive techniques. Of course, without making a large financial investment.
For this reason, some Growth Hacking techniques that are being used in Inbound are: Gamification:
If you are already using Inbound Marketing, you have probably already implemented Growth Hacking actions almost without realising it. The characteristics we have just mentioned are part of all those original, effective, creative and innovative actions that increase the return on investment (ROI) in your company.
Now that we know that this is one of the most fashionable topics in 2020 together with Inbound Marketing, we are going to summarise its phases:
Whether you like it or not, growth hacking is having its moment. And that's why many companies are achieving impressive growth rates every year. One simple decision can change everything.