Digital marketing is a world in which new techniques and concepts are constantly appearing, which is why you need to be at the forefront of everything to take advantage of all the features of digital marketing. One of the newest concepts in the world of online marketing today is that of growth hacking, which uses techniques that go beyond traditional marketing, taking advantage of new strategies to achieve greater user growth.
Growth hacking uses techniques that go beyond traditional marketing, taking advantage of new strategies to achieve greater user growth. This concept is not very well established in Spain, but in other countries such as the United States it has become a discipline that is in high demand and is being talked about every day.
If you still don't know what this concept means, you are missing the opportunity to significantly increase the growth of your company thanks to the techniques that growth hacking incorporates. In this post we are going to talk about what growth hacking is and which are the most famous techniques nowadays.
what is growth hacking?
Growth hacking is a set of techniques and tools that are used with the aim of generating rapid growth in revenue, users and impacts for a company, all with the minimum possible expenditure of resources.
This concept has been developed thanks to the emergence of the startup concept. These companies usually start with few financial resources, so they do not have enough budget to apply traditional marketing strategies in their business models. They are companies that seek rapid growth in order to attract potential investors. The creators of these startups have had to create new techniques with few resources to increase their users.
Growth hacking is a new way of creating and looking for ways to increase the number of users of our company using the minimum possible resources. With this concept appears another very important figure, that of the growth hacker.
The growth hacker brings a new way of looking at the market, based on ingenuity and creativity to grow with few resources. They are in charge of redefining products and their distribution to reach the maximum number of people possible. They could be called specialists in start-ups.
Their main function is to analyse a product, redefine its characteristics with the aim of generating growth and then distribute that product through channels and actions that seek to reach a large number of potential customers using very little budget.
This figure is becoming very important in the world of digital marketing. Small technology companies do not have many resources to carry out marketing campaigns, so they need an expert in the growth of the company using as few resources as possible.
Growth hacking techniques
When it comes to growth hacking, it is vital to know your product and really grasp its scalability. You should use the necessary means to spread the word to as many people as possible through the use of inexpensive and accessible tools.
There are many growth hacking techniques currently in place, but here are a few of the techniques that have been setting the trend in recent years.
- Freemium strategy
The freemium model is one of the best known. It comes from the union of the English words free and premium. Most of the products currently offered by start-ups follow this freemium strategy.
It consists of offering the user a free version of your product with limitations that can be solved with payments or subscriptions. Spotify, LinkedIn, Dropbox, Spotify, Semrush and practically any tool you can think of works with this model.
These types of businesses are geared towards getting as many conversions as possible from customers. You never know when a customer using this model might switch to the premium version. They are, therefore, limited in volume, time or type of customer.
It is a strategy that is not easy to implement but, if done well, can offer very advantageous benefits for companies that are just starting out.
- Outbound marketing
There is a lot of talk about inbound marketing, but another very important strategy has been left out: outbound marketing. It is a growth hacking technique where you can find the best opportunity to get customers, collaborators or suppliers. Outbound marketing is a prospecting strategy where the company takes control of the people or companies it wants to contact, by sending a personalised email automatically to a list of people or potential customers.
It is not a very common strategy, but it incorporates a marketing technique that is still very trendy today, email marketing, which seeks to attract customers through a series of marketing actions.
People will be more willing to read a message when they see that it has arrived in their inbox rather than accessing a page with advertising. It is much cheaper and the competition is not so high.
Incorporates game mechanics into a company's marketing strategy to motivate user participation, engagement and loyalty, thus encouraging users to perform certain actions that the company wants them to do.
It seeks to keep users informed, but encourages a learning context to help users achieve their goals while having fun. The game can offer different incentives to encourage user engagement with the brand:
- these games offer the user the opportunity to enjoy virtual prizes and rewards.
- a ranking of achievements or ratings will tempt the user to participate more.
- Difficulty levels: This makes users want to play more intensely and have more loyalty to the game.
Social networks seek to collect as much data as possible from each user, so by using this technique they encourage you to finish filling in your profile because otherwise they make you feel that it is incomplete.
Growth hacking is a strategy that is increasingly being incorporated into the marketing strategies of companies. It brings a new way of looking at the market, and its techniques are starting to become a trend in startups. And you, what are you waiting for to include growth hacking in your marketing strategy?