Growth hacking is the discipline that seeks, with the minimum possible expense and effort, to increase the volume of users and revenue in a company. It is widely used in Inbound Marketing.
what exactly is growth hacking and what advantages does it bring?
In addition to the definition we have already given you, growth hacking is also characterised by being a strategy that is totally adapted to the world of startups. This is essential when starting new businesses or for those who want to make a quick leap or grow in the number of users. Likewise, thanks to growth hacking you can get out of the usual routine and look for surprise elements with which to delight your contacts and users. Some of its most important advantages are: It allows you to have measurable actions:
- It allows you to have measurable actions. All the actions that you carry out in your growth hacking strategy are measurable in real time, which improves the effectiveness of the strategy. Also, in this way it will be possible for you to make the best decisions that will contribute to the improvement and growth of the company.
- You run less risk: As we have already said, applying some of the growth hacking strategies has a low cost, so you can carry out different tests that allow you to define which strategies are the most convenient to apply to your business without running the risk of losses.
- Itoffers the possibility to work at a low cost. In this world you should always keep in mind that sometimes less is more .
what are the best strategies to take advantage of growth hacking?
- content marketing: Companies usually carry out this strategy through the creation of a good blog.
- Email marketing is a widely used technique that consists of sending mass emails to a list of contacts.
- digital advertising (SEM) drives business growth by increasing visibility, attracting web traffic, leads, conversions and brand awareness.
what tactics are effective in growth hacking?
- Launch the same product you had as if it were new. By this tactic we mean using the same product, but in different markets. For example, if you have created a web analytics platform, you can promote it to sell it to blogs that want to know their traffic and audience, but you can also launch it by targeting more specific e-commerce sites.
- Perform A/B tests on email marketing. A/B tests are usually performed on the website to check the behaviour of users based on different designs. However, you should also do it with the emails you send to your customers. Prepare two formats and keep track of which one is having more lead conversion.
- Take advantage of the competition. When you launch a project, it is likely that nobody knows you, so you have to start moving to gain visibility and traffic to your website. You can take advantage of the positioning of third parties to get the push you need. You just need to have something good to share and become familiar with the use of platforms like Slideshare or Youtube. Also find out where the traffic of the companies around you comes from and try to convert it into yours too. A good example of this would be to sign up for their newsletter to receive their emails and see what you can do that they don't do.
- Freemium strategy: This technique comes from the union of the words free and premium. 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.
- Gamification: Incorporate game mechanics into a company's marketing strategy to motivate user participation, engagement and loyalty. This aims to keep users informed, but encourages a learning context to help users achieve their goals while having fun. Gamification can offer different incentives to encourage user engagement with the brand.
- Referrals or "Member Get Member" is a growth hacking technique widely used by large companies and is based on offering users a reward or some kind of discount when they recommend and get one of their friends to register on their platforms. It is a good way to get more customers using other loyal customers.
- The wow effect. One of the best tactics or strategies to surprise and keep customers happy and in love with our brand is to achieve the wow effect, because it is a technique rarely used and is very easy to achieve, and it always works. It is a technique that is based on offering users more than they expect, without asking for anything in return. It can be as simple as a personalized business gift, a template / tutorial help, give an E-book...
We hope that you have understood the concept of Growth Hacking and that you are willing to apply it to your business. By following the tactics and strategies that we have recommended you will see your company grow and gain users quickly.