What is a Growth Hacker?
A growth hacker is someone who uses creative, lower-cost strategies to assist businesses in the acquisition and retention of customers. Sometimes growth hackers are also called “growth marketers,” (a somewhat more politically correct term) but growth hackers are not just confined to marketing. Virtually anyone involved in a product or service, including product managers and engineers, can be a growth hacker.
Growth hackers tend to be curious, analytical and downright obsessive!
- Growth hackers focus solely on strategies related to growing the business.
- They hypothesize, prioritize and test innovative growth strategies. They “think outside the box.”
- They analyze and test to see what’s working-and what’s not.
The ideal growth hacker knows how to set growth priorities, identify channels for customer acquisition, measure success, and scale growth to fit the goals of the organization.
How Does Growth Hacking Work?
For each firm, it’s about figuring out why you grow, and looking for ways to make that happen with a purpose and an end goal firmly in mind.
Many startups use Dave McClure’s “pirate funnel” as a recipe for growth. These are acquisition, activation, retention, referral, and revenue (AARRR). A key part of growth hacking can often be raising awareness of the company as well. Either way, the point is to get traffic and visitors, convert visitors into users/clients, and retain those clients.
How Do We Begin Growth Hacking?
Here’s how a firm can get start growth hacking.
First, create your product and test to ascertain people actually want it and are willing to pay for it. This will help gather the necessary data so one can then understand key buyer personas and can accordingly target growth marketing tactics
Update your product at regular intervals and keep asking for (and getting) customer feedback so you always know if you’re on the right track.
At the same time, market your product to foster continued growth and track the success of those results. A/B testing and other conversion optimization techniques are critical for successful growth hacking.
What Are Some Growth Hacking Strategies?
Most growth hacking strategies can be grouped into three main areas:
- Product marketing
- Content marketing
Subject to the tactics used, content marketing can be a relatively low-cost way to get the word out about your product. Typical content marketing activities include:
- Starting a blog and creating valuable, shareable content
- Guest blogging
- Getting bloggers to review your product
- Writing e-books and white papers
- Creating social media content
- Running webinars
- Running quizzes, contests and giveaways
- Joining relevant forums and groups (e. g., MeetUps)
- Influencer marketing
- Using e-mail marketing to build a stronger connection with customers
- Improving content visibility and ranking for terms with SEO
- Getting listed in relevant marketplaces and sites
Product marketing almost always include techniques for making your product more appealing and for building the user/client base. They include:
- “Gamifying” the user onboarding process to make it more enjoyable, e.g., offering rewards for successfully going through the process
- Offering incentives for referrals that benefit both the referrer and the new user
- Leveraging the fear of missing out (FOMO) by using an invite-only signup system
- Affiliate marketing, which will also use content marketing growth tactics
Growth hackers can also use social advertising and pay per click (PPC) advertising to promote their business once growth has established some momentum.
What Are Some Growth Hacking Examples?
Some well-known examples of successful growth hacking campaigns include:
- AirBnB, which used Craigslist to find and market to people looking for affordable accommodation
- Dropbox, which rewards existing users for inviting new ones with additional storage
- Hotmail, which appended a line to each outgoing email encouraging people to sign up for a new account
So-simply click on the button below, and you will be able to schedule a complimentary 30 minute conversation to discuss Growth Hacking and how we are able to truly revolutionize your marketing-and your RESULTS!