A growth hacking strategy is a marketing tactics that has a very low cost but can lead to huge gains in revenue. It is all about finding the most effective way to grow your company by tweaking what you are already doing, or by doing something different altogether.
The idea behind growth hacking is based on the belief that growth should be measured as “growth per pound invested” instead of “growth per hour invested.” This means that you focus on increasing the number of users for your product, even if it costs money. There are lots of companies that do this. Growth hacking has been proven to work for small startups as well as large companies like Dropbox, Uber, and LinkedIn. We also see it a lot within the food box industry. The likes of Gousto and Hello Fresh are trying to growth hack their businesses.
What Is An Effective Growth Hacking Strategy?
Growth hacking is a term coined by Sean Ellis and it can be defined as “a creative and data-driven process that identifies the most effective channels to grow a business”. The goal of growth hacking is to create awareness for a company’s product or service.
Growth hackers use various techniques such as SEO, social media and email automation to grow their company’s customer base.
If you’re considering doing this, make sure you take these steps:
- Make sure your website has a clean design and easy navigation
- Create a webinar to help people understand the product better
- Use social media platforms like Facebook and Twitter to reach your target audience
Start With The End In Mind
The end goal is the ultimate destination. It is the culmination of every strategic decision that you have made. So, it’s important to have an end goal in mind before making any decisions in order to stay focused and disciplined. Decide what area you want to grow and what you want the numbers to look like at the end of the campaign.
Some people believe that it’s not about starting with the end in mind, but rather constantly changing as you go along to adapt to current circumstances. However, this approach can be dangerous because you can lose your focus on what your original goal was and it will make it difficult for you to achieve what you wanted in the first place. Keep this in mind if you decide to go with this approach.
Establishing Your Marketing Goals
Your marketing goals should be tied to business goals, which are results-based. For instance, if you want more customers, then your marketing goal would be “to increase customer acquisition”. Similarly if you want more revenue, then your marketing goal would be “to increase revenue”.
A successful startup should have both short-term and long-term marketing goals. Short term goals are about driving conversions and they usually last for a month or less. Longer term objectives are about increasing customer lifetime value.
If you want to focus on growth hacking, then you should make this a marketing goal.
Developing Your Marketing Plan
A digital marketing plan is a strategy that helps you reach your goals by utilising all, or at least most, of the online channels available to you. It’s an answer to the question: “What do I need to do to be successful?”
Marketing plans are essential for any business. Whether you are a small-scale business or a large corporation, you need to invest time in developing an effective marketing plan. It’s a document that provides an overview of your company’s marketing strategy and execution tactics. It consists of different sections that will help you define your goals, the market you are targeting, the target audience, and the marketing channels that should be used.
Once you have completed your marketing plan, it is important to regularly update it with new data and research. Make sure growth hacking strategy is fully developed within this plan.