Beginner's Guide to Growth Hacking
Growth Hacking is an inbuilt part of Digital Marketing. The phrase ” Growth Hacking ” is new (just ten years old) in the Digital Marketing platform. But it is doing a great job. Sean Ellis coined it in 2010. Growth Hacking provides you with low-cost promotion techniques to drive incredible growth.
What is Growth Hacking?
Growth Hacking is a new way of marketing that focused on only growth. It is a combination of marketing, data, and tech. Many companies are looking for many Growth strategies to make their purpose. As a recipe for growth, many startups use Dave McClure’s ” Pirat Funnel. ” Pirate Funnel includes AARRR. These are acquisition, activation, retention, referral, and revenue.
Many others include awareness because it is also o a part of growth hacking. Or make your visitors into users and retain those users into happy customers.
It is ideal for many startups. Because of the limited resources and money, but it is sometimes beneficial than large companies.
What does the word " Growth" indicate?
As an example, we can say that, if your business (online) earned $100,000 in a year and your company earned $140,000 in the next year, that is called the growth.
Who are beneficial from Growth Hacking?
Growth hacking is a smart way to develop your business in a short time. You have to implement ideas in the right path to gain success. Specifically, Growth Hacking is beneficial for-
1. Start-up Business: At the primary stage of a business, you may not have a large budget or resources. In that case, Growth Hacking will be beneficial. You can make your first impression to customers and make them trusty about your service.
2. B2B Marketers: From resources, we get to know that 68% of B2B organizations yet not identified their funnel. So, if you are a B2B marketer, then growth hacking can be a streamline for you.
3. B2C Marketers: Many information marketers, bloggers, public speakers, authors, consultants include this category. For these people, Growth Hacking is a way to help business customers and converting them into potential or purchasing customers.
4. Content Marketer: If you are a content marketer or interested in blog posts, articles, white papers, podcasts, videos, or other types of content, Growth Hacking helps you to flow your business.
5. Social media experts: According to HubSpot, 50% of all marketers use social media for six or more hours. Growth Hacking can help social media marketers converting from social media leads into potential customers.
What is a Growth Hacker?
A Growth Hacker uses creative, low-cost strategies to help spread business outlets and retain customers. Growth Hackers are also called “growth marketers.” But they are not merely marketers. Anyone who involved in product managing or is an engineer can be a Growth Hacker.
An ideal hacker knows to set growth priorities, right channels for customer acquisition, measure success, and scale growth.
Growth Hackers must be obsessive, analytical, and curious.
They should focus on business-related strategies
Growth hackers hypothesize and test innovative business strategies.
Eight ways to become a perfect growth hacker:
To become a perfect growth hacker, you should have a great mindset. You have to update with the latest business strategies. Here is a basic guideline to become an ideal growth hacker:
1. Read everything on Growth Hacking:
This is an initial learning stage for a beginner. There are lots of information about growth hacking. You need to study them as you possibly can. There are many e-books, websites based upon it. Try to implement that information in a business model. Start with your knowledge; you can succeed in this profession.
2. Find a mentor who has done growth hacking successfully:
Find an efficient growth hacker who did it before successfully, not just someone talking about growth hacking and its purpose. A perfect mentor can help you to overcome your obstacles, break mental challenges. Try to learn some secrets of growth hacking.
3. Connect everything you do to growth:
It sounds effortless, but it is the most difficult one. Being a growth hacker, you have a great mindset, which is more important than tactics and techniques. Implement your ideas into work! If you can’t utilize your plans for growth purposes, then it will be irrelevant.
4. Focus on the main area:
Growth Hacking is a large area, so people get discouraged and try to quit. So, first, try to choose an area in which you are interested. Read that section carefully and do this section. If you focus only on one area and master it, you can be a successful growth hacker.
5. Study the basics of marketing:
Growth hackers are also sometimes called growth marketers. If you want to be a perfect growth hacker, then you should know some basics of marketing. Remember that growth hacking is entirely different from marketing. But, for a beginner, it is beneficial to know some basics of marketing because some activities of growth hackers come from the basics of marketing.
6. Be Analytic:
All the growth hackers are extremely analytic people. You need to know data and take action according to the data. Your work depends upon your data types. Data gives you some information that helps you to move next. Data indicates your growth. Learn this. You will be a great growth hacker in the future.
7. Should have desperate curiosity:
World of growth hacking is always changing. To being a successful growth hacker, there are no right or wrong ways. So, you must have a desperate curiosity. That is more important than your experiments.
8. Obsessed:
It is as essential as the other topics. Obsessed with growth hacking. Study on it, Experiment on it. Go to the conference of growth hacking, ask questions on growth hacking, learn some tactics. Dream about Growth Hacking, definitely success comes in its way.
How much a growth hacker paid?
According to data by the job search, growth hackers have an average salary of $82,000.
Some factors related to Growth Hacking:
Those following listed factors will be more effective when implemented with content writing and blogging. Here are the five practical factors:
(A) Popular product.
(B) Trends
(C) Add some images with your content
(D) Creativity
(E) Tools.
How to start Growth Hacking?
A/B Testing or some conversion optimizations are not beneficial for effective growth hacking. You can get started through these following steps:
- You create your product that has demand on the market, or customers are willing to pay for it. So, you can target growth marketing tactics accordingly.
- Update your product with relevant details and keep getting customer’s feedback.
- At the same time, you can market your product for increasing growth and track the success of results.
How is Growth hacking related to Digital Marketing?
Growth Hacking is a tactic for growing your business, increasing customer acquisition. Growth Hacking uses most of the digital marketing strategies to build your customer base.
Digital marketing consists of traditional strategies like social media marketing, pay-per-click ads, SEO (Search Engine Optimization), and many others.
When you add ‘ growth hacking ‘ for digital marketing strategies, you have to use it in a unique way to grow your audience. You have to test new ideas which should be useful for growing your audience – business.
Growth Hacking Myths:
It is not surprising that some myths are related to Growth Hacking. Here are a few which are widespread:
# You have to get certified for becoming a growth hacker. It is true that a growth hacker must have skilled in the areas of thinking and innovation and should be qualified. These are related areas.
The truth is that most internet marketers have the necessary skills to be a growth hacker.
# To be a growth hacker, you must invest a ton of money – this is the tremendous widespread myth.
# Growth Hacking is the same as marketing – this is might true. But there are some core differences.
7 Best Growth Hacking examples:
Growth hacking is a process that involves a smart strategy to increase marketing growth rapidly. Many startups or new businesses used growth hacking for their purposes, and they become successful. Here we discuss some best growth hacking ideas that are important.
1. Airbnb :
The most famous hacking example: the AirBnB Craiglist neck. It is renowned for affordable accommodation anywhere you travel. But in the early days, they had so many customers as they have now. They have to build their career base using a growth hacking platform.
2. Dollar Shave:
Video marketing is always best for increasing customer numbers, and it is another excellent example of growth hacking. They made a video on new razor blades. Early days Dollar shave monthly got only $1. Then the video went viral, and then Dollar shave gains 19 million views. Now that viral video has more than 25 million views. A year later, it tripled the number.
3. Dropbox:
It is another company famous for its fantastic growth hacks. First, Dropbox links their account to Twitter and Facebook and shares their details. It is a free way to get new users exponentially.
Dropbox also adds incentives for the users who had completed their tasks (like sharing a file ). Now Dropbox has 500 million users. For Dropbox growth, hack works.
4. Facebook:
Now Facebook is a part of life for many users. With more than 2 billion users, the Facebook strategy is the best example of growth hacking. Now they launched a new technique:
(A)They engaged users to add their contacts.
(B) Facebook sent emails to contacts whose names were mentioned or tagged on Facebook.
5. Foundr:
Foundr magazine editor Nathan Chen says that Upviral allowed the company to give incentives for promotional activities. Founder managed to attract new users and most of the users involved in email marketing.
6. Groupon:
Many growth hacking examples are there, but Groupon has a twist on it. Groupon is an excellent example of FOMO and urgency in marketing.
7. LinkedIn:
If you are trying to get a job – then definitely you have a LinkedIn account. LinkedIn paid attention to drive growth and optimizing their home page. It is one of the best examples of growth hacking.
Other than these examples, Gmail, Groove, Grow and Convert, Harvest Snaps, Hotmail, Hubspot, Instagram are actual examples of growth hacking.