Understanding growth hacking and why businesses need it

Growth hacking is a term used to reflect on marketing strategies that use rapid experimentation across different channels and product development to create the most effective way to grow and scale a business. Towing services in Charleston have been using growth hacking with the result being massive growth through small budgets in a small amount of time. There is no single method or path to growth hacking.

Growth hackers are out there not looking for any growth, but the highest growth result, using the fewest resources and cost-effective digital marketing tactics that can get the best results for a business. Growth hacking aims to produce maximum results with minimum efforts.

Who is a growth hacker?

The difference between a growth hacker and traditional marketers lies in the terms and marketing strategies used that are focused on growth. Growth hacking is more of a team effort rather than individual effort as characterized in traditional marketing. A growth hacking team can be made up of marketers, engineers, developers, and product managers. Anyone who is involved in the development of a product or service and building user engagements can be included in the growth hacking team.

The strategy used by growth hackers is to acquire as many users and customers as possible while spending as little money as possible and delivering the results in the shortest time possible. They are often people who are highly creative and aim at helping businesses acquire and retain customers. Every action they take needs to be analytical and is based on an informed marketing strategy to build the highest levels of scalability.

Growth hacking strategies used by businesses

When it comes to growth hacking strategies, no one strategy fits all. Growth hacking happens as a result of a combination of different strategies all with the same goal. Some of the commonly used strategies include;

–         Hacking email list

–         Offering discounts for social shares

–         Optimizing the on-boarding process

–         Building insanely useful free tools

–         Running competitions

Growth hacking follows a certain funnel for its effectiveness.

At the first stage is awareness which involves reaching to as many people as possible. Next, we have acquired, which keeps metrics on how many people visit a site. Next, we have activation which is focused on how many people take the first important step. The next step is retention which is focused on how many people come back and buy again. The second last step if revenue which deals with how many people start paying and how much they pay. The last step is referral, which is focused on how many people refer friends to your business.

All the above processes should have growth priorities and this means focusing on the best strategies that are related to growing a business. It can be based on driving traffic, acquiring users, and converting customers. The ideal growth hacking team should be one that understands customers and knows how to measure success. The overall work involved in growth hacking is experimentation and creating hypotheses surrounding innovative strategies, then analyzing ad testing to see if they truly work.