Growth Hacking today, has become the largest marketing trend of the century.
However, because of its popularity, there is a lot of misinformation surrounding it.
Growth Hacking can do great thing to your business and has now become an essential element for startups.
So, first of all, what is growth hacking?
Well, growth hacking is a process in which, the “growth hacker” uses everything ie. every strategy, tactic or even initiative to grow. They ignore everything else and only focus on one task: Growth.
And no any type of “Growth”, they are aiming for an sudden and large rise in popularity that will take their business off the ground.
Growth Hacking Fundamentals
Becoming a growth hacker has a very simple process. All you need to know are the growth hacking fundamentals. Now that isn’t to say that being a successful one is easy. Success will only come through hard work and dedication.
Here is the steps you can take to become one now!
1Know your goals and break them down
This is the most important growth hacking fundamental. Having a plan is extremely important on any journey you embark on especially when you want to become a growth hacker. Knowing all your goals will keep you focused towards an aim.
But make sure to break those goals down into smaller aims.
What do I mean by this?
Well, here’s an example:
Imagine you own a business and your business is currently struggling to get of the ground. You know that problem is that you have the wrong audience. The people you are attracting is simply not the people who are going to buy your product.
Now, you know you need to penetrate a new audience. That right there, is your primary goal.
The next step, the imaginary you should take is breaking that goal down into smaller goals. For example:
- Driving a 100 new and unique customers before the end of the month.
- Increase traffic by 50% by the end of the year.
This is what growth hackers do. Rather than focusing all their attention on their primary goals, they break it down into a short-term, more achievable goal.
2Track Your Data
Tracking your data is the only way you as a growth hacker can be successful. Growth hackers know that they need to respond to all the feedback they get, in order to, well, get their company to grow.
Here are a few things you can do to measure your efforts:
3Set up your “Funnel”
Your funnel is what will drive people to your business and it is also the growth hacking fundamental that confuses most people.
You need to analyze your business. You need to find a way that can optimize your lead generation and boost acquisition while also creating brand awareness.
Here are some general tips to keep in mind:
4Experiment, Test and Repeat
Experimentation is key. Growth Hackers try everything, even things that seem like they won’t work. That is why they are successful.
Some of this stuff is common sense, but a majority of it needs to be tested. Try to change and test everything from your pricing page to your ads.
Myths about Growth Hacking To Avoid
Growth Hacking, as you probably know, can do wonders for your business if done right. However, if you fall for the wrong advice, you will just end up wasting your time and money.
5Online Marketing is the same thing as Growth Hacking
This is not the case at all.
Many new marketers think marketing online is the same thing as growth hacking and this is deadly.
Let me clear this up.
They are two different things.
A growth hacker singularly focuses on the product and ways to promote it for growth. They simply do not care about other things.
Meanwhile, an online marketer or online marketing focuses around channels through which you will promote your product.
While it may seem like they are the same thing, their goals are extremely different.
6Applying All Techniques In an Unrealistic way
Growth hacking is data driven, however, that is data that is unique to you.
Just because something was a success for someone else, that doesn’t mean it will be effective for you. You won’t become another facebook over-night!
Here is some advice when creating a proper strategy:
- Know your product in and out
- Learn Everything about your customers and your competition
- Know your competition’s success method
- Create a time frame
Growth hacking works. However, each success case will be different. Each technique different depending upon the company.
7Growth Hacking is Too Expensive
This is completely wrong. Growth hacking is not expensive. Remember our step 3 tips.
Have a budget.
Your money is what is going to drive your business early on. It will keep it stable and growing. But you have to make sure to use it the right way.
Having a budget will prevent you from overspending on techniques that simply don’t work and keep your spending to a limit.
8Growth Hacking depends on Luck and Requires New Users
Do not fall for this trap. You can use growth hacking and become a successful company.
What you need to understand is that growth hacking requires time, research and testing. This will only come through hard work and many attempts.
Growth Hacking is about guesswork and growing just in sheer numbers. Its about many other things.
Just improving the quality of your product, or your service can create a large amount of growth.
Tips that Worked
In this section of our guide, I will share with you some tips that successful companies have used.
9Focus more on leads than customers
New customers don’t mean everything. Don’t get me wrong, for steady growth, new customers are a necessity however, leads are more important short term.
10Work From Top Down
In your funnel, work from top down. Focus more on the top of your funnel and perfect it, and then move on. Focusing on driving traffic, lead generation and brand awareness is more important at first.
Perfect that first and then start using your time for the bottom part of your funnel.
You need to try a strategy to know if it will work or not. You can’t just assume. And if it works, you need to prove that it works. You need to show a correlation between your strategy and your results before you adopt that new strategy.
You should now have a better understanding of what growth hacking is, growth hacking fundamentals, things to avoid and things that work.
Don’t look for a shortcut. You will not find one.
Instead focus all your energy on your customers needs and mastering your growth hacking fundamentals.
Growth hacking is about trying your best and using your data in the most effective way possible. Work hard, and work effectively.
If you do it right, you will see more traffic, leads and sales.