Growth Hacking Definition and Strategies:
A person who does a business always wants to improve their sales and to take his/her company to the other level.
But what do they do to take their business to next level? It is common that a business person looks for marketing or promoting techniques to do his business ahead. So, most of them spend an enormous amount of marketing.
However, what if the business has fewer funds or if the businessman is not able to spend so much. So for them, here come the growth hacking techniques.
Have your heard about this?
If you are a marketer, you might have heard about growth hacking.
But do know actually what is growth hacking? And what do the growth hacker does?
Even if you are a new in marketing, then also you must be knowing it.
But coming into brief….
What is growth hacking?
Growth hacking is a process of experimenting continuously across the marketing channels to improve the growth of the particular product or the company.
Now coming to “Growth hackers“.
They are the individual persons who are like hackers where they work continuously to bring the result. Growth Hackers manages the product efficiently, and they try to drive lots of sales in any manner that is possible.
Growth hacking is a low cost of marketing where the hackers try to increase the sales using social media, viral marketing, and target advertisements.
Short story of growth hacking:
Growth hacking is the word coined by “Sean Ellis in 2010”. Sean is an incredible marketer where he improved and increased the growth of lots of companies when he was tried to be replaced for him in his business.
He conducted interviews to lots of marketers. He believes that he doesn’t need a marketer with a degree. He needs a person who can grow the company’s growth in different and unique ways.
As the startup companies always need growth at the start, so he took some marketers who have unique skills, but he used them in a different way.
He started a company Growth hackers where they genuinely increase the company’s growth with low-cost initiates.
Before that, he published a blog post “Find a growth hacker for your startup company”. So, from that, the growth hacker word is raised and later is used by many.
Growth hacker’s role:
Growth hacker role is to increase the company’s growth by any strategies. Each and every initiative which is attempted by growth hacker is to help the company’s growth.
Growth hackers have full freedom to improve the company sales by any process. Growth hacker’s routine work is to take all kind of growth related responsibilities of business.
They must think creatively and figure out the logical and ingenious ways to increase growth even where they take the risk.
Below are the 9 Growth hacking strategies that help startups, business and websites:
- Offer a valuable thing for free:
People always tend to have nature, where they easily get attracted towards the free offering. That’s why giving an offer to new users is best and quick process to get more customers as well as fans for your company.
For example: Take a business like Paytm, where they give an offering for every new customer with the promo code or a free offer.
When Paytm started bus tickets sales, it provided a promo code to the entire new client. Whoever purchases the bus tickets from the Paytm with the offer gets cash back of 200rs on your first bus booking. This has been recently ended as it received a high reach of customers.
Now people who got used to the offering will buy a ticket from Paytm itself as they got used to it. So as a result, it has acquired a huge customer base by these strategies.
The same result applies to blogs and websites as well. Whenever we offer a free eBook or a plugin we can see a huge subscriber and customer to your blog or website, where they want to resource for free.So here you will be benefited by the subscriber and the potential client.
- Setting up referral programs:
There are a lot of companies and startups who had made use of this strategy.
When a company is relatively new, they try to use some techniques to increase their customers and base. So for them, growth hacking “This referral programs“ is one of the better strategies which works for all business.
For example: Do you know about the Paytm wallet, I hope each and every online user know about this. Now once just see this example to know how Paytm boosts its Paytm wallet through referral programs.
Paytm is using this strategy from its start to till now; it has taken a referral program, where the customer will get a cashback for every purchase through the Paytm wallet.
Recently Paytm has a referral program with a movie tickets based company “Just tickets”. Paytm offers a 15 percent discount off on movie tickets if we book from Paytm wallet. And they have a limit of two purchases for the month. Hence due to this offer it has increased its Paytm wallet customers. Like this, they have many kinds of referral programs.
- Make an Exclusive offering:
This is the most efficient and widely used strategy nowadays. This method is more targeted to the specific audience and is also the exciting step in increasing the company’s growth by its sales. Most of the people always love to be the part of exclusive deals and offers.
And in economic countries like India, this strategy is a master class. As of now, many companies made use of this and increased their business sales to an enormous extent.
Let’s take Myntra as an example: I think you have heard Myntra the online shopping portal. When Myntra has started it has a deal for every customer who has signed up for it and also offered an email, and text invitation during exclusive or offer sales. Like this, it becomes an exclusive deal for you as well. And the portal will be reaching you “As you are our valuable customer.”
So Now its sounds pleasant to hear, and most of them liked that exclusive sale, and they utilised it. From then they got used to the Myntra, where Myntra has increased its online kingdom to a large extent.
- Platform Hacking:
It is a unique technique which is utilised by some famous companies as well. Platform hacking is nothing but the capitalising the success of other business to improve your business growth.
This process works for some products and on the other side, it won’t work for few products. But this is an advanced strategy where you can earn a huge number of audiences, from another platform.
For example: Let’s take YouTube, at the beginning of YouTube, it used many tactics to grow, and one of the tactics in that growth is “Platform hacking”.
YouTube has used Myspace to improve the YouTube platform, previously at 2005, Myspace used to be the top social media platform with above 25 million unique users, but Myspace has trouble in sharing videos for both users and Advertiser. So Myspace was searching a solution for it.
Then YouTube stood up and solve the problem by giving embed video service for free and without paying a penny. And YouTube bears the hosting and other activities and slowly increased their brand recognition.
And for now, you know what the position of YouTube is. YouTube now has over a billion users. Each and every one of them watches hundreds of millions of hours on YouTube. And it’s the most successful startup until now.
- Build a Targeted Email List:
Email is the highest converting marketing channel even in this period as well. All types of business and websites believe in email strategies.
Even if you have the less number of people, also you can convert them into sales. And as you make your email list bigger, the easier it becomes for you to get more sales and potential customers.
- Target your audience by attracting and impressing:
We know that if a person is impressed with a thing, then he is very obvious to share his insights and his experience to other. By this one can get other potencies clients by his words.
So, personalising your users experience with your audience can help in attracting the new audience in a better attractive and user-friendly approach. By this company can receive a lot more sales.
For example 35% of Amazon sales come from recommendations from others.
- Conduct contests:
This is an attractive strategy where some of the companies and websites continually use. Here companies use this to improve their sales and websites can use it to improve subscribers.
There are lots of examples of these types of deals.
Example: Amazon and all e-commerce conduct a contest where the winner can win prices like a phone or something else. They conduct these type of contests to attract new customer and also to make old customers engage with their offers and products. Overall they will increase their sales.
They not only conduct one type of contest, but they will try even more to enhance their growth so this is a surprise growth hacking technique.
- Build an exclusive community:
Building a community for your business can improve your company’s growth. It may not be that faster as other strategies, but it is one of the effective steps.
You can attract new people towards your community, and you can make use of the social media to engage with the new user’s and customers.One can use “user- generated content” which is specifically designed to get traffic and also by using a unique # hast tag on social media to grab business.
- Reverse engineering Hack to grow a startup:
This a strategy which is different from others, Here we will be the reverse of your competitor.Here it is about how your competitor is doing his business, his ad campaign and all the insights of his website.
To beat or learn new tactics from your competitor, you should have to observe him carefully. And we must know his pitfalls and audience response also.
So when you map your marketing strategy, just reverse engineer the strategy which had worked for your competitor and also, remove the pitfall and improve your plan by making that your plus point.
Here to get all these kind of information and to improve your product sales. You need to focus on online tools like a similar web; Google advanced search operators, etc.
Read this article to know more about Growth hacking tactics that every startup needs to know.
These are few strategies of growth hacking. You can opt for a better plan for your startup or business and improve your business.
This growth hacking strategy may not be so helpful, until and unless you have a high potential for your work. It’s always your strength and confident which make it’s happening.
All the best for your business. Hope you can do the best.