Are you looking for a completely comprehensive guide about growth hacking? Well, not to worry anymore. We are here to provide you all the details about growth marketing in a structured manner. So let’s begin with the step by step guide to the world of Growth Marketing.
What is Growth Hacking?
Growth Hacking is an outcome-oriented a process that comprises of innovative marketing techniques, product development, and operation research which is required to carry on the business activity in an effective and efficient manner. Sean Ellis came up with this term in 2010 in his blog post where he described Growth hacker as the one whose true north or potential focus is towards the scalable growth.
Growth hacking also named as growth marketing is a mixture of creative marketing, automation & engineering, and data experimentation. It is a new type of budget marketing method that seeks to publicize through the internet and word of mouth focusing upon leveraging. It aims at improving the brand awareness and creation of huge customer base in the business market.
What is a Growth Hacker?
A growth hacker is the one who is constantly involved in identifying and engaging the the customer base of a business. He utilizes low-cost marketing and advertising techniques such as social media marketing, viral marketing, etc. instead of using traditional advertising channels like newspaper, T.V., etc. A growth the hacking team is made up of engineers, developers, marketers, salesman, and product managers who work toward the achievement of a common goal that is high-profit maximization through customer acquisition at a low maintenance cost.
Step by Step Process of GrowthHacking
Now, let’s have a look at some of the most essential steps by which we can perform a successful growth hacking a process within the business organization:
1. Identification of the Customer’s Needs:
Customer Satisfaction is the key to the success of every business organizations. Make sure that your product hit most of the target audience. Pen down free content, if you are doubtful about a particular idea. Given below are the two ways to attract the customer 1.
- Ask a series of questions to know about the most appropriate marketing technique in order to analyze the behavior of the target audience.
- Also, prepare a proper feedback report in order to know about the needs and preferences of the customers.
2. Choose a Target Audience:
In order to have a successful launch of your new product range, it must follow the law of diffusion of innovation. This will help the managers to analyze that how much amount of target audience gets the most out of the product range. Many SEO experts have come up with a new startup metrics which has a few growths driven funnel stages which are as follows:
- Acquisition: It involves the number of visitors who got attracted by your message.
- Activation: It comprises the amount of customer base who is regularly sticking around after visiting the web page.
- Retention: It refers to the efforts or the act by the workforce to retain their customers for long term satisfaction.
- Revenue: It is the amount of profit earned from the customers.
- Referral: It is an act of recommending a particular product, brand, app or a website to the other target customers which increases brand awareness in the market.
3. Pick a Suitable Growth Model:
The third the most essential step of growth hacking is identifying and choosing the best growth model for your product. One such model is viral marketing wherein you can go viral on the internet or social media and try to create a huge network of customer base either by retaining and satisfying their basic requirements or by adding lifetime value to their service so that they can bring new users to the product.
4. Happy First Experience:
Try to initiate a healthy user relationship at the very first time. Activate a happy first experience so that it creates a positive and optimistic impact on the minds of the customers. This will not only lead to repetitive sales but can also help in increasing brand loyalty, goodwill and strong customer relationships with their consumers. Offer to streamline product tutorials in order to get the products quickly.
5. Retention of Customers:
This is the most difficult yet innovative task to handle and retain all off your customer base in order to have long term purchases from them. And for this, you need to add on more of the paid remarketing campaigns to your targeted audience. Also, make sure that your triggered emails are only offered to those customers who are actually sticking around for regular updates and offers.
6. Revenue Analysis:
The successful organization is the one who can maintain a balance between efficient use of resources and effective completion of goals. Growth hacking can only be successful if all the experts and marketers work together to lower down the costs and expenditures and try to solve the cash flow issues. Tr to focus on the customers who have abandon cart emails in order to encourage them to make a purchase.
7. Prediction of Product Referrals:
One of the important tasks of the growth hacker is to predict and scrutinize the potential of product referrals. There are many platforms such as Net Promoter Score etc. that can help you to interpret how many people recommended your product to different customers. It also provides comparison reports which help you to find deviations and methods for improvement for your future sales.
8. Continuous Improvement in the Product:
Feedback and regular response from your initial customer base can help you to gain all the relevant points or areas that need immediate improvement. Moreover, it is necessary that the growth hackers should test and optimize all the details about the product.
Thus, we can say that GrowthHacking is a newly established term that has revolutionized the world of product development and business undertakings in an efficient and effective manner.