What Is Growth Hacking?
Growth Hacking reverses the order of marketing and product development. The best way to describe Growth Hacking is best said by one of the early “Growth Hackers” of Twitter, Josh Elman: “Growth hacking recognizes that when you focus on understanding your users and how they discover and adopt your products, you can build features that help you acquire and retain more users, rather than just spending marketing dollars.”
How Is This Different Than Traditional Marketing?
Growth Hacking is focused on one area of marketing: growth.Traditional Marketers care about growth too, but have a more broad focus on other marketing efforts such as strategic planning, management of the marketing team, managing vendors, etc.
Growth Hacking is particularly important in the early stages of companies, especially Start Ups. Early on, the most important focus is growth, establishing and gaining a user base. Growth Hacking can ensure virality is embedded at the core of its product offering.
Gaining users by starting at the level of product development.
Driving users and clients to your product, not the other way around.
Retaining users, optimizing and then upselling.
…without having to pay for them!!
- Speed up your Home Page’s loading time to be under two seconds. This may increase your conversion rate to up to 15-20%, directly increasing your customer growth and wallet.
- Include Social Media Proof at every stage of the customer-building process with testimonials on your site (Home Page, Landing Page, Account Signup Page and Thank You Page). This “proof” will reassure people that your products/services are good, as well as encourage them to become customers. Use of logos of clients, media sources, customer statistics (including Social Media followers) and case studies are all ways to assure prospects of the validity of your marketing message.
- Implement “On Ramp Programs” in order to keep as many customers as possible. A New User Experience such as a guided navigation or “tour” of your website or Email Drip Campaigns, a series of scheduled emails, with a 3-1 ratio valuable content-to-other offerings.
- Cut the clutter out of your Home Page. Because of the complexity of customer services, products and other calls-to-actions found on companies’ websites, by making your Home Page less complicated, you will quickly see much more growth. Take Groupon, for instance:They make their Home Page very easy for the user to navigate and sign up upon initially landing.
- Integrate and Optimize Your Product to build your user base exponentially faster than doing so from scratch. Pick a big platform (Apps, Social Media, etc) and integrate your offering into it. For instance, Spotify integrates its service through the Facebook News Feed. Airbnb effectively integrates with Craigslist by allowing people to share an Airbnb listing, with no public Craigslist API! This quickly increased their visibility, and was a win-win for both sites. Check it out!Pretty cool huh?
- My personal favorite, Instigate Viral Loops. You will see ridiculous growth. Viral looping works like this:
The idea is that 10 customers will bring in 10 more customers. That is the marketing power of the internet and social media today. The more customers you get, the more they bring in as new customers.
Growth doesn’t have to happen by paying for every customer you acquire. By using these ways to “hack growth”, you can substantially increase the profitability of your marketing efforts.