Growth hacking IMO goes a little bit further than normal marketing. Thanks to the mix of skills (tech/data/content/etc), [growth hackers are] able to see more opportunities. The idea of a growth hacker (or a growth team) is to work cross-divisionally, meaning marketing, PR, product, finance etc –” Jacek Blaut
Since growth hacking was first coined as a relevant business process back in 2010, businesses the world over have been clamoring to understand and get in on the methods used for propelling success. Apart from the average marketing professional, growth hackers pay attention to increasing awareness, branding and skyrocketing growth. Continue reading to learn more about the benefits, and how you can use the same strategies within your organisation.
First and foremost, growth hacking is a very cost effective form of marketing. The reason is because real time data is used, in addition to utilising measurable promotional techniques. Secondly, this form of marketing focuses on organic growth. By making use of various online outlets, you get a more natural growth, which is also more attractive to your potential clients. Third, the objective is to make your business and content relevant to your prospects and current customer base. As a result, you might get more traffic. And, last but not least, growth hacking takes a look at the big picture while positioning your business as an expert. People are constantly seeking out useful information. Also, they want to deal with experts.
Techniques for startups
1. Free offers
Everyone loves getting something for free. Especially in our hyper-competitive globalised society, it can feel difficult to stand out. So, why not give something away? This is one method for gaining attention, that might even go viral through social media. For example, you might offer a free service or some type of company-branded gift to the first 1,000 people or more, who sign up with your company.
2. Use referrals
Referrals are one of the most useful and effective ways for garnering new business. Just look at all the organisations that feature financial compensation for referrals, or a free product. They do that for a reason. You might think of giving a discount or upgrade for every redeemed referral.
3. Make it invitation only
Don’t you want to feel as if you get invited to only the most exclusive parties and clubs? So do everyone else. We all want to stand out, feel special and unique. So, when you make a service invitation only, prospects might clamor to respond. For example, when Pinterest made its debut, only those who received invites were able to use the service. After that, prospective users were put on a waiting list and an explanation was given regarding the reason. The online fashion rental company Rent The Runway does the same thing. Before you know it, people are literally begging for an invitation and the anticipation can build to peak levels.
4. Collaborate with other platforms
If you still need to increase your brand recognition, why not partner with a complimentary company? Say you run a package travel company that offers exclusive diving tours to highly exotic locales such as Fiji and Palau. Well, not to many people travel that far for diving due to either expense, lack of knowledge or both. In that case, you could partner with a more well-known site to help promote your offerings, as well as educate the public regarding the benefits of visiting these vacation spots.
According to M2 research, the gamification industry will reach 2.8 billion in direct spending by 2016. This is essentially the process of utilising game-design elements in non-game applications. Why does this method work? Because most households own video games with the average age of gamers being 37. Not to mention, people like playing games.
At its core, gamification encourages users towards specific behaviours. This can be through a path that includes a collection of badges, unlocking new levels and more. You might give points to consumers for sign-ups, newsletter subscriptions, filling out profiles, using your products and more. From there, these points can be used for rewards and prizes.
Growth hacking really isn’t that confusing, and can be applied to your daily marketing activities. It is critical to tailor it to your specific needs. After that, it’s onward and upward!