Want to generate 10 million users for a new product in a few years? It’s possible to use growth hacking techniques.
What’s Growth Hacking?
A growth hack is an innovative marketing technique that’s taking the business world by storm. In fact, in some circles, it’s already established.
Why is growth hacking so hot?
It’s proven. It’s low cost. And it’s effective. More important, it’s a game-changer.
Growth hacking is so powerful it can change a product’s “trajectory.” More important, it can change a company’s trajectory.
That’s why companies like Twitter, LinkedIn, Dropbox, and AirBnB all swear by it. Even YouTube, Zynga, and Facebook use it.
So it behooves you to learn about growth hacking. It could be just the tool you need to drive extraordinary growth at your company.
Growth Hacking Defined
A set of tactics and best practices for dealing with the problems of user growth,” as Mattan Griffel, Founder/CEO of One Month, puts it. His deck on Slideshare, “Growth Hacking or: Lean Marketing for Startups,” is among the most popular on the subject.
Meanwhile, AirBnB’s integration of Craigslist, described by Andrew Chen in a recent blog post, exemplifies growth hack at its best. It’s a bit technical but worth the read.
Growth hack comes from technology startups. Traditionally, they have neither the time nor money to battle well-entrenched competitors. Yet they need to drive growth quickly to survive.
So several years ago, they invented a growth hack. Today it’s among the most effective marketing techniques out there.
Growth hacking uses tools like SEO, landing pages, viral factors, website analytics, and email deliverability instead of radio, print, or television. These tools are quickly making traditional marketing passé.
What’s more, growth hacking works for any company—startup or well established. It doesn’t matter. It’s just a question of doing it correctly. Growth hacking is a marketing technique every savvy company should embrace.
No Set Way Of Doing It
There’s no set way of doing growth hacking. Different companies do it differently. And they use different approaches. One company might use blogging and Social Media. Another company might use Landing Pages and Content Marketing.
What techniques you use will depend on your company’s individual situation. But there are two tips on growth hacking you should be mindful of:
Harvest Your Email Addresses
Social media is all the rage today. But make no mistake about it, email is still king—especially when it comes to online lead generation. Email:
- Has 3 times as many active users as Social Media
- Has 3 times the purchasing power of Social Media
- Has 40 times Social Media’s effectiveness.
- Pulls in average orders 17 percent higher than Social Media.
As one writer put it, email “is a growth hack channel too big to ignore.”
Understand Your Data
Growth hacking is driven by data. But when we say data, we’re not talking just about numbers. We’re talking about data as information, It’s strategies are built on things like content performance information, customer acquisition data, and customer information.
So you’ll need to thoroughly digest and understand your data to implement growth hacking effectively. You’ll have to get comfortable with things like viral coefficients, multivariate testing, customer acquisition costs (CAC), customer lifetime value (LTV), and similar metrics.
Obviously, you’ll have to use more than Google Analytics to get this data. But wherever the data comes from, your goal ultimately is to develop a set of growth hacking tactics and best practices that translate into a measurable, scalable, and replicable strategy.
It doesn’t replace marketing. Nor is it haphazard or disordered. And it doesn’t shoot from the hip. It’s just a different way of marketing—one that’s quickly gaining traction with startups and established companies alike.
So if you’re looking to really drive growth at your company and/or generate millions of users of a new product in a few short years, growth hacking is just what the doctor ordered.
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