Growth Hacking marketing
In the world of technology, a new innovation erupts every decade. Since social media and the emergence of virtual reality, we haven’t had anything to rave about for quite some time now. Time to kill the suspense. The buzzword “Growth-Hacking marketing”
In the current marketing scenario, each marketer has a unique definition of growth hacking. So is it an idea? A methodology? Or a combination of non-traditional approach with creativity? What exactly is it?
There are series of quotes some of which are:
“Growth Hacking is the process and mindset of searching for ways that your product can grow. It’s kind of like a mix between engineering and marketing. The key is to find untapped channels of customers that are motivated to use your product” – Dan Martell
The best way to understand growth hacking marketing is to understand what hackers do. Hackers are people who care about what needs to be done instead of what should be done.
They only care about the achieving a goal instead of following a process.
To achieve certain organizational goals hackers come up with an approach which is out of the box, this innovative approach could be termed as growth hacking.
The term “Growth Hacker” was coined by Sean Ellis in the year 2010. However, it took over a year that the word growth hacking caught up.
Growth hacking is a highly overrated term. It sounds like a bag full of tricks which help a company grow. In reality, it is the amount of gains a company makes in terms of growth and performance using data and scientific approach to experimentations.
Unlike other marketing strategies, growth hacking does not have roles assigned to people. It is an unconventional alternative to traditional marketing.
A growth hacker would never think about the budget for any project. For him, growth comes first and then the budget. However, for a marketer growth depends on the budget spent for the project.
“A growth hacker is a person whose true north is growth.” – Sean Ellis
When was the last time you were drawn to a new product or service just because you were tagged in a picture on Facebook, read a tweet on another website, you were introduced to a work colleague through LinkedIn, forwarded a viral video through YouTube?
You were more or less likely to be at the receiving end of a growth initiative. Let us explore the different steps involved in growth hacking marketing :
As a growth hacker, you need to understand what is it that needs a fix. What exactly are you looking to solve? Is it the total increase in the number of sign-ups or the increase in the number of users who take a certain action.
Narrowing on an objective is the first step towards achieving organizational goals as a growth hacker.
Once he/she is clear with the objective a growth hacker starts targeting the actual audience.
He starts exploring on who are the people who are most excited about his products and services and the reason why they are excited. Target these people and their groups and all the focus shifts to winning them as customers.
This is the step where the growth hacker pushes his innovation or the steps he wants to implement for the desired results. When a growth hacker implements a step it is purely his intuition backed by his analytics skills which takes over.
Based on all the data he has from all corners the step could be anything from trying out a new referral campaign to stepping up the sign-up process.
Measure It Right
Once the growth hack is placed it is important to understand and measure the success. While not all growth hacks have been an outright success, you can have a fair idea if the idea worked or not.
If it worked, step up the gas and if it did not try something else.
There are many growth hacking techniques which can be implemented, however, as an organization we need to scrutinize and identify which idea works the best for the organization.
Growth hacking works on four basic principles:
Growth hacking increases profitability and revenue capabilities of companies, it is comparatively advantageous to small businesses and start-ups
Let us now see how few of the biggest names in the market implemented growth hacking techniques in their organizations:
Pink Mustache (Lyft)
Lyft is one of Uber’s biggest competitor in the US. However, customers had a lot of difficulty in locating their drivers. They came up with the idea of adding a pink mustache in front of all their cars.
This growth hacking marketing technique helped them not only solve their problem of identifying drivers but it helped them create murmur among a lot of people which increases their brand image.
FRAT Parties (Tinder)
Tinder is arguably the biggest dating platform in the world. It also boast’s of few of best marketing campaigns executed. They came up with the KISS (keep it simple stupid) campaign which was a rage in colleges.
However, what turned it around for them was the FRAT parties campaign which allowed university students from around the world attend partied where the only fee was to add the app on the phone.
Tinder grew astronomically and became one of the foremost dating websites.
To get you started with :
- List of growth hackers you should follow
- List of growth hacks you should start with
- Public Idea collections –Growthackers
Growth hacking marketing isn’t a technique or a tactic. You can’t do what Facebook did and expect to achieve the same kind of results. Growth hacking teaches you to be innovative and change your mindset, A simple shift in mental approach could bring in enormous growth.
So stay innovative!