Since then, the tactic has been applied to now famous companies, such as Uber and Dropbox. Therefore, it has already been tested and approved and you can use it to boost your business, such as increasing sales of information products or student conversion.
It is worth noting that this practice is not only useful for companies that are just starting out. In fact, it can be adopted at any time and in this article we will teach you how to do it with easy-to-follow tips. Check it out!
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What is growth hacking?
Growth hacking is a marketing methodology that focuses on applying strategies aimed at the rapid growth of a company. The idea behind this method is to maximize business expansion with the least investment and in the shortest possible time. In other words, it is about finding a shorter path to growth and consolidating a position in the market.
When applied, this strategy focuses on innovation and consumer experience . To do this, it applies experiments — tests — to discover the needs of the target audience in order to meet them appropriately and understand what works for each type of business.
What is the difference between this strategy and traditional marketing?
There are many differences between growth hacking and the traditional model. The first is that traditional marketing creates actions focused on expanding the brand and increasing sales of the final product.
Growth marketing does this, but its main purpose is to improve the solutions presented. Another point is that traditional marketing produces with a long-term view and is based on what has already been tested and proven to be successful.
While growth hacking focuses on applying hypotheses to discover the best path to follow.
Another difference worth mentioning is that growth marketing, because it has a limited budget, only uses the advertising channels that work. That is, it only appears where the customers are.
For example, if a brand's audience does not watch free-to-air TV, this is not a good advertising channel for it, according to the strategy.
The growth hacking funnel also differs from the traditional version of the tool. It has these 5 steps, which work together to win over and retain consumers:
acquisition : or attracting customers, when they become aware of the solution presented;
activation: when leads register in the company's database;
retention: people come back to do business with the brand;
recommendation: they speak well of the solution to other people;
billing: monitoring the company's earnings, how it makes a profit.
>>>> Check out: how to use the sales funnel in digital marketing?
What are the advantages of growth hacking for companies?
Now that you know what growth marketing is, let's look at the list of advantages of this strategy for businesses, including:
greater brand awareness;
data-driven decisions;
cost reduction;
better identification of the target audience;
product optimization.
Keep reading to check out the details of each of these benefits!
1. Greater brand awareness
One of the advantages of using growth marketing is that it increases the company’s visibility. This is because this strategy uses tactics not only to promote the business, but also to engage consumers by discovering their pain points.
Thus, the company can present itself as an innovative solution, distancing itself from the competition.
2. Data-driven decisions
Experiments carried out during the application of this tactic bring another benefit: data to guide decision-making. Monitoring the correct metrics allows you to identify the most assertive actions and those that need adjustments.
This makes it possible to draw up plans for future campaigns using only the positive points, while thinking of new solutions to correct the errors.
3. Cost reduction
Yes, growth hacking strategies help reduce costs. After all, their focus is to do more while spending less. In addition, testing makes it possible to identify the best areas to invest in. In other words, those with the greatest possibility of a quick return.
4. Better identification of the target audience
The fourth advantage of growth marketing is dubai business fax list finding out who the target audience is. In other words, what is the customer profile that the company wants to reach with its products, since the tests carried out allow us to analyze who is most likely to consume them.
>>>> See more: target audience — what is it, its importance and how to define it?
5. Product optimization
To conclude our list of benefits, we cannot fail to mention the optimization of product development. After all, you focus on meeting customer needs and are always up to date, offering increasingly better solutions.
Let's take an online French course as an example . When you follow it, you discover that many students stop watching the lessons halfway through because they find them too long and boring.
The tactic we present here allows you to find out. This way, you can work on creating shorter lessons or changing the dynamics to hold students’ attention for longer.
Successful growth hacking examples: 3 companies that used this strategy
To make all the advantages of this growth strategy even clearer, we have brought 3 well-known companies around the world as examples of successful growth hacking for you to check out.
1. Dropbox
Cloud storage service Dropbox offered rewards to users who referred others to the service. What's more, access was initially invite-only.
Incidentally, the creator of the term was part of the team that made Dropbox a global success. That's why it's still a successful case of applying this strategy.
2. Slack
Another successful example is Slack, an instant messaging service for companies. As a strategy, it focused on a simple design, a very complete free version and collecting user feedback to improve.
3. Uber
Uber has also used growth marketing to become what it is today. The strategy has helped the company, which reached the milestone of 30 million users in 2022, identify a demand and exploit it in a different way.
How to use growth hacking in your business? Best strategies
After learning more about the growth hacking marketing strategy, are you interested in adopting it in your business? Then stay tuned for the tips we have for you below!
1. Know the competition
It is almost impossible to grow quickly by offering a product that already exists on the market, without anything that makes it innovative. In short, you cannot convince customers that your brand is better if it only delivers “more of the same”, which is not true.
Therefore, it is crucial to know your competition well. Find out what they offer and think about how you can be better.
Once you’ve done that, make a list of ideas. Write them all down and then analyze which ones best meet your audience’s needs and bring you closer to achieving your goals.
Just to give an example, when analyzing competitors you realize that they do not offer a customer service channel that allows students to contact the teachers of the courses they purchase.
Based on this, one option would be to add this functionality to your platform. This way, you deliver something new that will catch the public's attention.
2. Offer free trials
Another growth hacking strategy is to offer free trials to your audience. This helps you present a solution and attract customers , who may even recommend the product to others if they like it.
In the case of online courses, this could be a first class or a free e-book. This way, the audience is introduced to the product and sees for themselves the advantages of purchasing it.
The best part is that this strategy also provides powerful insights through user feedback. Additionally, you can give gifts to those who recommend your solution, such as a discount on another course or exclusive resource material.
3. Be present online
You can’t use growth marketing if your company doesn’t have an online presence. So, keep active accounts on the social networks that your audience uses the most and post content regularly. Don’t let your profiles “go to waste.”
In addition, partner with influencers and use paid traffic to increase visits. Remember to create engaging actions. The goal here is to get the public to interact with your company, creating a relationship with it.
One tip for this is to bet on viral ideas. You know that meme that's going viral on social media? Well, think of a way to use it in an Instagram post .
Additionally, be ready to respond to messages. This engages the community and increases customer satisfaction, as customers feel heard.
>>>> Find out more: learn how to manage social networks and increase your sales!
4. Reuse your content
If you already use social media or have a website, try to repurpose your content. That is, find new ways to use it, such as turning a post into a video for a YouTube channel or expanding on the information in it and creating an e-book .
As a rich material with tips on how to study French, which was the website post and can still become an Instagram carousel, in a more summarized version.
The intention of this strategy is to reach new audiences while spending less, since you are taking advantage of existing material. Furthermore, this allows you to be present on multiple channels, always bringing new and interesting things.
5. Don't forget to test
There’s no point in just implementing a marketing campaign and sitting around waiting for results. Growth marketing is based on testing to see what works.
Therefore, apply A/B testing, which basically involves creating two versions of an action and sending them to different groups. This way, you can find out which strategy was more successful, based on the metrics monitored.
To better understand this, let’s take the example of an A/B test of an email about opening an etiquette course. Each variant has a call to click on a landing page and was sent to 100 people.
When monitoring, you notice that 30% of messages from group A had the link clicked, but only 21% of those from group B. In this scenario, it is possible to say that email A is the most suitable for mass sending, because it had a better result, is that clear?
>>>> See more: how to make a landing page? Step by step from planning to measurement!
6. Make adjustments whenever necessary
Not every idea is a success the first time. Therefore, it may be necessary to make some adjustments to your solution and the good news is that growth hacking foresees this. In fact, this is one of the pillars for applying the strategy assertively.
