Every entrepreneur dreams of seeing his company grow vertiginously, and growth hacking is the perfect strategy to make it a reality. But how can we put it into practice? Here we tell all about this new concept and how to apply it.
What is Growth Hacking?
Growth hacking is a term with two implicit meanings: growth and «hacking» or the ability to decipher data and solve computer problems. This is a discipline that aims to rapidly and efficiently increase the number of users, company profits, and generate the best impact on the web.
The concept is based on company growth, and all the steps carried out by a «growth hacker» revolve around achieving its development. To do this, commercialization and distribution must be reconsidered so the products or services can be acquired by the maximum number of consumers.
Increasing the number of sales is one of the main objectives of traditional marketing, but in this new strategy, growth is the essence and rationale. Of course, there are methods, tools, and techniques that need to be applied.
A growth hacker should consider:
- Investing little to earn a lot.
- Optimizing the expenses.
- Using free digital tools to develop effective marketing strategies.
- Applying fundamental marketing techniques.
- Being creative.
- Analyzing user behavior and market data to choose the best strategy.
These elements are essential to achieve the growth of a business.
The growth hacker has to be a high-level specialist in digital marketing, knowledgeable in its techniques, whose only objective is to grow the organization through original and creative strategies. Generally, this knowledge is obtained through experience, study, and constant updating in new technologies.
How to apply it?
Now that you know what growth hacking is all about, it is time to apply this strategy to start growing your company.
Craft your product carefully
Creating an original, and affordable product is not enough, you also have to meet other essential requirements to sell something truly worthwhile.
Start by buying quality raw material and then apply efficient methods that will lead to an attractive result. This will make consumers like it and share it with everyone they know.
But previously, you need to analyze if your article is ready to be launched and whether it’s a good prospect to invest in an advertising campaign. If your product is already on the market, analyze how you can improve your strategy to win more consumers.
Analyze the market
Focus your analysis on consumer behavior and all data collected. This step will help you identify potential buyers, draw the best marketing strategy, and implement the best “hacks” or tricks to generate engagement.
Define the objectives
Design a plan with precise goals for the growth process. Fragment the objectives into small attainable goals in a viable period of time.
Be creative
Growth hacking seeks original and innovative solutions, so creativity plays a very important role in all your tasks. This strategy relies on ingenuity to save advertising costs. For example, traditional marketing uses very expensive techniques to promote products, while a growth hacker can win consumers at a much lower cost.
Join a good network of partners
Join a network of partners or applications to let people know you. They will help you reach a larger audience and have access to attractive tools for users. For example, if you are starting a video game business and want to expand your visibility, join an application like Dotaduff that provides information about the heroes of many video games.
Be open-minded
Stay updated in the market and adapt to the constant changes in working methods, the digital world is very dynamic. Pour your creativity and imagination into your company and focus on its growth.
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